Introduc on to entrepreneurship

1. **Which of the following describes corporate entrepreneurship?**

- A) Individual entrepreneurship

- B) Conceptualiza on of entrepreneurship at the firm level

- C) Entrepreneurship within government agencies

- D) Entrepreneurship in non-profit organiza ons

- **Answer: B**

2. **What are the three main reasons people decide to become entrepreneurs?**

- A) Financial rewards, career stability, desire to work less

- B) Desire to be their own boss, financial rewards, desire to pursue their own ideas

- C) Career stability, desire to work less, financial rewards

- D) Financial rewards, desire to work less, career stability

- **Answer: B**

3. **Which of the following is NOT a characteris c of successful entrepreneurs?**

- A) Passion for the business

- B) Product/customer focus

- C) Tenacity despite failure

- D) Desire for public a en on

- **Answer: D**

4. **Which of the following is a myth about entrepreneurship?**

- A) Entrepreneurs are made, not born

- B) Entrepreneurs are mo vated primarily by money

- C) Entrepreneurs are moderate risk takers

- D) Entrepreneurs should be young and energe c

- **Answer: B**

5. **How many types of start-up firms are described in the presenta on?**

- A) Two
 - B) Three

- C) Four

- D) Five

- **Answer: B**

### Introduc on to Entrepreneurship

6. **What percentage of Americans were engaged in star ng a business or managing a business less
than three years old according to the 2013 GEM study?**

- A) 10.5%

- B) 12.7%

- C) 15.3%

- D) 20.1%

- **Answer: B**

7. **How many books dealing with entrepreneurship are listed on Amazon.com?**

- A) 25,000

- B) 36,900

- C) 50,000

- D) 89,900

- **Answer: B**

8. **In what year were about 250 entrepreneurship courses offered across all colleges in the United
States?**

- A) 1980

- B) 1985

- C) 1990

- D) 2000

- **Answer: B**

### What is Entrepreneurship?

9. **According to Stevenson & Jarillo, entrepreneurship is the process by which individuals pursue
opportuni es without regard to what?**
 - A) Market condi ons

- B) Financial constraints

- C) Resources they currently control

- D) Compe ve landscape

- **Answer: C**

10. **Fred Wilson describes entrepreneurship as the art of turning an idea into what?**

- A) A marketable product

- B) A business

- C) A brand

- D) A service

- **Answer: B**

### Corporate Entrepreneurship

11. **Which term describes the posi on of a firm on a con nuum ranging from highly conserva ve
to highly entrepreneurial?**

- A) Entrepreneurial spectrum

- B) Corporate entrepreneurial index

- C) Entrepreneurial intensity

- D) Corporate innova on scale

- **Answer: C**

12. **Conserva ve firms are typically less innova ve and are more what?**

- A) Risk-taking

- B) Proac ve

- C) Risk-averse

- D) Innova ve

- **Answer: C**

### Characteris cs of Successful Entrepreneurs

13. **What is the number one characteris c shared by successful entrepreneurs?**

 - A) Product focus

- B) Financial acumen

- C) Passion for the business

- D) Risk tolerance

- **Answer: C**

14. **Which characteris c involves an entrepreneur's ability to persevere through setbacks and
failures?**

- A) Execu on intelligence

- B) Tenacity despite failure

- C) Product/customer focus

- D) Passion for the business

- **Answer: B**

### Common Myths About Entrepreneurs

15. **Which myth is based on the belief that some people are gene cally predisposed to be
entrepreneurs?**

- A) Entrepreneurs are gamblers

- B) Entrepreneurs are mo vated primarily by money

- C) Entrepreneurs are born, not made

- D) Entrepreneurs should be young and energe c

- **Answer: C**

16. **What is o en equated with risk-taking in entrepreneurs?**

- A) High financial stakes

- B) Uncertainty in job structure

- C) Need to achieve and set challenging goals

- D) Desire for public a en on

- **Answer: C**

17. **What do investors o en cite as their most important criteria in making investment
decisions?**
 - A) The age of the entrepreneur

- B) The strength of the entrepreneur

- C) The business model

- D) The market poten al

- **Answer: B**

18. **The majority of entrepreneurs do not a ract public a en on. Which of the following is an
example of this?**

- A) Jeff Bezos of Amazon

- B) Mark Zuckerberg of Facebook

- C) Founders of Twi er

- D) Steve Jobs of Apple

- **Answer: C**

### Types of Start-Up Firms

19. **Which of the following is NOT a type of start-up firm men oned in the presenta on?**

- A) Lifestyle firms

- B) Salary-subs tute firms

- C) Specula ve firms

- D) Entrepreneurial firms

- **Answer: C**

### Changing Demographics of Entrepreneurs

20. **Which industry has a significant share of women-owned businesses?**

- A) Technology

- B) Healthcare

- C) Manufacturing

- D) Retail

- **Answer: D**

21. **Between 2002 and 2007, which type of firms outpaced the growth of non-minority firms?**
 - A) Technology firms

- B) Minority-owned firms

- C) Manufacturing firms

- D) Retail firms

- **Answer: B**

22. **In 2012, what percentage of new businesses were started by people between 50 and 59 years
old?**

- A) 10%

- B) 15%

- C) 20%

- D) 25%

- **Answer: D**

23. **According to a recent Gallup survey, about what percentage of students in grades 5-12 say
their school offers classes in how to start a business?**

- A) 40%

- B) 50%

- C) 59%

- D) 70%

- **Answer: C**

### Economic Impact of Entrepreneurial Firms

24. **Small innova ve firms are how many mes more produc ve than larger innova ve firms in
terms of patents per employee?**

- A) 10 mes

- B) 12 mes

- C) 16 mes

- D) 20 mes

- **Answer: C**

25. **What percentage of new jobs are created annually by firms with 500 or fewer employees?**
 - A) 50%

- B) 60%

- C) 65%

- D) 70%

- **Answer: B**

### Entrepreneurial Firms' Impact on Society and Larger Firms

26. **Which of the following is a drama c impact of entrepreneurial firms on society?**

- A) Increasing market compe on

- B) Crea ng new products and services

- C) Enhancing corporate profits

- D) Reducing consumer prices

- **Answer: B**

27. **Entrepreneurial firms o en help larger firms become more what?**

- A) Innova ve

- B) Efficient and effec ve

- C) Compe ve

- D) Profitable

- **Answer: C**

### The Entrepreneurial Process

28. **Which of the following is the first step in the entrepreneurial process?**

- A) Developing successful business ideas

- B) Managing and growing the entrepreneurial firm

- C) Moving from an idea to an entrepreneurial firm

- D) Deciding to become an entrepreneur

- **Answer: D**

29. **Which of the following is the final step in the entrepreneurial process?**

- A) Deciding to become an entrepreneur

 - B) Developing successful business ideas

- C) Managing and growing the entrepreneurial firm

- D) Moving from an idea to an entrepreneurial firm

- **Answer: C**

### Addi onal Ques ons

30. **Which study reported that 12.7% of Americans are ac vely engaged in star ng a business?**

- A) 2010 GEM study

- B) 2013 GEM study

- C) 2015 GEM study

- D) 2017 GEM study

- **Answer: B**

31. **In what year did more than 2,000 colleges and universi es in the United States offer at least
one course in entrepreneurship?**

- A) 1995

- B) 2000

- C) 2010

- D) 2015

- **Answer: D**

32. **According to the academic defini on, what do individuals pursue without regard to resources
they currently control?**

- A) Profits

- B) Opportuni es

- C) Market share

- D) Business models

- **Answer: B**

33. **Which term refers to firms that are risk averse, innova ve, and proac ve?**
 - A) Entrepreneurial firms

- B) Corporate firms

- C) Conserva ve firms

- D) Start-up firms

- **Answer: A**

34. **Which entrepreneur is associated with turning an idea into a mul -billion dollar business?**

- A) Mark Zuckerberg

- B) Jeff Bezos

- C) Bill Gates

- D) Elon Musk

- **Answer: B**

35. **Which demographic is the fastest-growing segment of entrepreneurs in the U.S.?**

- A) Teenagers

- B) Middle-aged individuals

- C) Women and minori es

- D) Re red professionals

- **Answer: C**

36. **Which entrepreneurial trait involves making the most out of limited resources?**

- A) Resourcefulness

- B) Business savvy

- C) Strategic thinking

- D) Opera onal efficiency

- **Answer: A**

37. **What percentage of students in grades 5-12 say they want to start their own business
someday?**

- A) 30%

- B) 40%
 - C) 50%

- D) 60%

- **Answer: D**

38. **Which firm characteris c suggests that smaller firms produce 16 mes more patents per
employee compared to larger firms?**

- A) Innova on index

- B) Entrepreneurial produc vity

- C) Patent intensity

- D) Innova on scale

- **Answer: C**

39. **In the entrepreneurial process, what typically follows 'developing successful business ideas'?**

- A) Moving from an idea to an entrepreneurial firm

- B) Deciding to become an entrepreneur

- C) Managing and growing the entrepreneurial firm

- D) Securing financing

- **Answer: A**

40. **Which study indicated that 89,900 books focused on small business are available on
Amazon.com?**

- A) 2010 GEM study

- B) 2013 GEM study

- C) 2015 GEM study

- D) 2017 GEM study

- **Answer: B**

41. **What is the process by which individuals pursue opportuni es regardless of resources they
currently control called?**

- A) Business management

- B) Resource acquisi on

- C) Entrepreneurship
 - D) Corporate strategy

- **Answer: C**

42. **Entrepreneurs are known for their ability to integrate which of the following resources?**

- A) Money and people

- B) Business model and strategy

- C) Inven ons and ideas

- D) All of the above

- **Answer: D**

43. **Which term describes firms that are typically highly innova ve and proac ve?**

- A) Conserva ve firms

- B) Corporate firms

- C) Entrepreneurial firms

- D) Start-up firms

- **Answer: C**

44. **Who described entrepreneurship as the art of turning an idea into a business?**

- A) Stevenson & Jarillo

- B) Fred Wilson

- C) Jeff Bezos

- D) Mark Zuckerberg

- **Answer: B**

45. **Which demographic is increasingly becoming involved in entrepreneurial ac vi es according to

the presenta on?**

- A) Teenagers

- B) Middle-aged individuals

- C) Re red professionals

- D) Women and minori es

- **Answer: D**
46. **Entrepreneurship courses in colleges and universi es have increased to more than how many
ins tu ons?**

- A) 1,500

- B) 2,000

- C) 2,500

- D) 3,000

- **Answer: B**

47. **Which of the following is NOT an effect of entrepreneurial firms on larger firms?**

- A) Making larger firms more innova ve

- B) Increasing compe on for larger firms

- C) Reducing larger firms' market share

- D) Enhancing efficiency and effec veness of larger firms

- **Answer: C**

48. **What characteris c involves assembling and integra ng all the resources needed to transform
an idea into a business?**

- A) Business planning

- B) Entrepreneurial strategy

- C) Execu on intelligence

- D) Market analysis

- **Answer: C**

49. **In what type of firms do entrepreneurs typically avoid taking unnecessary risks?**

- A) Conserva ve firms

- B) Corporate firms

- C) Risk-averse firms

- D) Entrepreneurial firms

- **Answer: D**
50. **Which of the following is a key trait for networking and op mis c disposi on in
entrepreneurs?**

- A) Visionary thinking

- B) Resourcefulness

- C) Persuasiveness

- D) Tenacity

- **Answer: C**