EEE 370 Exam 1 Questions With Correct Answers.

EEE 370 Exam 1 Questions With Correct
Answers
Why |do |people |become |entrepreneurs? |- |CORRECT |ANSWER✔✔-1. |To |be |their |own |boss

2. |Pursue |their |own |ideas

3. |Pursue |financial |rewards



What |are |the |primary |characteristics |of |a |successful |entrepreneur? |- |CORRECT |ANSWER✔✔-1.
|Passion |for |the |business



2. |Product/customer |focus

3. |Tenacity |despite |failure

4. |Execution |intelligence |- |The |ability |to |fashion |a |solid |idea |into |a |viable |business



What |are |the |types |of |entrepreneurs? |- |CORRECT |ANSWER✔✔-1. |Salary-Substitute |Firms

2. |Lifestyle |Firms

3. |Entrepreneurial |Firms



What |is |the |entrepreneurial |process? |- |CORRECT |ANSWER✔✔-1. |Deciding |to |become |an |
entrepreneur

2. |Developing |successful |business |ideas

3. |Moving |from |an |idea |to |an |entrepreneurial |firm

4. |Managing |and |growing |the |entrepreneurial |firm



Entrepreneurship |- |CORRECT |ANSWER✔✔-The |process |of |creating |value |by |bringing |together |
a |unique |package |of |resources |to |exploit |an |opportunity

,Corporate |entrepreneurship |- |CORRECT |ANSWER✔✔-The |conceptualization |of |
entrepreneurship |at |the |firm |level



Salary-substitute |firms |- |CORRECT |ANSWER✔✔-Firms |that |basically |provide |their |owner(s) |a |
similar |level |of |income |to |what |they |would |be |able |to |earn |in |a |conventional |job



Lifestyle |firms |- |CORRECT |ANSWER✔✔-Firms |that |provide |their |owner |or |owners |the |
opportunity |to |pursue |a |particular |lifestyle, |and |make |a |living |at |it



Entrepreneurial |firms |- |CORRECT |ANSWER✔✔-Firms |that |bring |new |products |and |services |to |
the |market |by |creating |and |seizing |opportunities |regardless |of |the |resources |they |currently |
control



What |are |the |five |known |benefits |of |entrepreneurship |on |society? |- |CORRECT |ANSWER✔✔-1. |
Job |creation

2. |New |innovations

3. |Creates |new |industries

4. |Drives |economic |development

5. |Social |changes



How |does |the |environment |impact |entrepreneurial |activity? |- |CORRECT |ANSWER✔✔-1. |
Economic |(central |vs. |free)

2. |Political |(totalitarian |vs. |democratic)

3. |Legal |(types |of |systems)

4. |Financial |(conservative |vs. |competitive)

5. |Logistical |(obsolete |vs. |well-developed)

6. |Social |(institutional |vs. |individualistic)

, Opportunity-based |start-ups |- |CORRECT |ANSWER✔✔-Look |to |exploit |a |specific |opportunity; |
Many |of |these |firms |have |higher |aspirations |and |higher |potential |to |grow



Necessity-based |start-ups |- |CORRECT |ANSWER✔✔-Started |due |to |a |lack |of |other |employment |
opportunities



Who |is |the |entrepreneur? |(Traits |vs. |Behaviors) |- |CORRECT |ANSWER✔✔-



Why |is |creativity |important? |- |CORRECT |ANSWER✔✔-Creativity |is |central |to |the |firm's |ability |
to |innovate



Describe |three |general |approaches |entrepreneurs |use |to |identify |opportunities |and |give |
examples |for |each |one. |- |CORRECT |ANSWER✔✔-1. |Observing |trends |- |Medical |marijuana |
legalization |

2. |Solving |a |problem |- |Wind |turbines/renewable |energy

3. |Finding |gaps |in |the |marketplace |- |Spanx



Discuss |the |personal |characteristics |that |make |some |entrepreneurs |better |at |recognizing |
business |opportunities |than |others. |- |CORRECT |ANSWER✔✔-1. |Prior |experience |or |knowledge

2. |Cognitive |factors |- |Entrepreneurial |alertness

3. |Social |networks |- |Strong-tie |vs. |weak-tie |relationships

4. |Creativity



Explain |how |a |"window |of |opportunity" |emerges. |- |CORRECT |ANSWER✔✔-



Opportunity |- |CORRECT |ANSWER✔✔-A |favorable |set |of |circumstances |that |creates |a |need |for |
a |new |product, |service |or |business; |Factors |include |attractive, |timely, |durable, |and |anchored |
in |a |product, |service, |or |business |that |creates |or |adds |value