Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
Multiple Choice
1. The authors define entrepreneurship as ______.
a. a way of thinking, acting, and being that combines the ability to find or create new opportunities with
the courage to act on them
b. starting a small business by finding investors and launching a product c. developing a new market by
creating a product that does not currently exist d. a mindset that compels people to start multiple ventures
throughout a lifetime Ans: A
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
2. ______ have touched every corner of our lives, affecting every aspect of the way we live.
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
Ans: C
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
3. What is the discipline that seeks to understand how opportunities are discovered, created, and
exploited, by whom, and with what consequences? a. imagineering
b. storyboarding
c. social engineering
d. entrepreneurship
Ans. D
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
4. Which of the following is a truth about entrepreneurship?
a. Entrepreneurship is not reserved for startups.
b. Entrepreneurship cannot be taught.
c. Entrepreneurs compete more than they collaborate.
d. Entrepreneurs have a special set of personality traits.
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship May Be Different From What You Think Difficulty Level:
Easy
AACSB Standard: Analytical thinking
5. The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft) and Travis
Kalanick (Uber). According to the text, these stories ______.
a. are inspirational, but do little to represent the reality of entrepreneurship b. are highly relatable
c. have not captured the public imagination
d. are accurate depictions of the reality of entrepreneurship
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Medium
AACSB Standard: Contexts of organizations in a global society
6. A temporary organization in search of a scalable business model is known as a(n) ______.
a. startup
b. corporation
c. LLC
d. entrepreneur
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #1: Entrepreneurship Is Not Reserved for Startups
Difficulty Level: Medium
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
AACSB Standard: Application of knowledge
7. Effectuation is the idea that ______.
a. businesses should have a positive impact on people‘s lives b. the effects of
ideas can be studied over time
c. the future is unpredictable yet controllable
d. emotions can influence decision making
Ans. C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Medium
AACSB Standard: Financial theories, analysis, reporting, and markets
8. ______ are people who start several businesses, whether at the same time or one after the other.
a. Social entrepreneurs
b. Serial entrepreneurs
c. High-risk entrepreneurs
d. Low-risk entrepreneurs
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Group and individual behaviors
9. Which of the following is true about effectual entrepreneurs? a. They focus on
creating a future rather than predicting it.
b. They find markets rather than make them.
c. They do not accept failure.
d. They focus on a single reliable stakeholder.
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Analytical thinking
10. According to the authors, what is the precursor to entrepreneurial action? a. a business process
b. the right mindset
c. an understanding that failure is probable
d. the acquisition of resources
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Application of knowledge
11. The entrepreneurial method requires consistent practice so that ______ can be continuously
developed and applied to future endeavors.
a. a strong business plan
b. education and application
c. business processes
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
d. knowledge and expertise
Ans: D
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #3: Entrepreneurship Can Be Taught (It‘s a Method That Requires Practice)
Difficulty Level: Medium
AACSB Standard: Application of knowledge
12. Successful entrepreneurs tend to follow which approach to collaboration? a. They do not
collaborate and work in isolation.
b. They collaborate with potential customers, but not with competitors. c. They collaborate
with both potential customers and competitors. d. They collaborate with competitors, but
not with potential customers. Ans: C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #5: Entrepreneurs Collaborate More Than They Compete Difficulty Level:
Medium
AACSB Standard: Application of knowledge
13. Research revealed what percentage of Inc. 500 founders wrote formal business plans prior to
launching their companies?
a. more than 90%
b. more than 75%
c. less than 50%
d. less than 10%
Ans: C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #6: Entrepreneurs Act More Than They Plan Difficulty Level:
Medium
AACSB Standard: Application of knowledge
14. According to the text, why would some organizations not be enthusiastic about employees
acting entrepreneurially inside a company?
a. fear that workers will recruit other employees to prioritize their entrepreneurial efforts over their
essential job duties
b. fear that trade secrets will be accidentally released to the public c. fear that they will leave the company
and start their own business d. fear that they will not seek approval from senior managers before starting
work on their entrepreneurial initiatives
Ans: C
Learning Objective: 1.3: Compare and contrast the different forms of entrepreneurship in
practice today.
Cognitive Domain: Comprehension
Answer Location: Corporate Entrepreneurship
Difficulty Level: Medium
AACSB Standard: Application of knowledge
15. What is the process of creating new products, ventures, processes, or renewal within large
organizations?
A. entrepreneurs inside
B. tech entrepreneurship
C. social entrepreneurship
D. intrapreneurship
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
Multiple Choice
1. The authors define entrepreneurship as ______.
a. a way of thinking, acting, and being that combines the ability to find or create new opportunities with
the courage to act on them
b. starting a small business by finding investors and launching a product c. developing a new market by
creating a product that does not currently exist d. a mindset that compels people to start multiple ventures
throughout a lifetime Ans: A
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
2. ______ have touched every corner of our lives, affecting every aspect of the way we live.
a. Lifestyles
b. Corporations
c. Entrepreneurs
d. Managers
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
Ans: C
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
3. What is the discipline that seeks to understand how opportunities are discovered, created, and
exploited, by whom, and with what consequences? a. imagineering
b. storyboarding
c. social engineering
d. entrepreneurship
Ans. D
Learning Objective: 1.1: Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship Requires Action and Practice Difficulty Level:
Medium
AACSB Standard: Application of knowledge
4. Which of the following is a truth about entrepreneurship?
a. Entrepreneurship is not reserved for startups.
b. Entrepreneurship cannot be taught.
c. Entrepreneurs compete more than they collaborate.
d. Entrepreneurs have a special set of personality traits.
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship May Be Different From What You Think Difficulty Level:
Easy
AACSB Standard: Analytical thinking
5. The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft) and Travis
Kalanick (Uber). According to the text, these stories ______.
a. are inspirational, but do little to represent the reality of entrepreneurship b. are highly relatable
c. have not captured the public imagination
d. are accurate depictions of the reality of entrepreneurship
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Media Images of Entrepreneurs
Difficulty Level: Medium
AACSB Standard: Contexts of organizations in a global society
6. A temporary organization in search of a scalable business model is known as a(n) ______.
a. startup
b. corporation
c. LLC
d. entrepreneur
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #1: Entrepreneurship Is Not Reserved for Startups
Difficulty Level: Medium
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
AACSB Standard: Application of knowledge
7. Effectuation is the idea that ______.
a. businesses should have a positive impact on people‘s lives b. the effects of
ideas can be studied over time
c. the future is unpredictable yet controllable
d. emotions can influence decision making
Ans. C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Medium
AACSB Standard: Financial theories, analysis, reporting, and markets
8. ______ are people who start several businesses, whether at the same time or one after the other.
a. Social entrepreneurs
b. Serial entrepreneurs
c. High-risk entrepreneurs
d. Low-risk entrepreneurs
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Group and individual behaviors
9. Which of the following is true about effectual entrepreneurs? a. They focus on
creating a future rather than predicting it.
b. They find markets rather than make them.
c. They do not accept failure.
d. They focus on a single reliable stakeholder.
Ans: A
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Analytical thinking
10. According to the authors, what is the precursor to entrepreneurial action? a. a business process
b. the right mindset
c. an understanding that failure is probable
d. the acquisition of resources
Ans: B
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #2: Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Application of knowledge
11. The entrepreneurial method requires consistent practice so that ______ can be continuously
developed and applied to future endeavors.
a. a strong business plan
b. education and application
c. business processes
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
, Test bank 7:08:56
3/9/2026, for entrepreneurship
PM the practice and mindset
https://www.stuvia.com/user/docstudent96!!!!!!!!!!!!!!!!!!!!!!
3th edition3/9/2026,
by heidi m neck christopher
7:09:08 PM p neck emma l murray
https://www.stuvia.com/user/docstudent96
, - converted.pdfhttps://www.stuvia.com/user/d
3/9/2026, 7:09:07 PM
d. knowledge and expertise
Ans: D
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #3: Entrepreneurship Can Be Taught (It‘s a Method That Requires Practice)
Difficulty Level: Medium
AACSB Standard: Application of knowledge
12. Successful entrepreneurs tend to follow which approach to collaboration? a. They do not
collaborate and work in isolation.
b. They collaborate with potential customers, but not with competitors. c. They collaborate
with both potential customers and competitors. d. They collaborate with competitors, but
not with potential customers. Ans: C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #5: Entrepreneurs Collaborate More Than They Compete Difficulty Level:
Medium
AACSB Standard: Application of knowledge
13. Research revealed what percentage of Inc. 500 founders wrote formal business plans prior to
launching their companies?
a. more than 90%
b. more than 75%
c. less than 50%
d. less than 10%
Ans: C
Learning Objective: 1.2: List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #6: Entrepreneurs Act More Than They Plan Difficulty Level:
Medium
AACSB Standard: Application of knowledge
14. According to the text, why would some organizations not be enthusiastic about employees
acting entrepreneurially inside a company?
a. fear that workers will recruit other employees to prioritize their entrepreneurial efforts over their
essential job duties
b. fear that trade secrets will be accidentally released to the public c. fear that they will leave the company
and start their own business d. fear that they will not seek approval from senior managers before starting
work on their entrepreneurial initiatives
Ans: C
Learning Objective: 1.3: Compare and contrast the different forms of entrepreneurship in
practice today.
Cognitive Domain: Comprehension
Answer Location: Corporate Entrepreneurship
Difficulty Level: Medium
AACSB Standard: Application of knowledge
15. What is the process of creating new products, ventures, processes, or renewal within large
organizations?
A. entrepreneurs inside
B. tech entrepreneurship
C. social entrepreneurship
D. intrapreneurship
3/9/2026, 7:09:00 PM the practice and mindset 3th edition by heidi 3/9/2026,
Test bankhttps://www.stuvia.com/user/docstudent96@!^*#(*#&(*#&(*#)(*&$@)(&)(*@$)(@$$@
for entrepreneurship 7:09:03 PM
m neck christopher p neck 3/9/2026, 7:09:05 PM
https://www.stuvia.com/user/docstudent96@^&#)(#)(*$@)($@)*
emma l murray , - convertedhttps://www.stuvia.com/user/docstudent96
