SECTION I. THE CHALLENGE OF ENTREPRENEURSHIP
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Chapter 1 The Foundations of Entrepreneurship
Multiple Choice Questions
1. One of the most significant economic developments in recent business history
relates to the:
a. growth of blue-chip corporations.
b. development of Pacific Rim countries.
c. entrepreneurial spirit.
d. additional employment opportunities offered by government institutions.
c. – Easy, Page 2
2. An entrepreneur is one who:
a. is willing to attempt to implement a business concept and then give up if it
does not meet immediate expectations.
b. understands the process of developing an idea and does not need to
understand what it means to bring that idea to a viable business concept.
c. knows that the concept they are about to develop will result a profitable
business.
d. creates a new business concept for the purpose of achieving profit and
growth by assembling the necessary resources to capitalize on identified
opportunities.
d. – Easy, Page 5
,3. All of the following are characteristics of the typical entrepreneur except:
a. confidence in his/her ability to succeed.
b. value of money over achievement.
c. desire for immediate feedback.
d. a future orientation.
b. – Easy, Pages 5-6
4. Entrepreneurs are characterized by:
a. skill at organizing.
b. desire for immediate feedback.
c. high energy levels.
d. all of the above.
d. – Easy, Pages 5-7
5. Entrepreneurs who repeatedly start businesses and grow to a sustainable size
before striking out again are known as _______________ entrepreneurs.
a. opportunistic
b. persistent
c. serial
d. classic
c. – Easy, Page 7
,6. Entrepreneurs typically possess:
a. the ability to easily access capital.
a. a set of unique skills that is usually accompanied by advanced degrees in
several areas.
b. a high level of commitment, have a tolerance for ambiguity, are flexible and
tenacious.
d. specialized technical abilities
c. – Medium, Pages 7-8
7. In addition to the opportunity to create their own destiny and enjoy what they
do, entrepreneurs also benefit from the ability to:
a. earn tremendous wealth without risk and uncertainty.
b. make a difference in an area important to them and be recognized for those
efforts.
c. create wealth without providing true value.
d. exploit the opportunities that the free enterprise system offers.
b. – Medium, Pages 8-9
8. In a large organization, an individual may be stifled and limited by a wide
variety of factors. However, by owning one's own business, the only limits are
one's own creativity, talent, and determination. In this sense, small business
ownership offers the advantage of the:
a. opportunity to reach one's full potential.
b. opportunity to reap unlimited profits.
, c. chance to learn from others' mistakes.
d. ability to accumulate certain wealth.
a. – Medium, Page 9
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Chapter 1 The Foundations of Entrepreneurship
Multiple Choice Questions
1. One of the most significant economic developments in recent business history
relates to the:
a. growth of blue-chip corporations.
b. development of Pacific Rim countries.
c. entrepreneurial spirit.
d. additional employment opportunities offered by government institutions.
c. – Easy, Page 2
2. An entrepreneur is one who:
a. is willing to attempt to implement a business concept and then give up if it
does not meet immediate expectations.
b. understands the process of developing an idea and does not need to
understand what it means to bring that idea to a viable business concept.
c. knows that the concept they are about to develop will result a profitable
business.
d. creates a new business concept for the purpose of achieving profit and
growth by assembling the necessary resources to capitalize on identified
opportunities.
d. – Easy, Page 5
,3. All of the following are characteristics of the typical entrepreneur except:
a. confidence in his/her ability to succeed.
b. value of money over achievement.
c. desire for immediate feedback.
d. a future orientation.
b. – Easy, Pages 5-6
4. Entrepreneurs are characterized by:
a. skill at organizing.
b. desire for immediate feedback.
c. high energy levels.
d. all of the above.
d. – Easy, Pages 5-7
5. Entrepreneurs who repeatedly start businesses and grow to a sustainable size
before striking out again are known as _______________ entrepreneurs.
a. opportunistic
b. persistent
c. serial
d. classic
c. – Easy, Page 7
,6. Entrepreneurs typically possess:
a. the ability to easily access capital.
a. a set of unique skills that is usually accompanied by advanced degrees in
several areas.
b. a high level of commitment, have a tolerance for ambiguity, are flexible and
tenacious.
d. specialized technical abilities
c. – Medium, Pages 7-8
7. In addition to the opportunity to create their own destiny and enjoy what they
do, entrepreneurs also benefit from the ability to:
a. earn tremendous wealth without risk and uncertainty.
b. make a difference in an area important to them and be recognized for those
efforts.
c. create wealth without providing true value.
d. exploit the opportunities that the free enterprise system offers.
b. – Medium, Pages 8-9
8. In a large organization, an individual may be stifled and limited by a wide
variety of factors. However, by owning one's own business, the only limits are
one's own creativity, talent, and determination. In this sense, small business
ownership offers the advantage of the:
a. opportunity to reach one's full potential.
b. opportunity to reap unlimited profits.
, c. chance to learn from others' mistakes.
d. ability to accumulate certain wealth.
a. – Medium, Page 9
