ENTR 321 EXAM 1 QUESTIONS AND VERIFIED
ANSWERS
True/False: Commitment, determination, and perseverance are the only characteristics
one needs to become a successful entrepreneur. - Answers - False
True/False: The macro view of entrepreneurship looks at factors that are specific to the
individual entrepreneur. - Answers - False
True/False: The word entrepreneur is derived from the French entreprendre, which is
translated as "too assume risk" - Answers - False
True/False: The entrepreneurial spirit is not unique to America and Western Europe; it
can be found in nearly every part of the world. - Answers - True
True/False: Firms do not need to alter management techniques to encourage corporate
entrepreneurship since it tends to occur naturally. - Answers - False
True/False: One reason that corporate entrepreneurship has become popular in
because it allows corporations to tap the innovative talents of the personnel. - Answers -
True
True/False: Creativity cannot be developed or improved. - Answers - False
True/False: Incubation in the creative process often occurs when the individual is doing
something completely unrelated to the subject. - Answers - True
True/False: Social entrepreneurs are known to form ventures that exploit opportunities
to create social value. - Answers - True
True/False: Feasibility analyses include technical, market, financial, organizational, and
competitive analyses. - Answers - True
True/False: Timing has little to do with the success or failure of a new venture. -
Answers - False
True/False: Pricing becomes less of a concern when customers become aware of a
product's unique characteristics that are superior to the competition. - Answers - True
True/False: Equity financing is money invested in the venture with a legal obligation to
repay the principle amount with accrued interest. Or (interest or interest rate on it). -
Answers - Both False, This would be debt financing
ANSWERS
True/False: Commitment, determination, and perseverance are the only characteristics
one needs to become a successful entrepreneur. - Answers - False
True/False: The macro view of entrepreneurship looks at factors that are specific to the
individual entrepreneur. - Answers - False
True/False: The word entrepreneur is derived from the French entreprendre, which is
translated as "too assume risk" - Answers - False
True/False: The entrepreneurial spirit is not unique to America and Western Europe; it
can be found in nearly every part of the world. - Answers - True
True/False: Firms do not need to alter management techniques to encourage corporate
entrepreneurship since it tends to occur naturally. - Answers - False
True/False: One reason that corporate entrepreneurship has become popular in
because it allows corporations to tap the innovative talents of the personnel. - Answers -
True
True/False: Creativity cannot be developed or improved. - Answers - False
True/False: Incubation in the creative process often occurs when the individual is doing
something completely unrelated to the subject. - Answers - True
True/False: Social entrepreneurs are known to form ventures that exploit opportunities
to create social value. - Answers - True
True/False: Feasibility analyses include technical, market, financial, organizational, and
competitive analyses. - Answers - True
True/False: Timing has little to do with the success or failure of a new venture. -
Answers - False
True/False: Pricing becomes less of a concern when customers become aware of a
product's unique characteristics that are superior to the competition. - Answers - True
True/False: Equity financing is money invested in the venture with a legal obligation to
repay the principle amount with accrued interest. Or (interest or interest rate on it). -
Answers - Both False, This would be debt financing
