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Q:
Which of the following approaches yields better results in richer, dynamic, uncertain environments or industries?
A. Promotion focus
B. External focus
C. Effectuation focus
D. Prevention focus
Q:
Which of the following approaches yields better results in an established industry or a poor one?
A. External focus
B. Effectuation focus
C. Prevention focus
D. Promotion focus
Q:
A(n) _____ focus refers to an entrepreneur's attention to minimizing losses, with a bias toward inaction or protective action to avert loss.
A. external
B. promotion
C. effectuation
D. prevention
Q:
A(n) _____ focus refers to an entrepreneur's attention on maximizing gains and pursuing opportunities likely to lead to gains.
A. comprehension
B. promotion
C. effectuation
D. prevention
Q:
Regulatory focus is a mix of _____ focus and _____ focus.
A. effectuation; comprehension
B. comprehension; prevention
C. effectuation; promotion
D. promotion; prevention
Q:
The problem behavior of trying the same action repeatedly without learning is called _____.
A. perseveration
B. prevention focus
C. effectuation
D. critical observation
Q:
_____ is the ability to stick with some activity even when it takes a long time, and when a successful or unsuccessful outcome is not immediately known.
A. Compatibility
B. Competence
C. Sustenance
D. Perseverance
Q:
Which of the following is best thought of as a type of learned optimism in successful entrepreneurs?
A. Apathy
B. Professionalization
C. Perseverance
D. Cognition
Q:
Which of the following is one of the most common behaviors found in successful entrepreneurs?
A. Preemption
B. Frigidness
C. Personalization
D. Passion
Q:
The visible behavior a person takes is known as:
A. promotion.
B. perception.
C. action.
D. cognition.
Q:
Cognition:
A. is a person's way of perceiving and thinking about his or her experience.
B. refers to successful entrepreneurial behavior that leads to the creation of a new firm.
C. pertains to the feeling of being absorbed by the tasks and concerns of the business.
D. does not help in making any managerial decisions.
Q:
One of the major issues identified for late career entrepreneurs is keeping personal finances out of the business.
Q:
About a third of the retirees who return to work decide to become self-employed.
Q:
For corporations, certification for businesses owned by women or minority is handled by organizations that are not affiliated with the government or big business.
Q:
The slowest growing sector of all U.S. businesses is women-owned businesses.
Q:
The best way to handle ownership problems is to come out right at the start and specify or negotiate who owns what.
Q:
In family-owned businesses, the board of members can only be comprised of family members.
Q:
One way to maximize communication in the succession process is to create a family council.
Q:
Succession plans deal with the people who will take over, what roles they will fill, and what supports they will receive.
Q:
Only one-third of family-owned businesses survive beyond the first generation.
Q:
One of the major challenges identified for family businesses is role conflict.
Q:
Succession challenges rarely affect family businesses.
Q:
Skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business are called opportunity competencies.
Q:
The competency suggested by exchange relates to the organizational and business processes of a firm called basic business competency.
Q:
Most successful entrepreneurs exhibit hard work, but completely lack in competencies.
Q:
Habit-based planners don't plan, and they don't even tend to react to changes in their environments.
Q:
Opportunistic planners always plan around the most important aspect of the business first, act on it, and then consider if additional plans are needed.
Q:
Passion is displayed by being persistently focused on the business.
Q:
There is one specific pattern of entrepreneurial behavior or entrepreneurial type.
Q:
What are the different forms of entrepreneurship?
Q:
What are the different aspects of entrepreneurship?
Q:
What is VIGE? Explain.
Q:
What is a factor-driven economy?
Q:
What is creative destruction?
Q:
What is the role of small businesses in creating new jobs?
Q:
Briefly describe the BRIE model.
Q:
What are the most common myths about small businesses? What are the facts that contradict these myths?
For years potential entrepreneurs have mentioned problems like these:
Q:
Briefly describe the three universally mentioned and four rarely mentioned rewards.
Nearly all entrepreneurs talk about three key rewardsflexibility, a livable income, and personal growth. There are two other rewardsbuilding great wealth and creating products, which entrepreneurs mention more often than working people in general. There are also rewards that entrepreneurs mention less often than working people in general. These are social rewards, like the respect or admiration of others, or power over others, and family rewards, like continuing a family tradition in business.
The three most popular types of rewards for small business owners are growth, flexibility, and income. Growth rewards are what people get from facing and beating or learning from challenges.
Income rewards refer to the money made from owning your own business. For more than three-quarters of entrepreneurs, this means seeking to match or slightly better the income you had before you started your own business.
Flexibility rewards are perhaps the most rapidly growing type of reward. They refer to the ability of business owners to structure their lives in the way that best suits their needs.
Q:
What is the difference between small businesses and high-growth ventures?
Q:
Effectuation refers to:
A. the degree of attention a target market pays to an idea or organization.
B. an approach used to create alternatives in uncertain environments.
C. transforming a high-growth venture into a small business.
D. a process of a person becoming an owner by inheriting or getting a stake in a family business.
Q:
_____ is the degree of attention a target market pays to an idea or organization.
A. Crowdfunding
B. Effectuation
C. Mindshare
D. Crowdfunding
Q:
Which of the following is true of social entrepreneurship?
A. It usually has a lot of funding.
B. It creates organizations which are usually financially dependent on other firms.
C. It cannot be initiated by a for-profit company.
D. It does not include innovation as a key element.
Q:
Social entrepreneurship primarily involves a person or group:
A. creating new charitable and civic organizations which are financially self-sufficient.
B. bringing new products or services to market.
C. owning their own for-profit business.
D. revitalizing government agencies.
Q:
Which of the following is true of corporate entrepreneurship?
A. It involves the creation of self-sustaining charitable and civic organizations.
B. It involves revitalizing government agencies.
C. It is a form of entrepreneurship in which people own their own for-profit business.
D. It involves bringing new products or services to a market.
Q:
Which of the following types of entrepreneurship typically concentrates on innovation and customer-focus among all aspects of entrepreneurship?
A. Public entrepreneurship
B. Corporate entrepreneurship
C. Independent entrepreneurship
D. Social entrepreneurship
Q:
_____ is an aspect of entrepreneurship which looks at a new thing or a new way of doing things.
A. Customer-focus
B. Innovation
C. Creation
D. Efficiency
Q:
_____ is an aspect of entrepreneurship that refers to doing the most work with the fewest resources.
A. Innovation
B. Creation
C. Efficiency
D. Customer-focus
Q:
The form of entrepreneurship in which a person or group own their own for-profit business is referred to as:
A. independent entrepreneurship.
B. social entrepreneurship.
C. public entrepreneurship.
D. corporate entrepreneurship.
Q:
Which of the following aspects of entrepreneurship refers to being in-tune with one's market?
A. Efficiency
B. Creation
C. Customer-focus
D. Growth
Q:
Virtual instant global entrepreneurship refers to:
A. the transformation of a high-growth venture into a small business.
B. a person becoming an owner by inheriting or getting a stake in a family business.
C. the way that newly created goods, services, or firms hurt existing goods, services, or firms.
D. a process that uses the Internet to quickly create businesses with a worldwide reach.
Q:
In innovation-driven economies:
A. entrepreneurship levels are in the middle range.
B. entrepreneurship levels are very high.
C. entrepreneurship levels are lower compared to factor-driven economies.
D. entrepreneurship is not given any consideration.
Q:
Innovation-driven economies:
A. are those where entrepreneurship becomes a key way to build the middle class.
B. are nations where industrialization is becoming the major force providing jobs, revenues, and taxes.
C. are focused on high-value-added manufacturing but are marked by a very large service sector.
D. are those where entrepreneurship is essential to build personal wealth and break the cycle of low-wage jobs.
Q:
In efficiency-driven economies:
A. entrepreneurship levels are in the middle range.
B. entrepreneurship levels are very high.
C. entrepreneurship levels are very low.
D. entrepreneurship is not given any consideration.
Q:
A nation where industrialization is the major force providing jobs, revenues and taxes, and where minimizing costs while maximizing productivity is a major goal is a(n):
A. factor-driven economy.
B. efficiency-driven economy.
C. innovation-driven economy.
D. effectiveness-driven economy.
Q:
In factor-driven economies:
A. entrepreneurship levels are in the middle range.
B. entrepreneurship levels are very high.
C. entrepreneurship levels are very low.
D. entrepreneurship is not given any consideration.
Q:
A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production is a(n):
A. factor-driven economy.
B. efficiency-driven economy.
C. innovation-driven economy.
D. competency-driven economy.
Q:
According to the U.S. Small Business Administration, small businesses generate _____ times the number of patents per employee than do big businesses.
A. 35.5
B. 2.5
C. 16.5
D. 50.5
Q:
Mandarin In Town, a Chinese restaurant, opened recently in Burnsville, Minnesota. People from all over the town flocked to Mandarin to find out how good it was. This gave a big boost to the restaurant's initial business, but it caused the other restaurants in the area to lose business temporarily. The way in which Mandarin in Town hurt existing restaurants in Burnsville is an example of:
A. creative destruction.
B. service distortion.
C. innovative disruption.
D. crowdsourcing.
Q:
The way that newly created goods, services, or firms hurt existing goods, services, or firms is referred to as:
A. benchmarking.
B. creative destruction.
C. service distortion.
D. crowdsourcing.
Q:
In terms of new jobs, which of the following is true of a small business?
A. It does not employ people looking for part-time work.
B. It is of no importance to existing jobs.
C. It offers jobs to people with atypical work histories.
D. It pays taxes on behalf of the people it hires.
Q:
Which of the following elements of the BRIE model represents the desire to start a business?
A. Intention
B. Boundary
C. Exchange
D. Resources
Q:
Which of the following is the most frequently occurring element of the BRIE model?
A. Intention
B. Boundary
C. Exchange
D. Resources
Q:
According to the BRIE model, which of the following is true of a resource?
A. It includes a business name or government registration.
B. It refers to moving goods or services to others for money.
C. It is the most frequently occurring element of the BRIE model.
D. It includes the product or service to be offered.
Q:
In the BRIE model, a business name or government registration, a phone or e-mail address dedicated to the business, or a specific location for the firm in a home, commercial space, or on the Internet represents:
A. exchange.
B. resource.
C. boundary.
D. intention.
Q:
John owns a small business that does computer servicing. Which of the following would represent boundary as mentioned in the BRIE model in John's computer servicing business?
A. The employees that work under John
B. The office in which John works
C. The money earned by John from the business
D. The desire to expand the business to writing software
Q:
According to the BRIE model, which of the following falls under the boundary category?
A. The financial resources of a company
B. The desire to start a business
C. An e-mail address of the company
D. A product or service offered by the company
Q:
According to the BRIE model, which of the following sets a firm off from the buying or selling or bartering done casually by nonmerchants?
A. Resources
B. Boundary
C. Intention
D. Exchange
Q:
According to the BRIE model, _____ sets up a business as a firm.
A. intention
B. exchange
C. franchise
D. boundary
Q:
According to the BRIE model, which of the following is an element that is necessary to start a business?
A. Boundary
B. Recognition
C. Efficiency
D. Income
Q:
Anna helps brides-to-be choose wedding gowns that best suit their requirements and budget, and also helps them with where they can find the right dress. She has made her home her virtual office; she does not require external financing. Anna is using _____ to run her small business.
A. crowdfunding
B. franchising
C. bootstrapping
D. crowdsourcing
Q:
Bootstrapping refers to:
A. funding a business online through the collective involvement of others who provide loans.
B. buying, renting, or leasing a prepackaged business from another company.
C. inheriting or being given a stake in a family business.
D. using low-cost or free techniques to minimize the cost of doing business.
Q:
Financing a business online through the collective involvement of others who provide donations, loans, or investments is referred to as _____.
A. crowdfunding
B. bootstrapping
C. microfinancing
D. crowdsourcing
Q:
Which of the following is a myth about small businesses?
A. That failed entrepreneurs can succeed if they try again
B. That a small business will never have enough financing
C. That students have skills to start small businesses
D. That small businesses can start during recession
Q:
The ability of business owners to structure their lives in the way that best suits their needs refers to:
A. flexibility rewards.
B. family rewards.
C. growth rewards.
D. wealth rewards.
Q:
Tina runs her consultancy business from her home. Working from home allows her to set her own schedule and take time off at her convenience so that she can be with her family. The fact that Tina gets more time with her family can be categorized as ______ reward.
A. income
B. flexibility
C. growth
D. credit
Q:
Which of the following rewards refer to the money made from owning a business?
A. Growth rewards
B. Flexibility rewards
C. Income rewards
D. Performance rewards
Q:
_____ rewards are those which people get from facing and beating or learning from challenges.
A. Recognition
B. Flexibility
C. Income
D. Growth
Q:
Which of the following is a reward that is rarely mentioned by entrepreneurs?
A. To have a chance to build great wealth
B. To have greater flexibility for personal and family life
C. To continue a family tradition
D. To develop an idea for a product
Q:
_____ is a reward universally mentioned by entrepreneurs.
A. Industry recognition
B. Peer admiration
C. Political power
D. Work flexibility
Q:
Which of the following is a reward universally mentioned by entrepreneurs?
A. Peer admiration
B. Personal growth
C. Political power
D. Industry recognition