ENTR 321 CHAP 1-8 QUESTIONS AND VERIFIED
ANSWERS
Entrepreneurs are best characterized as: - Answers - aggressive catalysts for change
During the past 10 years, there were approximately how many business incorporations
per year - Answers - 600,000
Entrepreneurs will always be - Answers - the major source of job creation and
innovation in any economy
In the evolutionary process of economic growth, ____ plays the crucial and
indispensable role of providing the "social glue: that binds together both high-tech and
"Main Street" activates - Answers - entrepreneurship
Entrepreneurs and gazelles have been credited with making disproportionate
contributions to all BUT WHICH - Answers - unemployment
(innovation, job creation, economic renewal)
What of the following statements best describes a "gazelle" - Answers - a business with
at least 20% growth every year
Gazelles have been responsible for: - Answers - 55% of innovations
___ is the economic basis for all entrepreneurial activity - Answers - free enterprise
The word entrepreneur is derived from the French 'entreprendre', which is translated as
- Answers - to compete
The entrepreneur is one who - Answers - manages
Which of the following characteristics is most important to an entrepreneur - Answers -
management skills
The study of entrepreneurship is - Answers - interdisciplinary
Which economist first associated the 'risk bearing' activity in the economy with the
entrepreneur - Answers - Richard Cantillon
Which is not one of the chief characteristics of an entrepreneur - Answers - desire for
control of people
(personal initiative, ability to consolidate resources, risk taking)
, Entrepreneurial traits include which of the following? - Answers - initiative
Robert C. Ronstadt put together a summary definition of entrepreneur that included
which of the following key phrases? - Answers - the dynamic process of creating
incremental wealth
Which of the following concepts is entrepreneurship considered synonymous with -
Answers - free enterprise
What is a true statement about entrepreneurs - Answers - entrepreneurs are doers and
thinkers
Throughout the years, many myths have arisen about entrepreneurship as a result of? -
Answers - a lack of research about entrepreneurship
The 'corridor principle' is best described by which of the following statements - Answers
- with every new venture launched, new and unintended opportunities arise
Which of the traits is not that of an entrepreneur? - Answers - shyness
(drive, willingness to take risks, human relations skills)
Which of the following traits is not a common myth about entrepreneurs - Answers -
entrepreneurs today are considered heroes
Which statement is not true (entrepreneur market) - Answers - entrepreneurs fare poorly
in today's hyper-competitive market
Most entrepreneurs should be categorized as - Answers - innovators
Which of the following statements is true (entrepreneurship) - Answers -
entrepreneurship is the ability to create and build a vision from practically nothing
Which of the following economists wrote about entrepreneurship and its impact on
economic development? - Answers - Joseph Schumpeter
Entrepreneurship has become synonymous or closely linked with: - Answers - free
enterprise and capitalism
Michael Gerber, the author of the E-Myth, explains that the failure of most small
businesses is - Answers - owners being more technical rather than entrepreneurial
Entrepreneurs always - Answers - generate ideas and plan for their implementation
When referring to 'luck' and an entrepreneur, which of the following statements is an
appropriate adage - Answers - luck happens when preparation meets opportunity
ANSWERS
Entrepreneurs are best characterized as: - Answers - aggressive catalysts for change
During the past 10 years, there were approximately how many business incorporations
per year - Answers - 600,000
Entrepreneurs will always be - Answers - the major source of job creation and
innovation in any economy
In the evolutionary process of economic growth, ____ plays the crucial and
indispensable role of providing the "social glue: that binds together both high-tech and
"Main Street" activates - Answers - entrepreneurship
Entrepreneurs and gazelles have been credited with making disproportionate
contributions to all BUT WHICH - Answers - unemployment
(innovation, job creation, economic renewal)
What of the following statements best describes a "gazelle" - Answers - a business with
at least 20% growth every year
Gazelles have been responsible for: - Answers - 55% of innovations
___ is the economic basis for all entrepreneurial activity - Answers - free enterprise
The word entrepreneur is derived from the French 'entreprendre', which is translated as
- Answers - to compete
The entrepreneur is one who - Answers - manages
Which of the following characteristics is most important to an entrepreneur - Answers -
management skills
The study of entrepreneurship is - Answers - interdisciplinary
Which economist first associated the 'risk bearing' activity in the economy with the
entrepreneur - Answers - Richard Cantillon
Which is not one of the chief characteristics of an entrepreneur - Answers - desire for
control of people
(personal initiative, ability to consolidate resources, risk taking)
, Entrepreneurial traits include which of the following? - Answers - initiative
Robert C. Ronstadt put together a summary definition of entrepreneur that included
which of the following key phrases? - Answers - the dynamic process of creating
incremental wealth
Which of the following concepts is entrepreneurship considered synonymous with -
Answers - free enterprise
What is a true statement about entrepreneurs - Answers - entrepreneurs are doers and
thinkers
Throughout the years, many myths have arisen about entrepreneurship as a result of? -
Answers - a lack of research about entrepreneurship
The 'corridor principle' is best described by which of the following statements - Answers
- with every new venture launched, new and unintended opportunities arise
Which of the traits is not that of an entrepreneur? - Answers - shyness
(drive, willingness to take risks, human relations skills)
Which of the following traits is not a common myth about entrepreneurs - Answers -
entrepreneurs today are considered heroes
Which statement is not true (entrepreneur market) - Answers - entrepreneurs fare poorly
in today's hyper-competitive market
Most entrepreneurs should be categorized as - Answers - innovators
Which of the following statements is true (entrepreneurship) - Answers -
entrepreneurship is the ability to create and build a vision from practically nothing
Which of the following economists wrote about entrepreneurship and its impact on
economic development? - Answers - Joseph Schumpeter
Entrepreneurship has become synonymous or closely linked with: - Answers - free
enterprise and capitalism
Michael Gerber, the author of the E-Myth, explains that the failure of most small
businesses is - Answers - owners being more technical rather than entrepreneurial
Entrepreneurs always - Answers - generate ideas and plan for their implementation
When referring to 'luck' and an entrepreneur, which of the following statements is an
appropriate adage - Answers - luck happens when preparation meets opportunity
