Question 1

The successful execution of the entrepreneurial process results in

Accepted Answer

A)   c apital investment.
B)   competitive rivalry.
C)   a new venture.
D)   an increase in labor supply.
E)   intellectual property creation.

Question 2

"Mom-and-pops" are also known as _____ businesses.

Accepted Answer

A)   growth-minded
B)   lifestyle
C)   technical
D)   scalable
E)   serial

Question 3

In terms of business trends, the 1960s were characterized by

Accepted Answer

A)   international competition.
B)   fewer benefits.
C)   anti-diversification.
D)   job security.
E)   deregulation.

Question 4

Entrepreneurship is a form of ''creative destruction.''

Accepted Answer

A) True 
 B)False

Question 5

Explain in what ways entrepreneurship is more than simply starting a business.

Accepted Answer

Entrepreneurship is more than simply sta...

Question 6

Briefly discuss the three primary characteristics of high-impact entrepreneurial ventures.

Accepted Answer

In general, high-impact entrepreneurial ...

Question 7

Early economists recognized that _____ is the primary force behind rising standards of living and that innovations in this would determine the success of nations in the future.

Accepted Answer

A)   technology
B)   labor
C)   manufacturing
D)   industry formation
E)   economic growth

Question 8

In general, high-impact entrepreneurial ventures have which of the following three primary characteristics?

Accepted Answer

A)   I nnovative, free-thinking, and value-creating
B)   Traditional, free-thinking, and growth-oriented
C)   V alue-creating, traditional, and growth-oriented
D)   Free-thinking, value-creating, and growth-oriented
E)   Innovative, value-creating, and growth-oriented

Question 9

Describe current entrepreneurial trends.

Accepted Answer

In the previous edition of this book (20...

Question 10

Briefly discuss the significant changes in entrepreneurship from the 1960s to the 1990s.

Accepted Answer

In the mid-1960s, gigantic companies wer...

Question 11

The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In the 2016/2017 report, these three categories were _____, _____, and _____ economies.

Accepted Answer

A)   innovation-driven; inertia-driven; input-driven
B)   efficiency-driven; factor-driven; and inertia-driven
C)   inertia-driven; efficiency-driven; and innovation-driven
D)   factor-driven; inertia-driven; and innovation-driven
E)   innovation-driven; efficiency-driven; and factor-driven

Question 12

Entrepreneurship can be found in some form in every country, in every age group, and (increasingly) in women as often as in men.

Accepted Answer

A) True 
 B)False

Question 13

A(n)  _____ is a digital replica of a human or real-world entity.

Accepted Answer

A)   anonymous process
B)   virtual being
C)   digital twin
D)   immersive experience
E)   quantum computer

Question 14

In _____ economies, businesses are normally created out of necessity and so these countries tend to have very high entrepreneurial activity rates relative to other types of economies.

Accepted Answer

A)   inertia-driven
B)   factor-driven
C)   innovation-driven
D)   efficiency-driven
E)   quality-driven

Question 15

The U.S. Small Business Administration defines a small business as one with fewer than _____ employees.

Accepted Answer

A)   250
B)   385
C)   500
D)   600
E)   700

Question 16

The vast majority of net new jobs created by the small business sector are created by

Accepted Answer

A)   lifestyle businesses.
B)   "mom-and-pops."
C)   gazelles.
D)   nascent entrepreneurs.
E)   skunks.

Question 17

The late 1990s brought the "_____" bubble and the rush of the venture capital community to position itself for what appeared to be a new way of doing business.

Accepted Answer

A)   dot com
B)   social network
C)   blog publicity
D)   digital market
E)   social media

Question 18

The 1970s saw the beginnings of three significant trends that would forever change the face of business: macroeconomic turmoil, the technology revolution, and

Accepted Answer

A)   the  green revolution.
B)   agricultural disasters.
C)   international competition.
D)   diversification.
E)   mechanization.

Question 19

The new millennium ushered in what many refer to as the _____ economy.

Accepted Answer

A)   technology
B)   entrepreneur
C)   knowledge
D)   lean
E)   dot com

Question 20

All of the following have been identified as key technology trends that will be the foundation for the next generation of entrepreneurial businesses EXCEPT

Accepted Answer

A)   foreign manufacturing .
B)   augmented reality.
C)   synthetic biology.
D)   artificial intelligence.
E)   virtual reality.

Exam 1: Understanding Entrepreneurship

All of the following have been identified as key technology trends that will be the foundation for the next generation of entrepreneurial businesses EXCEPT

Correct AnswerverifiedShow Answer

Entrepreneurship can be found in some form in every country, in every age group, and (increasingly) in women as often as in men.

Correct AnswerverifiedShow Answer

"Mom-and-pops" are also known as _____ businesses.

Correct AnswerverifiedShow Answer

Entrepreneurship is a form of ''creative destruction.''

Correct AnswerverifiedShow Answer

In _____ economies, businesses are normally created out of necessity and so these countries tend to have very high entrepreneurial activity rates relative to other types of economies.

Correct AnswerverifiedShow Answer

The late 1990s brought the "_____" bubble and the rush of the venture capital community to position itself for what appeared to be a new way of doing business.

Correct AnswerverifiedShow Answer

Early economists recognized that _____ is the primary force behind rising standards of living and that innovations in this would determine the success of nations in the future.

Correct AnswerverifiedShow Answer

The vast majority of net new jobs created by the small business sector are created by

Correct AnswerverifiedShow Answer

A(n) _____ is a digital replica of a human or real-world entity.

Correct AnswerverifiedShow Answer

The 1970s saw the beginnings of three significant trends that would forever change the face of business: macroeconomic turmoil, the technology revolution, and

Correct AnswerverifiedShow Answer

Briefly discuss the significant changes in entrepreneurship from the 1960s to the 1990s.

Correct AnswerverifiedIn the mid-1960s, gigantic companies wer...View AnswerShow Answer

The new millennium ushered in what many refer to as the _____ economy.

Correct AnswerverifiedShow Answer

The successful execution of the entrepreneurial process results in

Correct AnswerverifiedShow Answer

The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In the 2016/2017 report, these three categories were _____, _____, and _____ economies.

Correct AnswerverifiedShow Answer

In general, high-impact entrepreneurial ventures have which of the following three primary characteristics?

Correct AnswerverifiedShow Answer

Explain in what ways entrepreneurship is more than simply starting a business.

Correct AnswerverifiedEntrepreneurship is more than simply sta...View AnswerShow Answer

Describe current entrepreneurial trends.

Correct AnswerverifiedIn the previous edition of this book (20...View AnswerShow Answer

Briefly discuss the three primary characteristics of high-impact entrepreneurial ventures.

Correct AnswerverifiedIn general, high-impact entrepreneurial ...View AnswerShow Answer

In terms of business trends, the 1960s were characterized by

Correct AnswerverifiedShow Answer

The U.S. Small Business Administration defines a small business as one with fewer than _____ employees.

Correct AnswerverifiedShow Answer

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In the mid-1960s, gigantic companies wer...
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The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In the 2016/2017 report, these three categories were ___, _, and ___ economies.

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Entrepreneurship is more than simply sta...
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In the previous edition of this book (20...
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In general, high-impact entrepreneurial ...
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