Question 1

Start-ups have a major liability of fast growth.

Accepted Answer

A) True 
 B)False

Question 2

As a business grows, _____ often hesitate to delegate work they are used to doing.

Accepted Answer

A)   entrepreneurs
B)   managers
C)   franchisors
D)   intrapreneurs
E)   stock holdersF) C) and D)
G) B) and C)

Question 3

Penelope independently owns and operates Olive Inc., a company with 45 employees. She tends not to manage particularly aggressively and expects moderate sales, profits, and growth. Penelope's company is not considered an)  _____ venture.

Accepted Answer

A)   entrepreneurial
B)   intrapreneurial
C)   franchise
D)   small business
E)   independentF) A) and D)
G) B) and E)

Question 4

Discuss how an entrepreneur decides on an economic opportunity.

Accepted Answer

Entrepreneurs spot, create, and exploit ...

Question 5

Describe the five tendencies that determine entrepreneurial orientation.

Accepted Answer

Entrepreneurial orie...

Question 6

_____ spot, create, and exploit opportunities.

Accepted Answer

A)   Managers
B)   Entrepreneurs
C)   Intrapreneurs
D)   Franchisors
E)   ConsumersF) B) and C)
G) A) and E)

Question 7

Which of the following key planning elements involves a competitive advantage that can be defended and says that the focus should be on customers?

Accepted Answer

A)   opportunity
B)   risk and reward
C)   people
D)   competition
E)   contextF) D) and E)
G) A) and C)

Question 8

An)  _____ is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.

Accepted Answer

A)   franchisor
B)   manager
C)   intrapreneur
D)   entrepreneur
E)   employeeF) A) and B)
G) C) and D)

Question 9

How are entrepreneurs and inventors different? Give an example.

Accepted Answer

Successful entrepreneurs are innovators ...

Question 10

The biometric software of Neon Inc. is an example of which type of opportunity?

Accepted Answer

A)   technological discoveries
B)   lifestyle change
C)   demographic change
D)   government rule change
E)   calamityF) A) and D)
G) A) and E)

Question 11

Describe some of the major management challenges associated with entrepreneurship.

Accepted Answer

As an entrepreneur, one is lik...

Question 12

A common entrepreneurial malady is an aversion to record keeping.

Accepted Answer

A) True 
 B)False

Question 13

The most dangerous risk in intrapreneurship is that of

Accepted Answer

A)   spreading intrapreneurial efforts over too many projects.
B)   over-relying on a single large project.
C)   working on too many underfunded projects.
D)   maintaining the status quo.
E)   engaging in prospects that are too risky.F) All of the above
G) B) and E)

Question 14

What are some of the reasons people become entrepreneurs?

Accepted Answer

Entrepreneurs start their own firms beca...

Question 15

In the context of starting an entrepreneurial venture, the first formal step is to

Accepted Answer

A)   secure the finances.
B)   write a business plan.
C)   conduct an opportunity analysis.
D)   get others to support one's ideas.
E)   hire the right people.F) D) and E)
G) B) and D)

Question 16

When working for a software company, David created a new venture based solely on his idea while using his company's proprietary technology. David can be described as an)

Accepted Answer

A)   intrapreneur.
B)   angel investor.
C)   quasi partner.
D)   venture capitalist.
E)   franchiseeF) B) and E)
G) A) and B)

Question 17

_________ is the first step toward building organizational support for an idea that involves explaining the idea and seeking approval to look for wider support.

Accepted Answer

A)   Making cheerleaders
B)   Bootlegging
C)   Horse trading
D)   Clearing the investment
E)   Getting the blessingF) A) and C)
G) D) and E)

Question 18

Which entrepreneur is likely to make the least profit?

Accepted Answer

A)   Oliver
B)   Liz
C)   Rupert
D)   All will make high profits.
E)   None will make high profits.F) A) and E)
G) A) and C)

Question 19

Entrepreneurs are not

Accepted Answer

A)   tolerant of stress.
B)   risk takers.
C)   able to resolve problems.
D)   making only safe decisions.
E)   risk managers.F) B) and C)
G) A) and B)

Question 20

Which formal stage of the planning process has Frank completed?

Accepted Answer

A)   an environmental analysis
B)   a SWOT analysis
C)   a promotional plan
D)   an opportunity analysis
E)   a business planF) A) and E)
G) D) and E)

Exam 6: Entrepreneurship

Penelope independently owns and operates Olive Inc., a company with 45 employees. She tends not to manage particularly aggressively and expects moderate sales, profits, and growth. Penelope's company is not considered an) _____ venture.

Correct AnswerverifiedShow Answer

How are entrepreneurs and inventors different? Give an example.

Correct AnswerverifiedSuccessful entrepreneurs are innovators ...View AnswerShow Answer

What are some of the reasons people become entrepreneurs?

Correct AnswerverifiedEntrepreneurs start their own firms beca...View AnswerShow Answer

An) _____ is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.

Correct AnswerverifiedShow Answer

Which of the following key planning elements involves a competitive advantage that can be defended and says that the focus should be on customers?

Correct AnswerverifiedShow Answer

Entrepreneurs are not

Correct AnswerverifiedShow Answer

_____ spot, create, and exploit opportunities.

Correct AnswerverifiedShow Answer

The biometric software of Neon Inc. is an example of which type of opportunity?

Correct AnswerverifiedShow Answer

Discuss how an entrepreneur decides on an economic opportunity.

Correct AnswerverifiedEntrepreneurs spot, create, and exploit ...View AnswerShow Answer

Which formal stage of the planning process has Frank completed?

Correct AnswerverifiedShow Answer

Start-ups have a major liability of fast growth.

Correct AnswerverifiedShow Answer

A common entrepreneurial malady is an aversion to record keeping.

Correct AnswerverifiedShow Answer

Describe some of the major management challenges associated with entrepreneurship.

Correct AnswerverifiedAs an entrepreneur, one is lik...View AnswerShow Answer

Which entrepreneur is likely to make the least profit?

Correct AnswerverifiedShow Answer

Describe the five tendencies that determine entrepreneurial orientation.

Correct AnswerverifiedEntrepreneurial orie...View AnswerShow Answer

The most dangerous risk in intrapreneurship is that of

Correct AnswerverifiedShow Answer

_________ is the first step toward building organizational support for an idea that involves explaining the idea and seeking approval to look for wider support.

Correct AnswerverifiedShow Answer

When working for a software company, David created a new venture based solely on his idea while using his company's proprietary technology. David can be described as an)

Correct AnswerverifiedShow Answer

As a business grows, _____ often hesitate to delegate work they are used to doing.

Correct AnswerverifiedShow Answer

In the context of starting an entrepreneurial venture, the first formal step is to

Correct AnswerverifiedShow Answer

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Successful entrepreneurs are innovators ...
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Entrepreneurs start their own firms beca...
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Entrepreneurs spot, create, and exploit ...
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As an entrepreneur, one is lik...
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Entrepreneurial orie...
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