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ENT 200 Final Exam with complete
solutions latest version
a business model canvas is the visual representation of the businesses core
components - CORRECT ANSWER-true
Michael gerber describes the need to balance three different personalities to run
a successful business: The personalities are the technician, entrepreneur, and
the visionary - CORRECT ANSWER-false
the first step in the effectuation process is to identify a customer need that is not
being met - CORRECT ANSWER-false
the US government generally defines small businesses as firms with fewer than
250 employees - CORRECT ANSWER-false
research has shown that the highest Total Entrepreneurship Activity rates exist
for people that are 18-34 year old - CORRECT ANSWER-true
the cycle of act - learn - build encourages entrepreneurs to take small actions in
order to learn and build that learning into the next action - CORRECT ANSWER-
true
necessity based entrepreneurs are people who start businesses because they
have a deep seated need or passion to create something new and express
through a vision to create their business - CORRECT ANSWER-false
social entrepreneurship is defined as the process of innovating new social media
business opportunities - CORRECT ANSWER-false
corporate entrepreneurship focuses on buying smaller businesses and then
incorporating their products and services into the corporation's business model -
CORRECT ANSWER-false
nascent entrepreneurs are people whose personality matches the personality
profile of successful entrepreneurs so that they have a natural aptitude for being
an entrepreneur - CORRECT ANSWER-false
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, BRAINSCAPE1
according to the text, which of the following is NOT a condition required for small
and medium businesses to flourish in a country - CORRECT ANSWER-large
population size
Team CHIPS, after having won the CMU New Venture Competition go on Shark
Tank and ask for $100,00 for 25% Equity in their company. How much are they
suggesting their company is worth - CORRECT ANSWER-$400,000
according to birch's bestiary, which animal represents a business establishment
with at least 20% sales growth every year starting with a base of at least $100,000
- CORRECT ANSWER-gazelles
the global entrepreneurship monitor defines total entrepreneurial activity as the
percentage of the population of each country who are either - CORRECT
ANSWER-a nascent entrepreneur or owner-manager of a new business
which of the following is a pathway to entrepreneurship that we discussed in
class? - CORRECT ANSWER-start and build new business
inherent business
secure franchise rights
buy an existing business
individuals who have set up a business they will own or co-own which is less
than three months old, and has not yet generated wages or salaries for the
owners are known as - CORRECT ANSWER-nascent entrepreneurs
Tony is a manager a company that builds solar panels. in his position as a
manager, tony used the feedback from his team members to as the basis of a
plan for the company to start installing the solar panels, as well, in order to
enhance the company's competitive position and profitability. Tony is an example
of... - CORRECT ANSWER-a corporate entrepreneur
friends show up unexpectedly to your house and are hungry. you go through
your kitchen cupboards to see what ingredients you can throw together to
prepare a satisfactory meal. this is an example of - CORRECT ANSWER-creating
logic and described in the effectuation model of entrepreneurship
the... is the planning tool that includes 9 boxes presented in poster or graphic
figure - CORRECT ANSWER-the business model canvas
TRIM stands for - CORRECT ANSWER-team, resources, idea, market
corporate entrepreneurs have long approval cycles, where startups may make
quick decisions - CORRECT ANSWER-true
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, BRAINSCAPE1
the small business administration defines a small business as a business with
less than 500 employees or $7.5 million in gross annual sales - CORRECT
ANSWER-true
novice entrepreneurship is a process whereby an individual or a group of
individuals, in association with an existing organization, creates a new
organization or instigates renewal or innovation within the organization -
CORRECT ANSWER-false
recommendations for family business advisory boards suggests that the advisory
board should include family members, non-family members, and external
specialists - CORRECT ANSWER-true
in the US, micro businesses are defined as ss with 20 or fewer employees with
start capital requirements of less than $50,000 - CORRECT ANSWER-false
service based business start-ups have average gross margins that are more than
50 percent higher than product based business start-ups - CORRECT ANSWER-
true
human resource policies for "selected rotation" has been shown to be a mail
roadblock impeding corporate innovation and entrepreneurship - CORRECT
ANSWER-false
you can be a serial entrepreneur and a nascent entrepreneur at the same time -
CORRECT ANSWER-true
the first step in designing for manufacturing is to research technologies,
suppliers, and manufacturers that you might use when producing your product -
CORRECT ANSWER-false
creative arts entrepreneurs are concerned first and foremost with the creation
and exploitation of creative or intellectual capital and this makes them different
from other types of entrepreneurs - CORRECT ANSWER-true
which of the following is not a stage in the inclusive entrepreneurship process -
CORRECT ANSWER-novice entrepreneur
which of the following is the MOST COMMON cause of Hardware startup failures -
CORRECT ANSWER-lack of consumer demand
what percentage of the US workforce do family-owned businesses employ? -
CORRECT ANSWER-60%
if someone works for a construction business during the week and has their own
construction business in another city during the weekends, the person is... -
CORRECT ANSWER-moonlighting
BRAINSCAPE1
ENT 200 Final Exam with complete
solutions latest version
a business model canvas is the visual representation of the businesses core
components - CORRECT ANSWER-true
Michael gerber describes the need to balance three different personalities to run
a successful business: The personalities are the technician, entrepreneur, and
the visionary - CORRECT ANSWER-false
the first step in the effectuation process is to identify a customer need that is not
being met - CORRECT ANSWER-false
the US government generally defines small businesses as firms with fewer than
250 employees - CORRECT ANSWER-false
research has shown that the highest Total Entrepreneurship Activity rates exist
for people that are 18-34 year old - CORRECT ANSWER-true
the cycle of act - learn - build encourages entrepreneurs to take small actions in
order to learn and build that learning into the next action - CORRECT ANSWER-
true
necessity based entrepreneurs are people who start businesses because they
have a deep seated need or passion to create something new and express
through a vision to create their business - CORRECT ANSWER-false
social entrepreneurship is defined as the process of innovating new social media
business opportunities - CORRECT ANSWER-false
corporate entrepreneurship focuses on buying smaller businesses and then
incorporating their products and services into the corporation's business model -
CORRECT ANSWER-false
nascent entrepreneurs are people whose personality matches the personality
profile of successful entrepreneurs so that they have a natural aptitude for being
an entrepreneur - CORRECT ANSWER-false
BRAINSCAPE1
, BRAINSCAPE1
according to the text, which of the following is NOT a condition required for small
and medium businesses to flourish in a country - CORRECT ANSWER-large
population size
Team CHIPS, after having won the CMU New Venture Competition go on Shark
Tank and ask for $100,00 for 25% Equity in their company. How much are they
suggesting their company is worth - CORRECT ANSWER-$400,000
according to birch's bestiary, which animal represents a business establishment
with at least 20% sales growth every year starting with a base of at least $100,000
- CORRECT ANSWER-gazelles
the global entrepreneurship monitor defines total entrepreneurial activity as the
percentage of the population of each country who are either - CORRECT
ANSWER-a nascent entrepreneur or owner-manager of a new business
which of the following is a pathway to entrepreneurship that we discussed in
class? - CORRECT ANSWER-start and build new business
inherent business
secure franchise rights
buy an existing business
individuals who have set up a business they will own or co-own which is less
than three months old, and has not yet generated wages or salaries for the
owners are known as - CORRECT ANSWER-nascent entrepreneurs
Tony is a manager a company that builds solar panels. in his position as a
manager, tony used the feedback from his team members to as the basis of a
plan for the company to start installing the solar panels, as well, in order to
enhance the company's competitive position and profitability. Tony is an example
of... - CORRECT ANSWER-a corporate entrepreneur
friends show up unexpectedly to your house and are hungry. you go through
your kitchen cupboards to see what ingredients you can throw together to
prepare a satisfactory meal. this is an example of - CORRECT ANSWER-creating
logic and described in the effectuation model of entrepreneurship
the... is the planning tool that includes 9 boxes presented in poster or graphic
figure - CORRECT ANSWER-the business model canvas
TRIM stands for - CORRECT ANSWER-team, resources, idea, market
corporate entrepreneurs have long approval cycles, where startups may make
quick decisions - CORRECT ANSWER-true
BRAINSCAPE1
, BRAINSCAPE1
the small business administration defines a small business as a business with
less than 500 employees or $7.5 million in gross annual sales - CORRECT
ANSWER-true
novice entrepreneurship is a process whereby an individual or a group of
individuals, in association with an existing organization, creates a new
organization or instigates renewal or innovation within the organization -
CORRECT ANSWER-false
recommendations for family business advisory boards suggests that the advisory
board should include family members, non-family members, and external
specialists - CORRECT ANSWER-true
in the US, micro businesses are defined as ss with 20 or fewer employees with
start capital requirements of less than $50,000 - CORRECT ANSWER-false
service based business start-ups have average gross margins that are more than
50 percent higher than product based business start-ups - CORRECT ANSWER-
true
human resource policies for "selected rotation" has been shown to be a mail
roadblock impeding corporate innovation and entrepreneurship - CORRECT
ANSWER-false
you can be a serial entrepreneur and a nascent entrepreneur at the same time -
CORRECT ANSWER-true
the first step in designing for manufacturing is to research technologies,
suppliers, and manufacturers that you might use when producing your product -
CORRECT ANSWER-false
creative arts entrepreneurs are concerned first and foremost with the creation
and exploitation of creative or intellectual capital and this makes them different
from other types of entrepreneurs - CORRECT ANSWER-true
which of the following is not a stage in the inclusive entrepreneurship process -
CORRECT ANSWER-novice entrepreneur
which of the following is the MOST COMMON cause of Hardware startup failures -
CORRECT ANSWER-lack of consumer demand
what percentage of the US workforce do family-owned businesses employ? -
CORRECT ANSWER-60%
if someone works for a construction business during the week and has their own
construction business in another city during the weekends, the person is... -
CORRECT ANSWER-moonlighting
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