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Q:
An executive summary is the most complete kind of business plan.
Q:
Once the entrepreneurial organization is up and running, the entrepreneur becomes a manager.
Q:
Legal issues for an entrepreneurial organization typically are addressed after the organization is up and running.
Q:
One of the first things an entrepreneur does is look for potential opportunities in the marketplace.
Q:
Most entrepreneurial ventures are successful.
Q:
An entrepreneurial venture is much more likely to change an industry than a small business.
Q:
An entrepreneurial venture is the same as a small business.
Q:
Entrepreneurship is the process of starting a new business to respond to an opportunity in the market.
Q:
This is one of the best ways for entrepreneurs to deal with especially difficult work-related or personal problems.
A) read self-help books
B) consult trusted employees
C) develop a network of trusted peers
D) consult relatives and family members
Q:
To avoid problems in their personal lives, entrepreneurs need to become excellent time managers and ________.
A) treat all needs equally
B) prioritize what needs to be done
C) wait to see what needs can be ignored
D) handle all needs long before they are needed
Q:
Harvesting an entrepreneurial venture occurs when the venture ________.
A) has a hit product
B) is successful
C) is sold
D) becomes profitable
Q:
An entrepreneur should ________ a plan for dealing with an economic downturn ________ any downturn occurs.
A) create; when
B) have; in place before
C) write out; after
D) think out; while
Q:
This type of work team is composed of specialists.
A) empowered
B) problem solving
C) self-directed
D) cross-functional
Q:
This type of work team has authority to implement the changes it recommends.
A) empowered
B) cross-functional
C) problem solving
D) self-directed
Q:
This type of work team has the most autonomy.
A) cross-functional
B) problem solving
C) self-directed
D) virtual
Q:
An entrepreneur's ability to be visionary is important because visionary companies tend to ________.
A) have employees who are satisfied with their jobs
B) be larger than nonvisionary companies
C) be more successful than nonvisionary companies
D) be more organic than nonvisionary companies
Q:
A leader of an entrepreneurial organization is like a jazz band leader because he or she ________.
A) controls every "note" that the performers "play"
B) wants a happy and harmonious workplace
C) has no influence over what the performers "play"
D) works to draw the "best" out of every performer
Q:
The best way for a hesitant entrepreneur to begin the process of employee empowerment is to ________.
A) give employees complete decision-making power immediately
B) use participative decision making
C) let the employees decide how much decision-making power they will have
D) order employees to start making decisions
Q:
Entrepreneurs who have trouble delegating authority should go through the process of empowering employees in this manner.
A) gradually
B) all at once
C) using a rigid timetable
D) hastily
Q:
The typical reason for why an entrepreneur considers implementing employee empowerment in an organization is to make sure that the organization ________.
A) stays nimble and flexible
B) is profitable
C) stays small and informal
D) is efficient
Q:
In general, employee empowerment ________ motivation in employees.
A) increases
B) slightly decreases
C) strongly decreases
D) has no effect on
Q:
With respect to entrepreneurship, a proactive person is best described as someone who has skill in identifying ________.
A) a problem
B) trouble
C) a good idea
D) a good opportunity
Q:
A proactive person would be most likely to say this about his or her life.
A) I feel trapped.
B) If I don't like something, I fix it.
C) If I don't like something, I learn to live with it.
D) I like to leave well enough alone.
Q:
The key to the proactive personality is that a proactive person feels that he or she can ________ any environment.
A) adapt to
B) change
C) be successful in
D) be well liked in
Q:
Perhaps the best predictor of whether or not a person will become an entrepreneur is how ________ she is.
A) proactive
B) talented
C) likeable
D) desperate
Q:
People who become entrepreneurs often have ________.
A) family money
B) no family money
C) family members who are entrepreneurs
D) no family members who are entrepreneurs
Q:
A person with a proactive personality is someone who ________.
A) takes action
B) avoids taking action
C) is entrepreneurial
D) is not entrepreneurial
Q:
In general, entrepreneurs tend to ________ more than the average person.
A) cut corners
B) take risks
C) avoid risks
D) avoid cutting corners
Q:
Which of the following terms does not fit the classic profile of the successful entrepreneur?
A) high energy
B) reflective
C) persistent
D) resourceful
Q:
Which of the following statements regarding an "entrepreneurial personality" is true?
A) Finding a set of personality traits for an entrepreneurial personality is much easier than for leaders.
B) Finding a set of personality traits for an entrepreneurial personality is more difficult than for leaders.
C) There is no specific set of personality traits that all entrepreneurs share.
D) There has been research on this topic as to date.
Q:
At an entrepreneurial organization, job candidates are more likely to hear about ________ than they will at conventional organizations.
A) benefits
B) monetary compensation
C) advancement through the ranks
D) learning opportunities
Q:
When hiring, entrepreneurs are more likely to make sure that these two elements are a good match than traditional HRM managers.
A) job skills and organizational needs
B) job qualifications and organizational requirements
C) formal job training and organizational requirements
D) values and organizational culture
Q:
An entrepreneurial venture whose goal is to create humorous video games would be likely to be ________.
A) very organic in structure
B) highly centralized
C) fairly mechanistic in structure
D) very mechanist in structure
Q:
An entrepreneurial venture that manufactures low-cost generic pills would be likely to be ________.
A) very organic in structure
B) very innovative
C) fairly mechanistic in structure
D) very informal in structure
Q:
In general, an entrepreneurial venture that sees ________ as its competitive advantage would tend to be ________ in structure.
A) efficiency; organic
B) efficiency; informal
C) innovation; mechanistic
D) innovation; informal
Q:
In general, an entrepreneurial venture that sees ________ as its competitive advantage would tend to be ________ in structure.
A) efficiency; organic
B) efficiency; mechanistic
C) innovation; mechanistic
D) innovation; formal
Q:
Many small entrepreneurial firms don't have a deliberately planned organizational structure because ________.
A) they are inefficient
B) small firms never need structure
C) the IRS prevents them from having a structure
D) one person does "everything"
Q:
Which of the following is NOT a way to organize an entrepreneurial venture?
A) partnership
B) corporation
C) cooperative association
D) sole proprietorship
Q:
Entrepreneurs should take great care when choosing a form of legal ownership because once one form is chosen, it is ________ to change it to another form.
A) impossible
B) very difficult
C) easy
D) rather embarrassing
Q:
The form of legal ownership that an entrepreneur chooses for a venture primarily affects these concerns.
A) profit and productivity
B) taxes and liability
C) liability and planning
D) taxes and revenue
Q:
This section of a full business plan would include an assessment of the industry of the venture and how it fits into the overall economic climate.
A) analysis of context
B) description of the business
C) financial data and projections
D) analysis of opportunity
Q:
This section of a full business plan would include a description of the demographics of the target market for the organization.
A) description of the business
B) financial data and projections
C) executive summary
D) analysis of opportunity
Q:
Identification of the organization's key personnel would be included in this section of a full business plan.
A) analysis of the context
B) analysis of opportunity
C) description of the business
D) executive summary
Q:
This section of a full business plan would include possible income statements for the next three years.
A) financial data and projections
B) executive summary
C) analysis of opportunity
D) description of the business
Q:
A brief mission statement of an entrepreneurial venture would be included in this section of a full business plan.
A) analysis of opportunity
B) description of the business
C) executive summary
D) analysis of the context
Q:
This is the most complete and comprehensive type of business plan.
A) executive summary
B) full business plan
C) summary business plan
D) synopsis-type plan
Q:
This type of business plan is a step down from the most complete type of business plan.
A) summary business plan
B) full business plan
C) executive summary
D) synopsis-type plan
Q:
This type of business plan is a step up from the simplest type of business plan.
A) summary business plan
B) executive summary
C) synopsis-type plan
D) full business plan
Q:
This is the simplest and briefest type of business plan.
A) synopsis-type plan
B) full business plan
C) summary business plan
D) executive summary
Q:
Once an entrepreneurial venture is actually up and running, the entrepreneur switches to a ________ role.
A) managerial
B) ceremonial figurehead
C) background
D) subordinating
Q:
During the launching of a venture, which of the following is accomplished?
A) creating a top management team
B) establishing a mission
C) setting goals and strategy
D) patenting the product or service
Q:
After the startup has been planned and organized, the next step is ________.
A) prototyping the product or service
B) creating a top management team
C) financing the venture
D) launching the venture
Q:
During the organizing phase of an entrepreneurial venture, an entrepreneur ________.
A) states a mission
B) selects a legal business organization form
C) creates a business plan
D) selects an organizational design
Q:
During the first step of the planning phase of an entrepreneurial venture, this is accomplished.
A) selecting a legal business organization form
B) stating a mission
C) selecting an organizational design
Answer: B
Q:
This is an important part of researching a firm's feasibility.
A) exploring finance options
B) researching the legal business forms
C) pinpointing potential competitive advantages
D) identifying potential opportunities
Q:
Uncovering business ideas, looking at competitors, and exploring financing options are part of this phase of the entrepreneurial process.
A) identifying competitive advantage
B) exploring business forms
C) researching the venture's feasibility
D) identifying potential opportunities
Q:
Which of the following is typically involved in exploring the entrepreneurial context of a new venture?
A) researching the venture's feasibility
B) uncovering business ideas
C) exploring finance options
D) pinpointing potential competitive advantages
Q:
In most cases, the first step in the initial (pre-planning) phase of the entrepreneurial process is this.
A) planning the venture
B) identifying potential opportunities
C) exploring finance options
D) researching the venture's feasibility
Q:
Survival rates of entrepreneurial ventures that started in a recession are ________ those that started in an expansion.
A) somewhat greater than
B) less than
C) about the same as
D) much greater than
Q:
After four years, ________ business.
A) 56 percent of entrepreneurial ventures are out of
B) 56 percent of entrepreneurial ventures are still in
C) 31 percent of entrepreneurial ventures are out of
D) two-thirds of entrepreneurial ventures are out of
Q:
In the wake of high unemployment, statistics show that entrepreneurship is ________.
A) low
B) high
C) falling
D) neither rising nor falling
Q:
An "accidental entrepreneur" is someone who became an entrepreneur because he or she ________.
A) always had a dream to start a company
B) lost his or her job
C) identified a great opportunity
D) quit his or her job
Q:
Besides being innovative in some way, a second defining characteristic of an entrepreneurial venture is that it is ________.
A) small in size
B) focused on growth
C) dedicated to quality
D) original and creative
Q:
When it was first starting out, the Viking Range company qualified as an entrepreneurial organization because its products were ________.
A) high in quality
B) expensive
C) innovative and different
D) loved by serious cooks
Q:
One key difference between an entrepreneurial venture and a small business is that the entrepreneurial venture focuses on ________.
A) productivity
B) efficiency
C) quality
D) innovation
Q:
An entrepreneurial venture and a small business ________.
A) are superficially similar
B) are identical
C) have nothing in common
D) are impossible to tell apart
Q:
Many people in fields such as nursing, engineering, and accounting keep their skills up to date by taking formal courses and ________.
A) getting internships
B) reading journals and attending conferences
C) getting fellowships and scholarships
D) going through training programs
Q:
Which of the following jobs would be least likely to require thousands of hours of practice and experience?
A) scientist
B) musician
C) tennis player
D) entrepreneur
Q:
Studies of highly successful people show that they all did this in one way or another.
A) had enormous natural ability
B) put in 10,000 hours of practice, training, and experience
C) worked in lowly jobs as teenagers, learning humility
D) relied on family
Q:
Studies in a variety of fields show that super-high achievers ________ than others.
A) have higher IQ scores
B) work fewer hours
C) work harder
D) are more insecure
Q:
Which job might require the highest level of interpersonal skills?
A) electrician
B) research scientist
C) teacher
D) fashion designer
Q:
Which job skill is useful for just about every job?
A) interpersonal skills
B) computer programming skills
C) writing skills
D) manual dexterity skills
Q:
How might a job applicant position him- or herself to benefit from changes that occur in the environment?
A) have highly specific job skills
B) have both general and specific job skills
C) have general job skills only
D) work on interpersonal skills rather than job skills
Q:
It is a good idea for people to think of their career as a business and themselves as ________ that business.
A) the CEO of
B) an employee in
C) a customer of
D) a supervisor in
Q:
In a society that is experiencing a widespread obesity "epidemic," one might expect opportunities in this field to increase the most.
A) counseling
B) sports management
C) fitness
D) personal security
Q:
Which of the following might be a competitive edge for a person applying for an accounting job?
A) exceptional writing skills
B) exceptional problem-solving skills
C) computer programming experience
D) exceptional public speaking skills
Q:
In looking for possible jobs, a primary concern should be to pay attention to the ________.
A) jobs that are in high-tech industries
B) jobs that are in low-tech industries
C) industries that have the highest compensation scale
D) industries that are expanding rather than declining
Q:
Which of the following might be a competitive edge for a person applying for a firefighting job?
A) athletic ability
B) exceptional writing skills
C) computer programming experience
D) exceptional public speaking skills
Q:
The phrase "Play to your strengths" when applying for a job means ________.
A) don't show employers your weaknesses
B) be aggressive during job interviews
C) apply to only the most ambitious jobs
D) apply to jobs that suit your abilities
Q:
Which of the following is most likely to provide a competitive edge for a person applying for a job in a law firm?
A) exceptional math skills
B) exceptional writing skills
C) computer programming experience
D) musical ability