ET 340 Midterm Exam Questions with Correct Answers

ET 340 Midterm Exam Questions with Correct Answers ______ are small, short-term loans often associated with entrepreneurs in developing countries - Answer-Microloans This is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences. - AnswerEntrepreneurship The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Elon Musk (Tesla), and Travis Kalanick (Uber). According to the text, these stories: - Answer-are inspirational but they do little to represent the reality of entrepreneurship. Successful entrepreneurs tend to follow this approach to collaboration: - Answer-They collaborate with both potential customers and competitors Research revealed what percentage of Inc. 500 wrote formal business plans prior to launching their companies? - Answer-Less than 50% The risk component for entrepreneurs______. - Answer-can be managed with the cycle of act-learn-build According to the text, which of the following is the least important when launching a company? - Answer-Creating a business plan A launching pad for creativity and innovation, the ______ provided people with the right to private property, access to a banking system, and protection in the form of patent laws. - Answer-US Constitution (T/F) Millennials are considered to be the most educated generation, and the most exposed to entrepreneurship education. - Answer-True (T/F) Microloans are loans given to individuals in niche markets. - Answer-False (T/F) Bill Gates was an overnight success because it took only three months to become a success. - Answer-False (T/F) Scientific evidence has proven that a specific set of traits distinguishes entrepreneurs from non-entrepreneurs. - Answer-False (T/F) According to the authors, entrepreneurship is best taught as a linear process that will lead to a specific destination. - Answer-False (T/F) Entrepreneurs are traditionally extreme risk-takers. - Answer-False (T/F) Risk cannot be averted by an entrepreneur's activity or attitude. - Answer-False (T/F) The cycle of act-learn-build encourages entrepreneurs to take small actions in order to learn and build that learning into the next action. - Answer-True (T/F) Entrepreneurship is a life skill. - Answer-True The older view to approaching entrepreneurship as a linear process (i.e. the steps are followed and the outcomes can be expected) is known as: - Answer-predictive logic Entrepreneurs who determine their goals based on the resources they have are using ______. - Answer-creation logic Planning for the catering at an event by sending out invitations and asking for RSVPs by a certain date is an example of ______. - Answer-predictive logic 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: - Answer-creation logic What is the dominant logic of large, established organizations? - Answer-prediction According to the text, what is/are the main obstacle(s) that prevents many novice entrepreneurs from employing the prediction approach to large endeavors, such as opening a new restaurant? - Answer-expense and time-commitment What skill is best described as acting in order to learn—trying something, learning from the attempt and building that learning into the next iteration? - Answer-skill of experimentation What skill best describes developing the ability to understand the emotion, circumstances, intentions, thoughts, and needs of others? - Answer-skill of empathy