New Venture Creation: Entrepreneurship for the 21st Century 10th Edition Test Bank
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1
Student: ___________________________________________________________________________
1. According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
True False
2. Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
True False
3. Entrepreneurship training works well in schools of business and engineering, but it has not proven to be
useful in fields such as architecture, medicine, and life sciences.
True False
4. Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
True False
5. The best entrepreneurship faculties are generally able to determine in advance who among their incoming
students will be the most effective entrepreneurs.
True False
6. David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
True False
7. According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for all
of the net new jobs in 2010.
True False
8. A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
True False
9. While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004 Gallup
Poll showed that a large percentage of American parents would prefer that their children pursue a less
risky career.
True False
10. According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
True False
11. Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
True False
12. Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
True False
13. Value creation is a linear process as it requires a short-term perspective.
True False
Student: ___________________________________________________________________________
1. According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
True False
2. Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
True False
3. Entrepreneurship training works well in schools of business and engineering, but it has not proven to be
useful in fields such as architecture, medicine, and life sciences.
True False
4. Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
True False
5. The best entrepreneurship faculties are generally able to determine in advance who among their incoming
students will be the most effective entrepreneurs.
True False
6. David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
True False
7. According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for all
of the net new jobs in 2010.
True False
8. A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
True False
9. While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004 Gallup
Poll showed that a large percentage of American parents would prefer that their children pursue a less
risky career.
True False
10. According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
True False
11. Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
True False
12. Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
True False
13. Value creation is a linear process as it requires a short-term perspective.
True False
1
Student: ___________________________________________________________________________
1. According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
True False
2. Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
True False
3. Entrepreneurship training works well in schools of business and engineering, but it has not proven to be
useful in fields such as architecture, medicine, and life sciences.
True False
4. Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
True False
5. The best entrepreneurship faculties are generally able to determine in advance who among their incoming
students will be the most effective entrepreneurs.
True False
6. David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
True False
7. According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for all
of the net new jobs in 2010.
True False
8. A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
True False
9. While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004 Gallup
Poll showed that a large percentage of American parents would prefer that their children pursue a less
risky career.
True False
10. According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
True False
11. Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
True False
12. Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
True False
13. Value creation is a linear process as it requires a short-term perspective.
True False
Student: ___________________________________________________________________________
1. According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
True False
2. Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
True False
3. Entrepreneurship training works well in schools of business and engineering, but it has not proven to be
useful in fields such as architecture, medicine, and life sciences.
True False
4. Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
True False
5. The best entrepreneurship faculties are generally able to determine in advance who among their incoming
students will be the most effective entrepreneurs.
True False
6. David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
True False
7. According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for all
of the net new jobs in 2010.
True False
8. A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
True False
9. While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004 Gallup
Poll showed that a large percentage of American parents would prefer that their children pursue a less
risky career.
True False
10. According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
True False
11. Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
True False
12. Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
True False
13. Value creation is a linear process as it requires a short-term perspective.
True False
14. Entrepreneurship will result in equal incomes among the masses.
True False
15. When the entrepreneurial process will take over, it will result in economic expansion and accompanying
social mobility.
True False
16. Rick, an entrepreneur, is in the process of selecting a manager for his new venture. To successfully run
the venture, who is he most likely to select?
A. Fiona, who prefers minimal investment in human resources
B. Saeed, who complements the needs of the venture
C. Garcia, who views change and ambiguity as detrimental for the venture
D. Maria, who has a different vision for the venture
17. Which of the following is a critical factor in enhancing entrepreneurship?
A. Restricting entrepreneurship at the regional level
B. Discouraging entrepreneurs from expressing competitiveness
C. Reducing restrictions that block the flow of finance
D. Removing programs based on "learning by doing"
18. Which of the following is an entrepreneurial transformation that is changing the world?
A. Entrepreneurship is now being discouraged in corporate America.
B. Entrepreneurship topics and related issues are being removed from the curricula of business schools as
they are self-taught.
C. Entrepreneurship is becoming a tool to create social and economic equalities.
D. Entrepreneurship is becoming a dominant management model for running nonprofit businesses.
19. What is the characteristic of entrepreneurship educators whose views and attitudes toward learning differ
radically from traditional academic approaches?
A. They are faculty centric.
B. They do not prefer a work-in-progress philosophy of teaching.
C. They do believe that expertise, wisdom, and knowledge are housed solely in the faculty.
D. They are likely to see their role as mentors, coaches, and advocates for students.
20. What is the difference between entrepreneurial educators and traditional academicians?
A. Entrepreneurial educators are faculty centric, whereas traditional academicians are student centric.
B. Entrepreneurial educators follow a rigid training module, whereas traditional academicians follow a
more hands-on philosophy.
C
.
Entrepreneurial educators treat the learning process as solely occurring in the classroom, whereas
traditional academicians treat it as more of an apprenticeship.
D. Entrepreneurial educators are opportunity centric, whereas traditional academicians are faculty centric.
21. Which of the following is true of new venture creation?
A. It is process oriented and not result oriented.
B. It gives importance to one's nationality.
C. It creates economic and social mobility.
D. It reduces competitiveness.
22. At the heart of the entrepreneurial process is a(n):
A. rigid organizational structure.
B. resistance to ambiguity.
C. innovative spirit.
D. resistance to change.
23. Who among the following is most likely to be called a philanthropist?
A. Lydia, an entrepreneur, who acquires a foreign company
B. Ahmed, an entrepreneur, who exercises monopoly in the highly profitable oil and natural gas sector
C. Zainab, an entrepreneur, who funds the construction of a public school in her locality
D. Eric, an entrepreneur, who sells his innovation in the aviation industry
True False
15. When the entrepreneurial process will take over, it will result in economic expansion and accompanying
social mobility.
True False
16. Rick, an entrepreneur, is in the process of selecting a manager for his new venture. To successfully run
the venture, who is he most likely to select?
A. Fiona, who prefers minimal investment in human resources
B. Saeed, who complements the needs of the venture
C. Garcia, who views change and ambiguity as detrimental for the venture
D. Maria, who has a different vision for the venture
17. Which of the following is a critical factor in enhancing entrepreneurship?
A. Restricting entrepreneurship at the regional level
B. Discouraging entrepreneurs from expressing competitiveness
C. Reducing restrictions that block the flow of finance
D. Removing programs based on "learning by doing"
18. Which of the following is an entrepreneurial transformation that is changing the world?
A. Entrepreneurship is now being discouraged in corporate America.
B. Entrepreneurship topics and related issues are being removed from the curricula of business schools as
they are self-taught.
C. Entrepreneurship is becoming a tool to create social and economic equalities.
D. Entrepreneurship is becoming a dominant management model for running nonprofit businesses.
19. What is the characteristic of entrepreneurship educators whose views and attitudes toward learning differ
radically from traditional academic approaches?
A. They are faculty centric.
B. They do not prefer a work-in-progress philosophy of teaching.
C. They do believe that expertise, wisdom, and knowledge are housed solely in the faculty.
D. They are likely to see their role as mentors, coaches, and advocates for students.
20. What is the difference between entrepreneurial educators and traditional academicians?
A. Entrepreneurial educators are faculty centric, whereas traditional academicians are student centric.
B. Entrepreneurial educators follow a rigid training module, whereas traditional academicians follow a
more hands-on philosophy.
C
.
Entrepreneurial educators treat the learning process as solely occurring in the classroom, whereas
traditional academicians treat it as more of an apprenticeship.
D. Entrepreneurial educators are opportunity centric, whereas traditional academicians are faculty centric.
21. Which of the following is true of new venture creation?
A. It is process oriented and not result oriented.
B. It gives importance to one's nationality.
C. It creates economic and social mobility.
D. It reduces competitiveness.
22. At the heart of the entrepreneurial process is a(n):
A. rigid organizational structure.
B. resistance to ambiguity.
C. innovative spirit.
D. resistance to change.
23. Who among the following is most likely to be called a philanthropist?
A. Lydia, an entrepreneur, who acquires a foreign company
B. Ahmed, an entrepreneur, who exercises monopoly in the highly profitable oil and natural gas sector
C. Zainab, an entrepreneur, who funds the construction of a public school in her locality
D. Eric, an entrepreneur, who sells his innovation in the aviation industry
24. What is true of the majority of America's self-made entrepreneurs?
A. They accumulated their wealth through luck.
B. They are invisible to most Americans.
C. They fit the media stereotype.
D. They prefer social status to financial independence.
25. Which of the following is a characteristic of private equity creation?
A. It is a linear process.
B. It requires a long-term perspective.
C. It hinders entrepreneurship.
D. It targets quick returns on investments made over a short period of time.
26. _____ is becoming a dominant management model for running nonprofit businesses and in the emerging
field of social ventures.
________________________________________
27. _____ entrepreneurship means new venture creation.
________________________________________
28. _____ showed the highest rate of increase of any minority group in owning businesses according to the
U.S. Census Bureau in 2007.
________________________________________
29. When successful entrepreneurs get involved in the nonprofit sector directly by offering strategic
assistance, like long-term planning and leveraging relationships to identify additional resources and
facilitate partnerships, it is referred to as _____ philanthropy.
________________________________________
30. What is the impact of small firms in driving innovation in the United States?
31. Briefly discuss the role of angel investors in the creation of new ventures.
32. Briefly discuss the role of successful American entrepreneurs as philanthropists.
A. They accumulated their wealth through luck.
B. They are invisible to most Americans.
C. They fit the media stereotype.
D. They prefer social status to financial independence.
25. Which of the following is a characteristic of private equity creation?
A. It is a linear process.
B. It requires a long-term perspective.
C. It hinders entrepreneurship.
D. It targets quick returns on investments made over a short period of time.
26. _____ is becoming a dominant management model for running nonprofit businesses and in the emerging
field of social ventures.
________________________________________
27. _____ entrepreneurship means new venture creation.
________________________________________
28. _____ showed the highest rate of increase of any minority group in owning businesses according to the
U.S. Census Bureau in 2007.
________________________________________
29. When successful entrepreneurs get involved in the nonprofit sector directly by offering strategic
assistance, like long-term planning and leveraging relationships to identify additional resources and
facilitate partnerships, it is referred to as _____ philanthropy.
________________________________________
30. What is the impact of small firms in driving innovation in the United States?
31. Briefly discuss the role of angel investors in the creation of new ventures.
32. Briefly discuss the role of successful American entrepreneurs as philanthropists.
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33. Explain the four entrepreneurial transformations that are changing the world.
34. How do entrepreneurial faculties drive the rapid explosion of entrepreneurship?
35. Describe a typical American entrepreneur.
34. How do entrepreneurial faculties drive the rapid explosion of entrepreneurship?
35. Describe a typical American entrepreneur.
Loading page 5...
1 Key
1.
(p. 05)
According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #1
2.
(p. 05)
Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #2
3.
(p. 05)
Entrepreneurship training works well in schools of business and engineering, but it has not proven to
be useful in fields such as architecture, medicine, and life sciences.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #3
4.
(p. 06)
Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #4
5.
(p. 06)
The best entrepreneurship faculties are generally able to determine in advance who among their
incoming students will be the most effective entrepreneurs.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #5
6.
(p. 07)
David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #6
7.
(p. 08)
According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for
all of the net new jobs in 2010.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #7
8.
(p. 08)
A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #8
1.
(p. 05)
According to Thomas Friedman, his book titled "The World is Flat" refers to the convergence of
technology and world events that are playing a role in bringing about significant changes in traditional
value chains.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #1
2.
(p. 05)
Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial
revolution.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #2
3.
(p. 05)
Entrepreneurship training works well in schools of business and engineering, but it has not proven to
be useful in fields such as architecture, medicine, and life sciences.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #3
4.
(p. 06)
Entrepreneurship educators believe that expertise, wisdom, and knowledge are housed solely in the
faculty brain or in the library.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #4
5.
(p. 06)
The best entrepreneurship faculties are generally able to determine in advance who among their
incoming students will be the most effective entrepreneurs.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #5
6.
(p. 07)
David Birch, an MIT researcher, found that new and growing smaller firms had little effect on the
economy as a whole.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #6
7.
(p. 08)
According to the U.S. Small Business Administration's Office of Advocacy, small firms accounted for
all of the net new jobs in 2010.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #7
8.
(p. 08)
A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned
businesses have been steadily decreasing over the past few decades.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #8
Loading page 6...
9.
(p. 08)
While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004
Gallup Poll showed that a large percentage of American parents would prefer that their children
pursue a less risky career.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #9
10.
(p. 09)
According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #10
11.
(p. 11)
Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #11
12.
(p. 11-12)
Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #12
13.
(p. 14)
Value creation is a linear process as it requires a short-term perspective.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #13
14.
(p. 15)
Entrepreneurship will result in equal incomes among the masses.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #14
15.
(p. 15)
When the entrepreneurial process will take over, it will result in economic expansion and
accompanying social mobility.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #15
16.
(p. 02)
Rick, an entrepreneur, is in the process of selecting a manager for his new venture. To successfully
run the venture, who is he most likely to select?
A. Fiona, who prefers minimal investment in human resources
B. Saeed, who complements the needs of the venture
C. Garcia, who views change and ambiguity as detrimental for the venture
D. Maria, who has a different vision for the venture
Accessibility: Keyboard Navigation
Blooms: Apply
Level of Difficulty: 3 Hard
Spinelli - Chapter 01 #16
(p. 08)
While various surveys of high school seniors indicate a strong interest in entrepreneurship, a 2004
Gallup Poll showed that a large percentage of American parents would prefer that their children
pursue a less risky career.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #9
10.
(p. 09)
According to a study conducted in 2006, the self-employed report the lowest levels of personal
satisfaction, challenge, pride, and remuneration.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #10
11.
(p. 11)
Research in the 1980s and 1990s found that since World War II, small entrepreneurial firms have been
responsible for half of all innovation and a large percentage of all radical innovation in the United
States.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #11
12.
(p. 11-12)
Studies indicate that smaller firms generate twice as many innovations per research and development
(R&D) dollar spent as the established multinationals.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #12
13.
(p. 14)
Value creation is a linear process as it requires a short-term perspective.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #13
14.
(p. 15)
Entrepreneurship will result in equal incomes among the masses.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #14
15.
(p. 15)
When the entrepreneurial process will take over, it will result in economic expansion and
accompanying social mobility.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #15
16.
(p. 02)
Rick, an entrepreneur, is in the process of selecting a manager for his new venture. To successfully
run the venture, who is he most likely to select?
A. Fiona, who prefers minimal investment in human resources
B. Saeed, who complements the needs of the venture
C. Garcia, who views change and ambiguity as detrimental for the venture
D. Maria, who has a different vision for the venture
Accessibility: Keyboard Navigation
Blooms: Apply
Level of Difficulty: 3 Hard
Spinelli - Chapter 01 #16
Loading page 7...
17.
(p. 05)
Which of the following is a critical factor in enhancing entrepreneurship?
A. Restricting entrepreneurship at the regional level
B. Discouraging entrepreneurs from expressing competitiveness
C. Reducing restrictions that block the flow of finance
D. Removing programs based on "learning by doing"
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #17
18.
(p. 05)
Which of the following is an entrepreneurial transformation that is changing the world?
A. Entrepreneurship is now being discouraged in corporate America.
B. Entrepreneurship topics and related issues are being removed from the curricula of business schools
as they are self-taught.
C. Entrepreneurship is becoming a tool to create social and economic equalities.
D. Entrepreneurship is becoming a dominant management model for running nonprofit businesses.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #18
19.
(p. 06)
What is the characteristic of entrepreneurship educators whose views and attitudes toward learning
differ radically from traditional academic approaches?
A. They are faculty centric.
B. They do not prefer a work-in-progress philosophy of teaching.
C. They do believe that expertise, wisdom, and knowledge are housed solely in the faculty.
D. They are likely to see their role as mentors, coaches, and advocates for students.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #19
20.
(p. 06)
What is the difference between entrepreneurial educators and traditional academicians?
A. Entrepreneurial educators are faculty centric, whereas traditional academicians are student centric.
B. Entrepreneurial educators follow a rigid training module, whereas traditional academicians follow a
more hands-on philosophy.
C
.
Entrepreneurial educators treat the learning process as solely occurring in the classroom, whereas
traditional academicians treat it as more of an apprenticeship.
D. Entrepreneurial educators are opportunity centric, whereas traditional academicians are faculty
centric.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #20
21.
(p. 08)
Which of the following is true of new venture creation?
A. It is process oriented and not result oriented.
B. It gives importance to one's nationality.
C. It creates economic and social mobility.
D. It reduces competitiveness.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #21
22.
(p. 11)
At the heart of the entrepreneurial process is a(n):
A. rigid organizational structure.
B. resistance to ambiguity.
C. innovative spirit.
D. resistance to change.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #22
(p. 05)
Which of the following is a critical factor in enhancing entrepreneurship?
A. Restricting entrepreneurship at the regional level
B. Discouraging entrepreneurs from expressing competitiveness
C. Reducing restrictions that block the flow of finance
D. Removing programs based on "learning by doing"
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #17
18.
(p. 05)
Which of the following is an entrepreneurial transformation that is changing the world?
A. Entrepreneurship is now being discouraged in corporate America.
B. Entrepreneurship topics and related issues are being removed from the curricula of business schools
as they are self-taught.
C. Entrepreneurship is becoming a tool to create social and economic equalities.
D. Entrepreneurship is becoming a dominant management model for running nonprofit businesses.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #18
19.
(p. 06)
What is the characteristic of entrepreneurship educators whose views and attitudes toward learning
differ radically from traditional academic approaches?
A. They are faculty centric.
B. They do not prefer a work-in-progress philosophy of teaching.
C. They do believe that expertise, wisdom, and knowledge are housed solely in the faculty.
D. They are likely to see their role as mentors, coaches, and advocates for students.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #19
20.
(p. 06)
What is the difference between entrepreneurial educators and traditional academicians?
A. Entrepreneurial educators are faculty centric, whereas traditional academicians are student centric.
B. Entrepreneurial educators follow a rigid training module, whereas traditional academicians follow a
more hands-on philosophy.
C
.
Entrepreneurial educators treat the learning process as solely occurring in the classroom, whereas
traditional academicians treat it as more of an apprenticeship.
D. Entrepreneurial educators are opportunity centric, whereas traditional academicians are faculty
centric.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #20
21.
(p. 08)
Which of the following is true of new venture creation?
A. It is process oriented and not result oriented.
B. It gives importance to one's nationality.
C. It creates economic and social mobility.
D. It reduces competitiveness.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #21
22.
(p. 11)
At the heart of the entrepreneurial process is a(n):
A. rigid organizational structure.
B. resistance to ambiguity.
C. innovative spirit.
D. resistance to change.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #22
Loading page 8...
23.
(p. 13)
Who among the following is most likely to be called a philanthropist?
A. Lydia, an entrepreneur, who acquires a foreign company
B. Ahmed, an entrepreneur, who exercises monopoly in the highly profitable oil and natural gas sector
C. Zainab, an entrepreneur, who funds the construction of a public school in her locality
D. Eric, an entrepreneur, who sells his innovation in the aviation industry
Accessibility: Keyboard Navigation
Blooms: Apply
Level of Difficulty: 3 Hard
Spinelli - Chapter 01 #23
24.
(p. 14)
What is true of the majority of America's self-made entrepreneurs?
A. They accumulated their wealth through luck.
B. They are invisible to most Americans.
C. They fit the media stereotype.
D. They prefer social status to financial independence.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #24
25.
(p. 14)
Which of the following is a characteristic of private equity creation?
A. It is a linear process.
B. It requires a long-term perspective.
C. It hinders entrepreneurship.
D. It targets quick returns on investments made over a short period of time.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #25
26.
(p. 05)
_____ is becoming a dominant management model for running nonprofit businesses and in the
emerging field of social ventures.
Entrepreneurship
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #26
27.
(p. 08)
_____ entrepreneurship means new venture creation.
Classical
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #27
28.
(p. 08)
_____ showed the highest rate of increase of any minority group in owning businesses according to
the U.S. Census Bureau in 2007.
African Americans/Blacks
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #28
29.
(p. 13-14)
When successful entrepreneurs get involved in the nonprofit sector directly by offering strategic
assistance, like long-term planning and leveraging relationships to identify additional resources and
facilitate partnerships, it is referred to as _____ philanthropy.
high-engagement
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #29
(p. 13)
Who among the following is most likely to be called a philanthropist?
A. Lydia, an entrepreneur, who acquires a foreign company
B. Ahmed, an entrepreneur, who exercises monopoly in the highly profitable oil and natural gas sector
C. Zainab, an entrepreneur, who funds the construction of a public school in her locality
D. Eric, an entrepreneur, who sells his innovation in the aviation industry
Accessibility: Keyboard Navigation
Blooms: Apply
Level of Difficulty: 3 Hard
Spinelli - Chapter 01 #23
24.
(p. 14)
What is true of the majority of America's self-made entrepreneurs?
A. They accumulated their wealth through luck.
B. They are invisible to most Americans.
C. They fit the media stereotype.
D. They prefer social status to financial independence.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #24
25.
(p. 14)
Which of the following is a characteristic of private equity creation?
A. It is a linear process.
B. It requires a long-term perspective.
C. It hinders entrepreneurship.
D. It targets quick returns on investments made over a short period of time.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #25
26.
(p. 05)
_____ is becoming a dominant management model for running nonprofit businesses and in the
emerging field of social ventures.
Entrepreneurship
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #26
27.
(p. 08)
_____ entrepreneurship means new venture creation.
Classical
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #27
28.
(p. 08)
_____ showed the highest rate of increase of any minority group in owning businesses according to
the U.S. Census Bureau in 2007.
African Americans/Blacks
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #28
29.
(p. 13-14)
When successful entrepreneurs get involved in the nonprofit sector directly by offering strategic
assistance, like long-term planning and leveraging relationships to identify additional resources and
facilitate partnerships, it is referred to as _____ philanthropy.
high-engagement
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #29
Loading page 9...
30.
(p. 11-12)
What is the impact of small firms in driving innovation in the United States?
The U.S. Department of Commerce found that since World War II, small entrepreneurial firms have
been responsible for half of all innovation and 95 percent of all radical innovation in the United States.
Other studies showed that research and development at smaller entrepreneurial firms were more
productive and robust than at large firms; smaller firms generated twice as many innovations per R&D
dollar spent as the giants, twice as many innovations per R&D scientist as the giants, and 24 times as
many innovations per R&D dollar versus those large firms with more than 10,000 employees.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #30
31.
(p. 13)
Briefly discuss the role of angel investors in the creation of new ventures.
The angel investor market in 2010, following a considerable contraction in investment dollars in
2008 and 2009, exhibited a rise in investment dollars and in the number of investments. Similar to
the venture capitalists, these angels bring far more than money to the entrepreneurial process. As
successful entrepreneurs themselves, they bring experience, networks, wisdom, and maturity to the
companies they fund. As directors and advisors, they function as coaches, confidants, mentors, and
cheerleaders.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #31
32.
(p. 13-14)
Briefly discuss the role of successful American entrepreneurs as philanthropists.
A lesser known and largely ignored role of American entrepreneurs is that of philanthropists
and creative community leaders. A majority of new buildings, classrooms, athletic facilities, and
universities have been funded by an entrepreneur who wanted to give back. When a successful
entrepreneur gets involved in the nonprofit sector, the engagement involves strategic business skills
like long-term planning, board and executive recruitment, coaching, and leveraging relationships.
These high-engagement philanthropists have a stronger focus and deeper investments in a smaller,
more select number of investment partners, and a healthy ambition for the long-term reach of their
efforts.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #32
33.
(p. 05)
Explain the four entrepreneurial transformations that are changing the world.
Evidence and trends point to at least four entrepreneurial transformations that profoundly impact how
the world lives, works, learns, and enjoys leisure. They are as follows:
1. Entrepreneurship is the new management paradigm: Entrepreneurial thinking and reasoning—
so common in dynamic, higher-potential, and robust new and emerging firms—are now becoming
infused and embedded into the strategies and practices of corporate America.
2. Entrepreneurship has spawned a new education paradigm for learning and teaching.
3. Entrepreneurship is becoming a dominant management model for running nonprofit businesses and
in the emerging field of social ventures.
4. Entrepreneurship is rapidly transcending business schools: Engineering, life sciences, architecture,
medicine, music, liberal arts, and K-12 are new academic grounds that are exploring and embracing
entrepreneurship in their curricula.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #33
(p. 11-12)
What is the impact of small firms in driving innovation in the United States?
The U.S. Department of Commerce found that since World War II, small entrepreneurial firms have
been responsible for half of all innovation and 95 percent of all radical innovation in the United States.
Other studies showed that research and development at smaller entrepreneurial firms were more
productive and robust than at large firms; smaller firms generated twice as many innovations per R&D
dollar spent as the giants, twice as many innovations per R&D scientist as the giants, and 24 times as
many innovations per R&D dollar versus those large firms with more than 10,000 employees.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #30
31.
(p. 13)
Briefly discuss the role of angel investors in the creation of new ventures.
The angel investor market in 2010, following a considerable contraction in investment dollars in
2008 and 2009, exhibited a rise in investment dollars and in the number of investments. Similar to
the venture capitalists, these angels bring far more than money to the entrepreneurial process. As
successful entrepreneurs themselves, they bring experience, networks, wisdom, and maturity to the
companies they fund. As directors and advisors, they function as coaches, confidants, mentors, and
cheerleaders.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #31
32.
(p. 13-14)
Briefly discuss the role of successful American entrepreneurs as philanthropists.
A lesser known and largely ignored role of American entrepreneurs is that of philanthropists
and creative community leaders. A majority of new buildings, classrooms, athletic facilities, and
universities have been funded by an entrepreneur who wanted to give back. When a successful
entrepreneur gets involved in the nonprofit sector, the engagement involves strategic business skills
like long-term planning, board and executive recruitment, coaching, and leveraging relationships.
These high-engagement philanthropists have a stronger focus and deeper investments in a smaller,
more select number of investment partners, and a healthy ambition for the long-term reach of their
efforts.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #32
33.
(p. 05)
Explain the four entrepreneurial transformations that are changing the world.
Evidence and trends point to at least four entrepreneurial transformations that profoundly impact how
the world lives, works, learns, and enjoys leisure. They are as follows:
1. Entrepreneurship is the new management paradigm: Entrepreneurial thinking and reasoning—
so common in dynamic, higher-potential, and robust new and emerging firms—are now becoming
infused and embedded into the strategies and practices of corporate America.
2. Entrepreneurship has spawned a new education paradigm for learning and teaching.
3. Entrepreneurship is becoming a dominant management model for running nonprofit businesses and
in the emerging field of social ventures.
4. Entrepreneurship is rapidly transcending business schools: Engineering, life sciences, architecture,
medicine, music, liberal arts, and K-12 are new academic grounds that are exploring and embracing
entrepreneurship in their curricula.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #33
Loading page 10...
34.
(p. 06-07)
How do entrepreneurial faculties drive the rapid explosion of entrepreneurship?
The energizing process for faculty and students alike is also driving the rapid explosion of
entrepreneurship education worldwide. First, the field seems to attract, by its substance and nature,
highly entrepreneurial people. Historically, entrepreneurial thinkers and doers have been few and
far between in the vast majority of schools in the United States and abroad. These creative, can-
do, resilient, and passionate people bring their entrepreneurial ways of thinking, acting, doing, and
building to their courses, their research, and their institutions. They are the change agents—the movers
and shakers. Second, their entrepreneurial bent brings a new mind-set to universities and schools:
They think and act like owners. They are creative, courageous, and determined to make it work and
happen; they build teams, practice what they preach, are institution builders, and do not let myopic
allegiance to their disciplines impede becoming better educators. Students, deans, and colleagues
can be energized by the leading-by-example pace they establish. Third, entrepreneurship faculties
constantly think in terms of opportunity. Entrepreneurial faculty realize that money follows superior
teams and superior opportunities, so they create them. They find ways to innovate, raise money, and
implement curricula in resource-strapped universities. They match innovative ideas with wealthy
entrepreneurs and their foundations to raise money and launch programs. Fourth, they create powerful
strategic alliances with others—colleagues, alumni, and entrepreneurs by practicing the teamwork
principles of entrepreneurship they teach. There is something exciting and compelling about being
around highly intelligent and creative entrepreneurs as the centerpiece of your subject matter. They
invariably inspire other faculty and students as well.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #34
35.
(p. 14)
Describe a typical American entrepreneur.
American entrepreneurs typically accumulated their wealth through hard work, self-discipline,
planning, and frugality—all very entrepreneurial virtues. Two-thirds of them still working are
self- employed and are self-made. The vast majority (80 percent) are ordinary people who have
accumulated their wealth in one generation, live below their means, and prefer financial independence
to social status. Majority of them are invisible to most Americans and do not fit the media stereotype.
They get rich slowly, with the average millionaire being 57 years old. Their businesses are ordinary
ones they started and built like ambulance services, citrus farming, cafeteria services, consulting
services, janitorial services, job training schools, meat processors, mobile home parks, pest
controllers, newsletter publishers, rice farmers, and sandblasting contractors.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #35
(p. 06-07)
How do entrepreneurial faculties drive the rapid explosion of entrepreneurship?
The energizing process for faculty and students alike is also driving the rapid explosion of
entrepreneurship education worldwide. First, the field seems to attract, by its substance and nature,
highly entrepreneurial people. Historically, entrepreneurial thinkers and doers have been few and
far between in the vast majority of schools in the United States and abroad. These creative, can-
do, resilient, and passionate people bring their entrepreneurial ways of thinking, acting, doing, and
building to their courses, their research, and their institutions. They are the change agents—the movers
and shakers. Second, their entrepreneurial bent brings a new mind-set to universities and schools:
They think and act like owners. They are creative, courageous, and determined to make it work and
happen; they build teams, practice what they preach, are institution builders, and do not let myopic
allegiance to their disciplines impede becoming better educators. Students, deans, and colleagues
can be energized by the leading-by-example pace they establish. Third, entrepreneurship faculties
constantly think in terms of opportunity. Entrepreneurial faculty realize that money follows superior
teams and superior opportunities, so they create them. They find ways to innovate, raise money, and
implement curricula in resource-strapped universities. They match innovative ideas with wealthy
entrepreneurs and their foundations to raise money and launch programs. Fourth, they create powerful
strategic alliances with others—colleagues, alumni, and entrepreneurs by practicing the teamwork
principles of entrepreneurship they teach. There is something exciting and compelling about being
around highly intelligent and creative entrepreneurs as the centerpiece of your subject matter. They
invariably inspire other faculty and students as well.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #34
35.
(p. 14)
Describe a typical American entrepreneur.
American entrepreneurs typically accumulated their wealth through hard work, self-discipline,
planning, and frugality—all very entrepreneurial virtues. Two-thirds of them still working are
self- employed and are self-made. The vast majority (80 percent) are ordinary people who have
accumulated their wealth in one generation, live below their means, and prefer financial independence
to social status. Majority of them are invisible to most Americans and do not fit the media stereotype.
They get rich slowly, with the average millionaire being 57 years old. Their businesses are ordinary
ones they started and built like ambulance services, citrus farming, cafeteria services, consulting
services, janitorial services, job training schools, meat processors, mobile home parks, pest
controllers, newsletter publishers, rice farmers, and sandblasting contractors.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #35
Loading page 11...
1 Summary
Category # of Questions
Accessibility: Keyboard Navigation 25
Blooms: Apply 2
Blooms: Remember 24
Blooms: Understand 9
Level of Difficulty: 1 Easy 24
Level of Difficulty: 2 Medium 9
Level of Difficulty: 3 Hard 2
Spinelli - Chapter 01 35
Category # of Questions
Accessibility: Keyboard Navigation 25
Blooms: Apply 2
Blooms: Remember 24
Blooms: Understand 9
Level of Difficulty: 1 Easy 24
Level of Difficulty: 2 Medium 9
Level of Difficulty: 3 Hard 2
Spinelli - Chapter 01 35
Loading page 12...
2
Student: ___________________________________________________________________________
1. The psychological motivation of entrepreneurial behavior states that the need for achievement is the need
to build a relationship with others.
True False
2. In the context of psychological motivation of entrepreneurial behavior, the need for power is the need to
influence others to achieve a goal.
True False
3. In the context of entrepreneurial behavior, the need for affiliation is the need to excel.
True False
4. Entrepreneurs motivated purely by monetary reward typically build companies of substantial value.
True False
5. All successful business people share characteristics of raw energy and intelligence.
True False
6. The third volume of the Praeger Perspectives examines people and refers to a wide and diverse range of
contextual factors that influence the entrepreneur and the entrepreneurial process.
True False
7. Successful entrepreneurs possess a well-developed capacity to exert influence without formal power.
True False
8. Entrepreneurs are self-starters who are internally driven by a strong desire to compete and attain
challenging goals.
True False
9. Research has shown that an entrepreneur is more driven by the conservation of resources, whereas a
manager is more opportunity-driven.
True False
10. Studies show a strong connection between the presence of role models and the emergence of
entrepreneurs.
True False
11. Entrepreneurs are their own bosses and completely independent.
True False
12. Successful entrepreneurs seek power and control over others.
True False
13. Which of the following is defined as the need for measurable personal accomplishment?
A. The need for achievement
B. The need for power
C. The need for affiliation
D. The need for attachment
14. Which of the following is the least characteristic motivational need of successful entrepreneurs?
A. Achievement
B. Control
C. Power
D. Affiliation
Student: ___________________________________________________________________________
1. The psychological motivation of entrepreneurial behavior states that the need for achievement is the need
to build a relationship with others.
True False
2. In the context of psychological motivation of entrepreneurial behavior, the need for power is the need to
influence others to achieve a goal.
True False
3. In the context of entrepreneurial behavior, the need for affiliation is the need to excel.
True False
4. Entrepreneurs motivated purely by monetary reward typically build companies of substantial value.
True False
5. All successful business people share characteristics of raw energy and intelligence.
True False
6. The third volume of the Praeger Perspectives examines people and refers to a wide and diverse range of
contextual factors that influence the entrepreneur and the entrepreneurial process.
True False
7. Successful entrepreneurs possess a well-developed capacity to exert influence without formal power.
True False
8. Entrepreneurs are self-starters who are internally driven by a strong desire to compete and attain
challenging goals.
True False
9. Research has shown that an entrepreneur is more driven by the conservation of resources, whereas a
manager is more opportunity-driven.
True False
10. Studies show a strong connection between the presence of role models and the emergence of
entrepreneurs.
True False
11. Entrepreneurs are their own bosses and completely independent.
True False
12. Successful entrepreneurs seek power and control over others.
True False
13. Which of the following is defined as the need for measurable personal accomplishment?
A. The need for achievement
B. The need for power
C. The need for affiliation
D. The need for attachment
14. Which of the following is the least characteristic motivational need of successful entrepreneurs?
A. Achievement
B. Control
C. Power
D. Affiliation
Loading page 13...
15. Which of the following volumes of the Praeger Perspectives proceeds through the life cycle of a new
venture startup by tackling several key steps in the course of action?
A. People
B. Process
C. Place
D. Plan
16. Which of the following is not an entrepreneurial attribute?
A. Being a calculated risk taker
B. Being a perfectionist
C. Being obsessed with value creation
D. Being intensely curious in the face of risk
17. In the context of creativity, self-reliance, and adaptability, which of the following attitudes of an
entrepreneur is desirable?
A. Skepticism about conflicts and failure
B. Ability to be a lone wolf
C. Restlessness with the status quo
D. High need for status and power
18. In the troika of the foundation of a successful new venture, which of the following is an external
environmental influence?
A. Value creation
B. Ethical behavior
C. Focus
D. Adaptability
19. Successful entrepreneurs consistently focus on:
A. seizing a market-based opportunity.
B. obtaining resources.
C. networking.
D. making money.
20. When compared to an entrepreneur, a manager is more:
A. resource-driven.
B. opportunity-driven.
C. creative.
D. innovative.
21. According to research, which of the following statements about entrepreneurs is false?
A. Many successful entrepreneurs are well educated.
B. Most successful entrepreneurs start companies in their early 20s.
C. Most successful entrepreneurs follow a pattern of apprenticeship.
D. Family firms spawn entrepreneurs.
22. According to research studies on the career paths of entrepreneurs and the self-employed, which of the
following is the central factor for a successful venture creation?
A. Networking
B. The ability to marshal resources
C. Experience and know-how
D. The ability to attract and motivate an effective team
23. According to an old maxim, how long will venture capitalists work with a startup before declaring the
company a "lemon"?
A. Up to a year
B. About two and a half years
C. At least three years
D. Three to five years
venture startup by tackling several key steps in the course of action?
A. People
B. Process
C. Place
D. Plan
16. Which of the following is not an entrepreneurial attribute?
A. Being a calculated risk taker
B. Being a perfectionist
C. Being obsessed with value creation
D. Being intensely curious in the face of risk
17. In the context of creativity, self-reliance, and adaptability, which of the following attitudes of an
entrepreneur is desirable?
A. Skepticism about conflicts and failure
B. Ability to be a lone wolf
C. Restlessness with the status quo
D. High need for status and power
18. In the troika of the foundation of a successful new venture, which of the following is an external
environmental influence?
A. Value creation
B. Ethical behavior
C. Focus
D. Adaptability
19. Successful entrepreneurs consistently focus on:
A. seizing a market-based opportunity.
B. obtaining resources.
C. networking.
D. making money.
20. When compared to an entrepreneur, a manager is more:
A. resource-driven.
B. opportunity-driven.
C. creative.
D. innovative.
21. According to research, which of the following statements about entrepreneurs is false?
A. Many successful entrepreneurs are well educated.
B. Most successful entrepreneurs start companies in their early 20s.
C. Most successful entrepreneurs follow a pattern of apprenticeship.
D. Family firms spawn entrepreneurs.
22. According to research studies on the career paths of entrepreneurs and the self-employed, which of the
following is the central factor for a successful venture creation?
A. Networking
B. The ability to marshal resources
C. Experience and know-how
D. The ability to attract and motivate an effective team
23. According to an old maxim, how long will venture capitalists work with a startup before declaring the
company a "lemon"?
A. Up to a year
B. About two and a half years
C. At least three years
D. Three to five years
Loading page 14...
24. Which of the following is the most important component of opportunity recognition?
A. Experimenting with new ideas
B. Exhibiting low tolerance toward change
C. Being risk aversive
D. Being a perfectionist
25. Which of the following statements demystifies the myth that entrepreneurs are gamblers?
A. Entrepreneurs consider an idea and an opportunity as the same.
B. Successful entrepreneurs try to influence the odds, often by getting others to share the risk.
C. Successful entrepreneurs are completely independent and their own bosses.
D. Entrepreneurs are driven by instant gratification through high salaries and perks.
26. Which of the following is a reality and not a persistent myth about entrepreneurs?
A. Entrepreneurs are born, not made.
B. Entrepreneurs are gamblers.
C. Solo entrepreneurs limit their own potential for growth.
D. Entrepreneurs should be young, energetic, and in their 20s.
27. Which of the following is a myth about successful entrepreneurs?
A. They are driven by the need for achievement.
B. They are driven by the need to control others.
C. They have the ability to exert influence.
D. They have the ability to be patient even in adverse situations.
28. According to venture investors, what is the realistic time frame for growing a high potential business to
the point where a capital gain can be realized?
A. 1-3 years
B. 2-5 years
C. 5-7 years
D. 7-8 years
29. Successful entrepreneurs are driven by:
A. the quest for power for its own sake.
B. a personal need for authority expressed by control over others.
C. the quest for achievement and results.
D. a need to seek money as an end in itself.
30. The need for _____ is the need to excel and the need for measurable personal accomplishment.
________________________________________
31. The need to build a relationship with others is known as the need for ___.
________________________________________
32. The first volume of the Praeger Perspectives deals with _____ and takes a broad view of entrepreneurship
as a form of human action, pulling together the current research with respect to cognitive, economic,
social, and institutional factors that influence entrepreneurial behavior.
________________________________________
33. An entrepreneur who displays a high energy level and a sense of urgency is known as a ___.
________________________________________
34. Based on the entrepreneurial leadership paradigm, when the competencies of others are sought and used,
it is referred to as ___.
________________________________________
35. Entrepreneurs who are internally driven by a strong desire to compete and attain challenging goals are
typically known as ___.
________________________________________
A. Experimenting with new ideas
B. Exhibiting low tolerance toward change
C. Being risk aversive
D. Being a perfectionist
25. Which of the following statements demystifies the myth that entrepreneurs are gamblers?
A. Entrepreneurs consider an idea and an opportunity as the same.
B. Successful entrepreneurs try to influence the odds, often by getting others to share the risk.
C. Successful entrepreneurs are completely independent and their own bosses.
D. Entrepreneurs are driven by instant gratification through high salaries and perks.
26. Which of the following is a reality and not a persistent myth about entrepreneurs?
A. Entrepreneurs are born, not made.
B. Entrepreneurs are gamblers.
C. Solo entrepreneurs limit their own potential for growth.
D. Entrepreneurs should be young, energetic, and in their 20s.
27. Which of the following is a myth about successful entrepreneurs?
A. They are driven by the need for achievement.
B. They are driven by the need to control others.
C. They have the ability to exert influence.
D. They have the ability to be patient even in adverse situations.
28. According to venture investors, what is the realistic time frame for growing a high potential business to
the point where a capital gain can be realized?
A. 1-3 years
B. 2-5 years
C. 5-7 years
D. 7-8 years
29. Successful entrepreneurs are driven by:
A. the quest for power for its own sake.
B. a personal need for authority expressed by control over others.
C. the quest for achievement and results.
D. a need to seek money as an end in itself.
30. The need for _____ is the need to excel and the need for measurable personal accomplishment.
________________________________________
31. The need to build a relationship with others is known as the need for ___.
________________________________________
32. The first volume of the Praeger Perspectives deals with _____ and takes a broad view of entrepreneurship
as a form of human action, pulling together the current research with respect to cognitive, economic,
social, and institutional factors that influence entrepreneurial behavior.
________________________________________
33. An entrepreneur who displays a high energy level and a sense of urgency is known as a ___.
________________________________________
34. Based on the entrepreneurial leadership paradigm, when the competencies of others are sought and used,
it is referred to as ___.
________________________________________
35. Entrepreneurs who are internally driven by a strong desire to compete and attain challenging goals are
typically known as ___.
________________________________________
Loading page 15...
36. Although the skills of a manager and an entrepreneur overlap in the area of solid management skills, a
manager is more driven by the conservation of resources, while the entrepreneur is more ___.
________________________________________
37. Numerous studies show a strong connection between the presence of _____ and the emergence of
successful entrepreneurs.
________________________________________
38. Successful entrepreneurs are not gamblers; they take ___.
________________________________________
39. Most successful entrepreneurs have had a _____ to help them achieve their dreams and goals, both
implicitly and explicitly.
________________________________________
40. Write a short note on the Praeger Perspectives.
41. In the context of the seven dominant themes of desirable and acquirable attitudes and behavior of
entrepreneurs, briefly describe the role of creativity, self-reliance, and adaptability.
42. Discuss any two myths and realities about entrepreneurs.
43. Describe at least three important aspects of courage in entrepreneurship.
manager is more driven by the conservation of resources, while the entrepreneur is more ___.
________________________________________
37. Numerous studies show a strong connection between the presence of _____ and the emergence of
successful entrepreneurs.
________________________________________
38. Successful entrepreneurs are not gamblers; they take ___.
________________________________________
39. Most successful entrepreneurs have had a _____ to help them achieve their dreams and goals, both
implicitly and explicitly.
________________________________________
40. Write a short note on the Praeger Perspectives.
41. In the context of the seven dominant themes of desirable and acquirable attitudes and behavior of
entrepreneurs, briefly describe the role of creativity, self-reliance, and adaptability.
42. Discuss any two myths and realities about entrepreneurs.
43. Describe at least three important aspects of courage in entrepreneurship.
Loading page 16...
2 Key
1.
(p. 29)
The psychological motivation of entrepreneurial behavior states that the need for achievement is the
need to build a relationship with others.
FALSE
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Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #1
2.
(p. 29)
In the context of psychological motivation of entrepreneurial behavior, the need for power is the need
to influence others to achieve a goal.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #2
3.
(p. 29)
In the context of entrepreneurial behavior, the need for affiliation is the need to excel.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #3
4.
(p. 29)
Entrepreneurs motivated purely by monetary reward typically build companies of substantial
value.
FALSE
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Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #4
5.
(p. 30)
All successful business people share characteristics of raw energy and intelligence.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #5
6.
(p. 31)
The third volume of the Praeger Perspectives examines people and refers to a wide and diverse range
of contextual factors that influence the entrepreneur and the entrepreneurial process.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #6
7.
(p. 33)
Successful entrepreneurs possess a well-developed capacity to exert influence without formal
power.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #7
8.
(p. 34)
Entrepreneurs are self-starters who are internally driven by a strong desire to compete and attain
challenging goals.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #8
1.
(p. 29)
The psychological motivation of entrepreneurial behavior states that the need for achievement is the
need to build a relationship with others.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #1
2.
(p. 29)
In the context of psychological motivation of entrepreneurial behavior, the need for power is the need
to influence others to achieve a goal.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #2
3.
(p. 29)
In the context of entrepreneurial behavior, the need for affiliation is the need to excel.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #3
4.
(p. 29)
Entrepreneurs motivated purely by monetary reward typically build companies of substantial
value.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #4
5.
(p. 30)
All successful business people share characteristics of raw energy and intelligence.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #5
6.
(p. 31)
The third volume of the Praeger Perspectives examines people and refers to a wide and diverse range
of contextual factors that influence the entrepreneur and the entrepreneurial process.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #6
7.
(p. 33)
Successful entrepreneurs possess a well-developed capacity to exert influence without formal
power.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #7
8.
(p. 34)
Entrepreneurs are self-starters who are internally driven by a strong desire to compete and attain
challenging goals.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #8
Loading page 17...
9.
(p. 35)
Research has shown that an entrepreneur is more driven by the conservation of resources, whereas a
manager is more opportunity-driven.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #9
10.
(p. 36)
Studies show a strong connection between the presence of role models and the emergence of
entrepreneurs.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #10
11.
(p. 37)
Entrepreneurs are their own bosses and completely independent.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #11
12.
(p. 38)
Successful entrepreneurs seek power and control over others.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #12
13.
(p. 29)
Which of the following is defined as the need for measurable personal accomplishment?
A. The need for achievement
B. The need for power
C. The need for affiliation
D. The need for attachment
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #13
14.
(p. 30)
Which of the following is the least characteristic motivational need of successful entrepreneurs?
A. Achievement
B. Control
C. Power
D. Affiliation
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #14
15.
(p. 30)
Which of the following volumes of the Praeger Perspectives proceeds through the life cycle of a new
venture startup by tackling several key steps in the course of action?
A. People
B. Process
C. Place
D. Plan
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #15
(p. 35)
Research has shown that an entrepreneur is more driven by the conservation of resources, whereas a
manager is more opportunity-driven.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #9
10.
(p. 36)
Studies show a strong connection between the presence of role models and the emergence of
entrepreneurs.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #10
11.
(p. 37)
Entrepreneurs are their own bosses and completely independent.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #11
12.
(p. 38)
Successful entrepreneurs seek power and control over others.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #12
13.
(p. 29)
Which of the following is defined as the need for measurable personal accomplishment?
A. The need for achievement
B. The need for power
C. The need for affiliation
D. The need for attachment
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #13
14.
(p. 30)
Which of the following is the least characteristic motivational need of successful entrepreneurs?
A. Achievement
B. Control
C. Power
D. Affiliation
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #14
15.
(p. 30)
Which of the following volumes of the Praeger Perspectives proceeds through the life cycle of a new
venture startup by tackling several key steps in the course of action?
A. People
B. Process
C. Place
D. Plan
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #15
Loading page 18...
16.
(p. 31)
Which of the following is not an entrepreneurial attribute?
A. Being a calculated risk taker
B. Being a perfectionist
C. Being obsessed with value creation
D. Being intensely curious in the face of risk
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #16
17.
(p. 31)
In the context of creativity, self-reliance, and adaptability, which of the following attitudes of an
entrepreneur is desirable?
A. Skepticism about conflicts and failure
B. Ability to be a lone wolf
C. Restlessness with the status quo
D. High need for status and power
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #17
18.
(p. 33)
In the troika of the foundation of a successful new venture, which of the following is an external
environmental influence?
A. Value creation
B. Ethical behavior
C. Focus
D. Adaptability
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #18
19.
(p. 33)
Successful entrepreneurs consistently focus on:
A. seizing a market-based opportunity.
B. obtaining resources.
C. networking.
D. making money.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #19
20.
(p. 35)
When compared to an entrepreneur, a manager is more:
A. resource-driven.
B. opportunity-driven.
C. creative.
D. innovative.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #20
21.
(p. 36)
According to research, which of the following statements about entrepreneurs is false?
A. Many successful entrepreneurs are well educated.
B. Most successful entrepreneurs start companies in their early 20s.
C. Most successful entrepreneurs follow a pattern of apprenticeship.
D. Family firms spawn entrepreneurs.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #21
(p. 31)
Which of the following is not an entrepreneurial attribute?
A. Being a calculated risk taker
B. Being a perfectionist
C. Being obsessed with value creation
D. Being intensely curious in the face of risk
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #16
17.
(p. 31)
In the context of creativity, self-reliance, and adaptability, which of the following attitudes of an
entrepreneur is desirable?
A. Skepticism about conflicts and failure
B. Ability to be a lone wolf
C. Restlessness with the status quo
D. High need for status and power
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #17
18.
(p. 33)
In the troika of the foundation of a successful new venture, which of the following is an external
environmental influence?
A. Value creation
B. Ethical behavior
C. Focus
D. Adaptability
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #18
19.
(p. 33)
Successful entrepreneurs consistently focus on:
A. seizing a market-based opportunity.
B. obtaining resources.
C. networking.
D. making money.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #19
20.
(p. 35)
When compared to an entrepreneur, a manager is more:
A. resource-driven.
B. opportunity-driven.
C. creative.
D. innovative.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #20
21.
(p. 36)
According to research, which of the following statements about entrepreneurs is false?
A. Many successful entrepreneurs are well educated.
B. Most successful entrepreneurs start companies in their early 20s.
C. Most successful entrepreneurs follow a pattern of apprenticeship.
D. Family firms spawn entrepreneurs.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #21
Loading page 19...
22.
(p. 36)
According to research studies on the career paths of entrepreneurs and the self-employed, which of the
following is the central factor for a successful venture creation?
A. Networking
B. The ability to marshal resources
C. Experience and know-how
D. The ability to attract and motivate an effective team
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #22
23.
(p. 38)
According to an old maxim, how long will venture capitalists work with a startup before declaring the
company a "lemon"?
A. Up to a year
B. About two and a half years
C. At least three years
D. Three to five years
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #23
24.
(p. 36)
Which of the following is the most important component of opportunity recognition?
A. Experimenting with new ideas
B. Exhibiting low tolerance toward change
C. Being risk aversive
D. Being a perfectionist
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #24
25.
(p. 37)
Which of the following statements demystifies the myth that entrepreneurs are gamblers?
A. Entrepreneurs consider an idea and an opportunity as the same.
B. Successful entrepreneurs try to influence the odds, often by getting others to share the risk.
C. Successful entrepreneurs are completely independent and their own bosses.
D. Entrepreneurs are driven by instant gratification through high salaries and perks.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #25
26.
(p. 37)
Which of the following is a reality and not a persistent myth about entrepreneurs?
A. Entrepreneurs are born, not made.
B. Entrepreneurs are gamblers.
C. Solo entrepreneurs limit their own potential for growth.
D. Entrepreneurs should be young, energetic, and in their 20s.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #26
27.
(p. 38)
Which of the following is a myth about successful entrepreneurs?
A. They are driven by the need for achievement.
B. They are driven by the need to control others.
C. They have the ability to exert influence.
D. They have the ability to be patient even in adverse situations.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #27
(p. 36)
According to research studies on the career paths of entrepreneurs and the self-employed, which of the
following is the central factor for a successful venture creation?
A. Networking
B. The ability to marshal resources
C. Experience and know-how
D. The ability to attract and motivate an effective team
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #22
23.
(p. 38)
According to an old maxim, how long will venture capitalists work with a startup before declaring the
company a "lemon"?
A. Up to a year
B. About two and a half years
C. At least three years
D. Three to five years
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #23
24.
(p. 36)
Which of the following is the most important component of opportunity recognition?
A. Experimenting with new ideas
B. Exhibiting low tolerance toward change
C. Being risk aversive
D. Being a perfectionist
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #24
25.
(p. 37)
Which of the following statements demystifies the myth that entrepreneurs are gamblers?
A. Entrepreneurs consider an idea and an opportunity as the same.
B. Successful entrepreneurs try to influence the odds, often by getting others to share the risk.
C. Successful entrepreneurs are completely independent and their own bosses.
D. Entrepreneurs are driven by instant gratification through high salaries and perks.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #25
26.
(p. 37)
Which of the following is a reality and not a persistent myth about entrepreneurs?
A. Entrepreneurs are born, not made.
B. Entrepreneurs are gamblers.
C. Solo entrepreneurs limit their own potential for growth.
D. Entrepreneurs should be young, energetic, and in their 20s.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #26
27.
(p. 38)
Which of the following is a myth about successful entrepreneurs?
A. They are driven by the need for achievement.
B. They are driven by the need to control others.
C. They have the ability to exert influence.
D. They have the ability to be patient even in adverse situations.
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #27
Loading page 20...
28.
(p. 38)
According to venture investors, what is the realistic time frame for growing a high potential business
to the point where a capital gain can be realized?
A. 1-3 years
B. 2-5 years
C. 5-7 years
D. 7-8 years
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #28
29.
(p. 38)
Successful entrepreneurs are driven by:
A. the quest for power for its own sake.
B. a personal need for authority expressed by control over others.
C. the quest for achievement and results.
D. a need to seek money as an end in itself.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #29
30.
(p. 29)
The need for _____ is the need to excel and the need for measurable personal accomplishment.
achievement
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #30
31.
(p. 29)
The need to build a relationship with others is known as the need for ___.
affiliation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #31
32.
(p. 30)
The first volume of the Praeger Perspectives deals with _____ and takes a broad view of
entrepreneurship as a form of human action, pulling together the current research with respect to
cognitive, economic, social, and institutional factors that influence entrepreneurial behavior.
people
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #32
33.
(p. 34)
An entrepreneur who displays a high energy level and a sense of urgency is known as a ___.
pacemaker
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #33
34.
(p. 34)
Based on the entrepreneurial leadership paradigm, when the competencies of others are sought and
used, it is referred to as ___.
mentoring
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #34
35.
(p. 34)
Entrepreneurs who are internally driven by a strong desire to compete and attain challenging goals are
typically known as ___.
self-starters
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #35
36.
(p. 35)
Although the skills of a manager and an entrepreneur overlap in the area of solid management skills, a
manager is more driven by the conservation of resources, while the entrepreneur is more ___.
opportunity-driven
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #36
(p. 38)
According to venture investors, what is the realistic time frame for growing a high potential business
to the point where a capital gain can be realized?
A. 1-3 years
B. 2-5 years
C. 5-7 years
D. 7-8 years
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #28
29.
(p. 38)
Successful entrepreneurs are driven by:
A. the quest for power for its own sake.
B. a personal need for authority expressed by control over others.
C. the quest for achievement and results.
D. a need to seek money as an end in itself.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #29
30.
(p. 29)
The need for _____ is the need to excel and the need for measurable personal accomplishment.
achievement
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #30
31.
(p. 29)
The need to build a relationship with others is known as the need for ___.
affiliation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #31
32.
(p. 30)
The first volume of the Praeger Perspectives deals with _____ and takes a broad view of
entrepreneurship as a form of human action, pulling together the current research with respect to
cognitive, economic, social, and institutional factors that influence entrepreneurial behavior.
people
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #32
33.
(p. 34)
An entrepreneur who displays a high energy level and a sense of urgency is known as a ___.
pacemaker
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #33
34.
(p. 34)
Based on the entrepreneurial leadership paradigm, when the competencies of others are sought and
used, it is referred to as ___.
mentoring
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #34
35.
(p. 34)
Entrepreneurs who are internally driven by a strong desire to compete and attain challenging goals are
typically known as ___.
self-starters
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #35
36.
(p. 35)
Although the skills of a manager and an entrepreneur overlap in the area of solid management skills, a
manager is more driven by the conservation of resources, while the entrepreneur is more ___.
opportunity-driven
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #36
Loading page 21...
37.
(p. 36)
Numerous studies show a strong connection between the presence of _____ and the emergence of
successful entrepreneurs.
role models
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #37
38.
(p. 37)
Successful entrepreneurs are not gamblers; they take ___.
calculated risks
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #38
39.
(p. 39)
Most successful entrepreneurs have had a _____ to help them achieve their dreams and goals, both
implicitly and explicitly.
personal strategy
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #39
40.
(p. 30-31)
Write a short note on the Praeger Perspectives.
The Praeger Perspectives is a three volume series from 2007 that researched entrepreneurship from
three perspectives: people, process, and place. This study brings together insights into the field of
entrepreneurship by some of the leading scholars in the world. The first volume, people, takes a
broad view of entrepreneurship as a form of human action, pulling together the current research
with respect to cognitive, economic, social, and institutional factors that influence entrepreneurial
behavior. The second volume, process, proceeds through the life cycle of a new venture startup by
tackling several key steps in the process: idea, opportunity, team building, resource acquisition,
growth management, and entering global markets. The third volume in the series examines place,
which refers to a wide and diverse range of contextual factors that influence the entrepreneur and the
entrepreneurial process.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #40
41.
(p. 34)
In the context of the seven dominant themes of desirable and acquirable attitudes and behavior of
entrepreneurs, briefly describe the role of creativity, self-reliance, and adaptability.
High levels of uncertainty and rapid change characterizing new ventures require organizations that
can respond quickly. The most successful entrepreneurial teams have the ability to focus on a goal
with outstanding execution, while being flexible enough to shift when the market and circumstances
require it. At the same time, entrepreneurs are not afraid of failing; rather, they are more intent on
succeeding.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #41
(p. 36)
Numerous studies show a strong connection between the presence of _____ and the emergence of
successful entrepreneurs.
role models
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #37
38.
(p. 37)
Successful entrepreneurs are not gamblers; they take ___.
calculated risks
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #38
39.
(p. 39)
Most successful entrepreneurs have had a _____ to help them achieve their dreams and goals, both
implicitly and explicitly.
personal strategy
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #39
40.
(p. 30-31)
Write a short note on the Praeger Perspectives.
The Praeger Perspectives is a three volume series from 2007 that researched entrepreneurship from
three perspectives: people, process, and place. This study brings together insights into the field of
entrepreneurship by some of the leading scholars in the world. The first volume, people, takes a
broad view of entrepreneurship as a form of human action, pulling together the current research
with respect to cognitive, economic, social, and institutional factors that influence entrepreneurial
behavior. The second volume, process, proceeds through the life cycle of a new venture startup by
tackling several key steps in the process: idea, opportunity, team building, resource acquisition,
growth management, and entering global markets. The third volume in the series examines place,
which refers to a wide and diverse range of contextual factors that influence the entrepreneur and the
entrepreneurial process.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #40
41.
(p. 34)
In the context of the seven dominant themes of desirable and acquirable attitudes and behavior of
entrepreneurs, briefly describe the role of creativity, self-reliance, and adaptability.
High levels of uncertainty and rapid change characterizing new ventures require organizations that
can respond quickly. The most successful entrepreneurial teams have the ability to focus on a goal
with outstanding execution, while being flexible enough to shift when the market and circumstances
require it. At the same time, entrepreneurs are not afraid of failing; rather, they are more intent on
succeeding.
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 02 #41
Loading page 22...
42.
(p. 37)
Discuss any two myths and realities about entrepreneurs.
Myth 1—Entrepreneurs are born, not made.
Reality—While entrepreneurs are born with certain native intelligence, a flair for creating, and
energy, these talents by themselves are like unmolded clay or an unpainted canvas. The making of an
entrepreneur occurs by accumulating the relevant skills, know-how, experiences, and contacts over a
period of years and includes large doses of self-development. The creative capacity to envision and
then pursue an opportunity is a direct descendant of at least 10 or more years of experience that lead to
pattern recognition.
Myth 2—Anyone can start a business.
Reality—Entrepreneurs who recognize the difference between an idea and an opportunity, and
who think big enough, start businesses that have a better chance of succeeding. Luck, to the extent
it is involved, requires good preparation. The easiest part is starting. What is hardest is surviving,
sustaining, and building a venture so its founders can realize a harvest. Perhaps only one in 10 to 20
new businesses that survive five years or more results in a capital gain for the founders.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #42
43.
(p. 33)
Describe at least three important aspects of courage in entrepreneurship.
Courage has at least three important aspects in entrepreneurship. The first aspect is moral strength
and principles. This refers to the character and the personal integrity to know right from wrong,
and the will and commitment to act accordingly. The second aspect of courage is being a fearless
experimenter. Fearless experimentation suggests restlessness with convention and a rejection of the
status quo. This relentless experimentation is enhanced by a third aspect of courage, which is a lack
of fear of failing at the experiment and a lack of fear of conflicts that may arise. In other words, there
is a mental toughness that is quite impervious to fears but is not ignorant or oblivious to possible
consequences.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #43
(p. 37)
Discuss any two myths and realities about entrepreneurs.
Myth 1—Entrepreneurs are born, not made.
Reality—While entrepreneurs are born with certain native intelligence, a flair for creating, and
energy, these talents by themselves are like unmolded clay or an unpainted canvas. The making of an
entrepreneur occurs by accumulating the relevant skills, know-how, experiences, and contacts over a
period of years and includes large doses of self-development. The creative capacity to envision and
then pursue an opportunity is a direct descendant of at least 10 or more years of experience that lead to
pattern recognition.
Myth 2—Anyone can start a business.
Reality—Entrepreneurs who recognize the difference between an idea and an opportunity, and
who think big enough, start businesses that have a better chance of succeeding. Luck, to the extent
it is involved, requires good preparation. The easiest part is starting. What is hardest is surviving,
sustaining, and building a venture so its founders can realize a harvest. Perhaps only one in 10 to 20
new businesses that survive five years or more results in a capital gain for the founders.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #42
43.
(p. 33)
Describe at least three important aspects of courage in entrepreneurship.
Courage has at least three important aspects in entrepreneurship. The first aspect is moral strength
and principles. This refers to the character and the personal integrity to know right from wrong,
and the will and commitment to act accordingly. The second aspect of courage is being a fearless
experimenter. Fearless experimentation suggests restlessness with convention and a rejection of the
status quo. This relentless experimentation is enhanced by a third aspect of courage, which is a lack
of fear of failing at the experiment and a lack of fear of conflicts that may arise. In other words, there
is a mental toughness that is quite impervious to fears but is not ignorant or oblivious to possible
consequences.
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 02 #43
Loading page 23...
2 Summary
Category # of Questions
Accessibility: Keyboard Navigation 29
Blooms: Remember 38
Blooms: Understand 5
Level of Difficulty: 1 Easy 37
Level of Difficulty: 2 Medium 6
Spinelli - Chapter 02 43
Category # of Questions
Accessibility: Keyboard Navigation 29
Blooms: Remember 38
Blooms: Understand 5
Level of Difficulty: 1 Easy 37
Level of Difficulty: 2 Medium 6
Spinelli - Chapter 02 43
Loading page 24...
3
Student: ___________________________________________________________________________
1. Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for
owners, but for all participants and stakeholders.
True False
2. The classic expression of entrepreneurship is the raw start-up company, an innovative idea that develops
into a high-growth company.
True False
3. Too much control and an obsession with orderliness are prerequisites to a successful entrepreneurial
approach.
True False
4. Entrepreneurship requires inflexible strategies and tactics that are not nimble.
True False
5. Building long-term equity requires large, continuous reinvestment in people, products, and services in
advance of revenues.
True False
6. One of the biggest strategic mistakes aspiring entrepreneurs make is that they think too small.
True False
7. Small, simple businesses that are more affordable, more manageable, and less demanding are more
profitable than high-potential ventures.
True False
8. While government data, research, and business mortality statisticians may not agree on the precise failure
and survival figures for new businesses, they do agree that moderate success is the rule, not the exception
with new ventures.
True False
9. Knowing the difference between a good idea and a real opportunity is vital for would-be
entrepreneurs.
True False
10. In case of competition, the entrepreneurial task is to find a way to direct the arena of competition toward
the areas where a new venture is at a competitive disadvantage.
True False
11. The threshold concept proposes that the odds of success change as a venture reaches a critical mass of
over $8 million in sales and 50 employees.
True False
12. Successful entrepreneurs avoid creating their own investment pools, and they do not compete directly
with venture capitalists for deals.
True False
13. Like venture capitalists, private investors are constrained by having to invest a lot of money in a
relatively short period.
True False
14. Private investors are funding more and more early-stage businesses, enabling risk mitigation before
larger, institutional venture funds invest.
True False
Student: ___________________________________________________________________________
1. Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for
owners, but for all participants and stakeholders.
True False
2. The classic expression of entrepreneurship is the raw start-up company, an innovative idea that develops
into a high-growth company.
True False
3. Too much control and an obsession with orderliness are prerequisites to a successful entrepreneurial
approach.
True False
4. Entrepreneurship requires inflexible strategies and tactics that are not nimble.
True False
5. Building long-term equity requires large, continuous reinvestment in people, products, and services in
advance of revenues.
True False
6. One of the biggest strategic mistakes aspiring entrepreneurs make is that they think too small.
True False
7. Small, simple businesses that are more affordable, more manageable, and less demanding are more
profitable than high-potential ventures.
True False
8. While government data, research, and business mortality statisticians may not agree on the precise failure
and survival figures for new businesses, they do agree that moderate success is the rule, not the exception
with new ventures.
True False
9. Knowing the difference between a good idea and a real opportunity is vital for would-be
entrepreneurs.
True False
10. In case of competition, the entrepreneurial task is to find a way to direct the arena of competition toward
the areas where a new venture is at a competitive disadvantage.
True False
11. The threshold concept proposes that the odds of success change as a venture reaches a critical mass of
over $8 million in sales and 50 employees.
True False
12. Successful entrepreneurs avoid creating their own investment pools, and they do not compete directly
with venture capitalists for deals.
True False
13. Like venture capitalists, private investors are constrained by having to invest a lot of money in a
relatively short period.
True False
14. Private investors are funding more and more early-stage businesses, enabling risk mitigation before
larger, institutional venture funds invest.
True False
Loading page 25...
15. There is often a direct correlation between creativity and innovation and the level of resources available
at the start of a venture.
True False
16. "Durability" refers to the market advantage a company can enjoy by developing proprietary barriers to
entry.
True False
17. In entrepreneurial companies, bootstrapping is a way of life that can create significant competitive
advantages.
True False
18. One of the leading practices of fast-growth companies to achieve market penetration is to initially deliver
product and service benefits at below-market prices.
True False
19. Fast-growth firms maintain control by selectively granting employee stock ownership.
True False
20. While developing management strategies, fast-growth firms are careful not to link a defined exit strategy
in the business plan with what the lead entrepreneur envisions as his or her long-term objectives.
True False
21. The most effective entrepreneurial leaders of fast-growth companies avoid linking job performance
standards to a business plan practice top-down management and administration.
True False
22. What is at the heart of the entrepreneurial process?
A. Innovation and creativity
B. Opportunity recognition
C. Team work
D. Marshalling resources
23. The entrepreneurial process starts with:
A. strategy.
B. networks.
C. team.
D. opportunity.
24. According to the threshold concept, which of the following ventures is likely to overcome failure?
A. A venture that reaches a critical mass of 10 people with $500,000 in revenues
B. A venture that reaches a critical mass of 5 people with $2 million in revenues
C. A venture that reaches a critical mass of 15 people with $2.5 million in revenues
D. A venture that reaches a critical mass of 6 people with $1.5 million in revenues
25. According to the Timmons Model, which of the following is true of resources as a key element in an
entrepreneurial process?
A. An entrepreneur should stay away from bootstrapping, especially with new ventures.
B
.
An entrepreneur must understand that having too much money early on in the venture is the biggest
factor that contributes to its success.
C. An entrepreneur must avoid doing more with fewer resources as it is detrimental to a company's
competitive advantage.
D. An entrepreneur must strive to minimize and control resources, but not necessarily own them.
26. Which of the following forms the base of the Timmons Model?
A. Profitability
B. Sustainability
C. Lifestyle
D. Harvest
at the start of a venture.
True False
16. "Durability" refers to the market advantage a company can enjoy by developing proprietary barriers to
entry.
True False
17. In entrepreneurial companies, bootstrapping is a way of life that can create significant competitive
advantages.
True False
18. One of the leading practices of fast-growth companies to achieve market penetration is to initially deliver
product and service benefits at below-market prices.
True False
19. Fast-growth firms maintain control by selectively granting employee stock ownership.
True False
20. While developing management strategies, fast-growth firms are careful not to link a defined exit strategy
in the business plan with what the lead entrepreneur envisions as his or her long-term objectives.
True False
21. The most effective entrepreneurial leaders of fast-growth companies avoid linking job performance
standards to a business plan practice top-down management and administration.
True False
22. What is at the heart of the entrepreneurial process?
A. Innovation and creativity
B. Opportunity recognition
C. Team work
D. Marshalling resources
23. The entrepreneurial process starts with:
A. strategy.
B. networks.
C. team.
D. opportunity.
24. According to the threshold concept, which of the following ventures is likely to overcome failure?
A. A venture that reaches a critical mass of 10 people with $500,000 in revenues
B. A venture that reaches a critical mass of 5 people with $2 million in revenues
C. A venture that reaches a critical mass of 15 people with $2.5 million in revenues
D. A venture that reaches a critical mass of 6 people with $1.5 million in revenues
25. According to the Timmons Model, which of the following is true of resources as a key element in an
entrepreneurial process?
A. An entrepreneur should stay away from bootstrapping, especially with new ventures.
B
.
An entrepreneur must understand that having too much money early on in the venture is the biggest
factor that contributes to its success.
C. An entrepreneur must avoid doing more with fewer resources as it is detrimental to a company's
competitive advantage.
D. An entrepreneur must strive to minimize and control resources, but not necessarily own them.
26. Which of the following forms the base of the Timmons Model?
A. Profitability
B. Sustainability
C. Lifestyle
D. Harvest
Loading page 26...
27. In entrepreneurship, "durability" of an opportunity relates to the:
A. return on investment.
B. market demand.
C. barriers to entry.
D. market readiness.
28. Which of the following refers to consumer trends and behaviors that seek new products or services?
A. Entrepreneurial durability
B. Market readiness
C. Business plan feasibility
D. Product diversification
29. Considering that the entrepreneurial process is opportunity-driven, in which of the following
circumstances is there a possibility of greater opportunity?
A. When there are greater gaps in available information and knowledge
B. When there are greater consistencies in existing services and quality
C. When there are fewer inconsistencies in lead and lag times
D. When there is less robustness of the gross and net margins
30. Fast-growth firms should strive to create high-impact, new product and service improvements with
development expenditures that account for no more than approximately _____ percent of revenues.
A. 2
B. 6
C. 10
D. 15
31. Which of the following is one of the leading financial practices of fast-growth firms?
A. Refraining from linking an entrepreneur's long-term objectives to a defined exit strategy in a business
plan
B. Granting stock ownership to every employee
C. Anticipating only a single round of financing
D. Utilizing financing vehicles that retain an entrepreneur's voting control
32. Entrepreneurs for whom issues of family roots and location take precedence and thereby wish to be with
and work with their family may lead them to develop a ________ business.
________________________________________
33. A(n) _____ provides the language and code for communicating the quality of the three driving forces of
the Timmons Model and of their fit and balance.
________________________________________
34. In the entrepreneurial process depicted in the Timmons Model, the required shape, size, and depth of a
team and resources are established by the shape, size, and depth of a(n) ____.
________________________________________
35. Rounding out the Timmons model of the three driving forces is the concept of _____ between and among
these forces.
________________________________________
36. Building a ________ venture means achieving economic, environmental, and social goals without
compromising the same opportunity for future generations.
________________________________________
37. As depicted in the Timmons Model, the entrepreneurial process can be appreciated as a constant
balancing act, requiring continual assessment, revised strategies and tactics, and a(n) _____ approach.
________________________________________
A. return on investment.
B. market demand.
C. barriers to entry.
D. market readiness.
28. Which of the following refers to consumer trends and behaviors that seek new products or services?
A. Entrepreneurial durability
B. Market readiness
C. Business plan feasibility
D. Product diversification
29. Considering that the entrepreneurial process is opportunity-driven, in which of the following
circumstances is there a possibility of greater opportunity?
A. When there are greater gaps in available information and knowledge
B. When there are greater consistencies in existing services and quality
C. When there are fewer inconsistencies in lead and lag times
D. When there is less robustness of the gross and net margins
30. Fast-growth firms should strive to create high-impact, new product and service improvements with
development expenditures that account for no more than approximately _____ percent of revenues.
A. 2
B. 6
C. 10
D. 15
31. Which of the following is one of the leading financial practices of fast-growth firms?
A. Refraining from linking an entrepreneur's long-term objectives to a defined exit strategy in a business
plan
B. Granting stock ownership to every employee
C. Anticipating only a single round of financing
D. Utilizing financing vehicles that retain an entrepreneur's voting control
32. Entrepreneurs for whom issues of family roots and location take precedence and thereby wish to be with
and work with their family may lead them to develop a ________ business.
________________________________________
33. A(n) _____ provides the language and code for communicating the quality of the three driving forces of
the Timmons Model and of their fit and balance.
________________________________________
34. In the entrepreneurial process depicted in the Timmons Model, the required shape, size, and depth of a
team and resources are established by the shape, size, and depth of a(n) ____.
________________________________________
35. Rounding out the Timmons model of the three driving forces is the concept of _____ between and among
these forces.
________________________________________
36. Building a ________ venture means achieving economic, environmental, and social goals without
compromising the same opportunity for future generations.
________________________________________
37. As depicted in the Timmons Model, the entrepreneurial process can be appreciated as a constant
balancing act, requiring continual assessment, revised strategies and tactics, and a(n) _____ approach.
________________________________________
Loading page 27...
38. What are the central themes or driving forces that dominate a highly dynamic entrepreneurial process?
39. According to the Timmons Model, what are the three driving forces of an entrepreneurial process?
40. Write a brief note on the importance of timing in the entrepreneurial process.
41. Discuss the overall paradoxical conflict inherent in the entrepreneurial process.
42. Discuss the potential advantages and disadvantages of lifestyle ventures.
39. According to the Timmons Model, what are the three driving forces of an entrepreneurial process?
40. Write a brief note on the importance of timing in the entrepreneurial process.
41. Discuss the overall paradoxical conflict inherent in the entrepreneurial process.
42. Discuss the potential advantages and disadvantages of lifestyle ventures.
Loading page 28...
3 Key
1.
(p. 77)
Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for
owners, but for all participants and stakeholders.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #1
2.
(p. 77)
The classic expression of entrepreneurship is the raw start-up company, an innovative idea that
develops into a high-growth company.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #2
3.
(p. 78)
Too much control and an obsession with orderliness are prerequisites to a successful entrepreneurial
approach.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #3
4.
(p. 78)
Entrepreneurship requires inflexible strategies and tactics that are not nimble.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #4
5.
(p. 78)
Building long-term equity requires large, continuous reinvestment in people, products, and services in
advance of revenues.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #5
6.
(p. 78)
One of the biggest strategic mistakes aspiring entrepreneurs make is that they think too small.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #6
7.
(p. 78)
Small, simple businesses that are more affordable, more manageable, and less demanding are more
profitable than high-potential ventures.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #7
8.
(p. 79)
While government data, research, and business mortality statisticians may not agree on the precise
failure and survival figures for new businesses, they do agree that moderate success is the rule, not the
exception with new ventures.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #8
1.
(p. 77)
Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for
owners, but for all participants and stakeholders.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #1
2.
(p. 77)
The classic expression of entrepreneurship is the raw start-up company, an innovative idea that
develops into a high-growth company.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #2
3.
(p. 78)
Too much control and an obsession with orderliness are prerequisites to a successful entrepreneurial
approach.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #3
4.
(p. 78)
Entrepreneurship requires inflexible strategies and tactics that are not nimble.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #4
5.
(p. 78)
Building long-term equity requires large, continuous reinvestment in people, products, and services in
advance of revenues.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #5
6.
(p. 78)
One of the biggest strategic mistakes aspiring entrepreneurs make is that they think too small.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #6
7.
(p. 78)
Small, simple businesses that are more affordable, more manageable, and less demanding are more
profitable than high-potential ventures.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #7
8.
(p. 79)
While government data, research, and business mortality statisticians may not agree on the precise
failure and survival figures for new businesses, they do agree that moderate success is the rule, not the
exception with new ventures.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #8
Loading page 29...
9.
(p. 80)
Knowing the difference between a good idea and a real opportunity is vital for would-be
entrepreneurs.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #9
10.
(p. 80)
In case of competition, the entrepreneurial task is to find a way to direct the arena of competition
toward the areas where a new venture is at a competitive disadvantage.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #10
11.
(p. 80)
The threshold concept proposes that the odds of success change as a venture reaches a critical mass of
over $8 million in sales and 50 employees.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #11
12.
(p. 81)
Successful entrepreneurs avoid creating their own investment pools, and they do not compete directly
with venture capitalists for deals.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #12
13.
(p. 81)
Like venture capitalists, private investors are constrained by having to invest a lot of money in a
relatively short period.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #13
14.
(p. 81)
Private investors are funding more and more early-stage businesses, enabling risk mitigation before
larger, institutional venture funds invest.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #14
15.
(p. 82)
There is often a direct correlation between creativity and innovation and the level of resources
available at the start of a venture.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #15
16.
(p. 83)
"Durability" refers to the market advantage a company can enjoy by developing proprietary barriers to
entry.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #16
17.
(p. 84)
In entrepreneurial companies, bootstrapping is a way of life that can create significant competitive
advantages.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #17
(p. 80)
Knowing the difference between a good idea and a real opportunity is vital for would-be
entrepreneurs.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #9
10.
(p. 80)
In case of competition, the entrepreneurial task is to find a way to direct the arena of competition
toward the areas where a new venture is at a competitive disadvantage.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #10
11.
(p. 80)
The threshold concept proposes that the odds of success change as a venture reaches a critical mass of
over $8 million in sales and 50 employees.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #11
12.
(p. 81)
Successful entrepreneurs avoid creating their own investment pools, and they do not compete directly
with venture capitalists for deals.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #12
13.
(p. 81)
Like venture capitalists, private investors are constrained by having to invest a lot of money in a
relatively short period.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #13
14.
(p. 81)
Private investors are funding more and more early-stage businesses, enabling risk mitigation before
larger, institutional venture funds invest.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #14
15.
(p. 82)
There is often a direct correlation between creativity and innovation and the level of resources
available at the start of a venture.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #15
16.
(p. 83)
"Durability" refers to the market advantage a company can enjoy by developing proprietary barriers to
entry.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #16
17.
(p. 84)
In entrepreneurial companies, bootstrapping is a way of life that can create significant competitive
advantages.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #17
Loading page 30...
18.
(p. 88)
One of the leading practices of fast-growth companies to achieve market penetration is to initially
deliver product and service benefits at below-market prices.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #18
19.
(p. 88)
Fast-growth firms maintain control by selectively granting employee stock ownership.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #19
20.
(p. 88)
While developing management strategies, fast-growth firms are careful not to link a defined exit
strategy in the business plan with what the lead entrepreneur envisions as his or her long-term
objectives.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #20
21.
(p. 88)
The most effective entrepreneurial leaders of fast-growth companies avoid linking job performance
standards to a business plan practice top-down management and administration.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #21
22.
(p. 77)
What is at the heart of the entrepreneurial process?
A. Innovation and creativity
B. Opportunity recognition
C. Team work
D. Marshalling resources
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 2 Medium
Spinelli - Chapter 03 #22
23.
(p. 77)
The entrepreneurial process starts with:
A. strategy.
B. networks.
C. team.
D. opportunity.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #23
24.
(p. 80)
According to the threshold concept, which of the following ventures is likely to overcome failure?
A. A venture that reaches a critical mass of 10 people with $500,000 in revenues
B. A venture that reaches a critical mass of 5 people with $2 million in revenues
C. A venture that reaches a critical mass of 15 people with $2.5 million in revenues
D. A venture that reaches a critical mass of 6 people with $1.5 million in revenues
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 03 #24
(p. 88)
One of the leading practices of fast-growth companies to achieve market penetration is to initially
deliver product and service benefits at below-market prices.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #18
19.
(p. 88)
Fast-growth firms maintain control by selectively granting employee stock ownership.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #19
20.
(p. 88)
While developing management strategies, fast-growth firms are careful not to link a defined exit
strategy in the business plan with what the lead entrepreneur envisions as his or her long-term
objectives.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #20
21.
(p. 88)
The most effective entrepreneurial leaders of fast-growth companies avoid linking job performance
standards to a business plan practice top-down management and administration.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #21
22.
(p. 77)
What is at the heart of the entrepreneurial process?
A. Innovation and creativity
B. Opportunity recognition
C. Team work
D. Marshalling resources
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 2 Medium
Spinelli - Chapter 03 #22
23.
(p. 77)
The entrepreneurial process starts with:
A. strategy.
B. networks.
C. team.
D. opportunity.
Accessibility: Keyboard Navigation
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 03 #23
24.
(p. 80)
According to the threshold concept, which of the following ventures is likely to overcome failure?
A. A venture that reaches a critical mass of 10 people with $500,000 in revenues
B. A venture that reaches a critical mass of 5 people with $2 million in revenues
C. A venture that reaches a critical mass of 15 people with $2.5 million in revenues
D. A venture that reaches a critical mass of 6 people with $1.5 million in revenues
Accessibility: Keyboard Navigation
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 03 #24
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