FBLA Entrepreneurship - Exam Questions and Answers Latest Update 2025 Already Passed
better widget strategies - Answers innovation that encompasses new or existing markets
corridor principle - Answers states that with every venture launched, new and unintended opportunities
arise
displacement school of thought - Answers alienation drives entrepreneurial pursuits (political
displacement, cultural displacement, economic displacement)
dynamic states approach - Answers stresses dependency of venture on environment and the interaction
of:
-the dominant logic of the firm
-the business model
-value creation
entrepreneurial management - Answers the discipline of entrepreneurial management:
-based upon the same principles no matter who or what the entrepreneur is
entrepreneurial revolution - Answers -symbol of business tenacity and achievement
-entrepreneurs are the pioneers of today's business successes
entrepreneurial trait school of thought - Answers focuses on identifying traits common to successful
entrepreneurs (achievement, creativity, determination, and technical knowledge)
environmental school of thought - Answers school of thought that focuses on the external factors and
forces- values, morals, institutions- that surround a potential entrepreneur's lifestyle
external locus of control - Answers point of view in which external processes are sometimes beyond the
control of the entrepreneur
financial/capital school of thought - Answers school of thought that focuses on the ways entrepreneurs
seek seed capital and growth funds
gazelle - Answers a business establishment with at least 20% salesgrowth in each year for five years,
starting with a base of at least $100,000 in annual sales
-produce 2x as many product innovations per employee as larger firms
-obtain more patents per sales dollar than larger firms
great chef strategies - Answers skills or special talents of one or more individuals around whom a
venture is built
,internal locus of control - Answers viewpoint where the potential entrepreneur has the ability or control
to direct or adjust the outcome of each major influence
macro view of entrepreneurship - Answers broad array of factors that relate to success or failure in
contemporary entrepreneurial ventures
micro view of entrepreneurship - Answers examines the factors specific to entrepreneurship and part of
the internal locus of control
mountain gap strategies - Answers identifying major market segments as well as in between markets
that arise from larger markets
strategic formulation school of thought - Answers emphasizes the planning process in successful
venture development
venture opportunity school of thought - Answers focuses on the opportunity aspect of venture
development—the search for idea sources, the
development of concepts, and the implementation of venture opportunities
water well strategies - Answers the ability to gather special resources (land, labor, capital, raw materials)
over long term
career risk - Answers whether an entrepreneur will be able to find a job or go back to an old job if a
venture fails
code of conduct - Answers statement of ethical practices or guidelines to which an enterprise adheres
entrepreneurial behavior - Answers entrepreneur's decision to initiate the new venture formation
process
entrepreneurial experience - Answers the knowledge that people use to make assessments, judgments,
or decisions involving opportunity evaluation, venture creation, and growth
entrepreneurial mind-set - Answers all of the characteristics and elements that compose the
entrepreneurial potential in every individual
entrepreneurial motivation - Answers the willingness of an entrepreneur to sustain his or her
entrepreneurial venture
entrepreneurial persistence - Answers an entrepreneur's choice to continue with an entrepreneurial
opportunity regardless of counter influences or other enticing alternatives
ethics - Answers a set of principles prescribing a behavioral code that explains what is good and right or
bad and wrong
, family and social risk - Answers starting a new venture uses much of the entrepreneur's energy and
time. entrepreneurs with families expose them to the risks of an incomplete family experience and the
possibility of permanent emotional scars. friends may also vanish slowly
financial risk - Answers money or resources at stake for a new venture
grief recovery - Answers involves focusing on the particular loss to construct an account that explains
why the loss occurred
psychic risk - Answers the great psychological impact on and the well-being of the entrepreneur who
creates a new venture
rationalizations - Answers what managers use to justify the questionable conduct
risk - Answers involves uncertain outcomes/events. the higher the reward, the greater the risk
entrepreneurs usually face
role assertion - Answers unethical acts involving managers/entrepreneurs who represent the firm and
who rationalize that they are in a position to help the firm's long-run interests
role distortion - Answers unethical acts committed on the basis that they are "for the firm" even though
they are not, and involving managers/entrepreneurs who commit individual acts and rationalize that
they are in the firm's long-run interests
role failure - Answers unethical acts against the firm involving a person failing to perform his or her
managerial role, including superficial performance appraisals and not confronting someone who is
cheating one expense accounts
stress - Answers function of discrepancies between a person's expectations and ability to meet
demands, as well as discrepancies between the individual's expectations and personality. if a person is
unable to fulfill role demands then this occurs
collective entrepreneurship - Answers entrepreneurial thinking that is diffused throughout the company
corporate entrepreneurship - Answers process used to develop new businesses, products, services or
processes inside of an existing organization to create value and generate new revenue growth through
entrepreneurial thought and action
Corporate Entrepreneurship Assessment Instrument (CEAI) - Answers an instrument that attempts to
measure the effectiveness of the key internal organizational factors, or climate, that influence innovative
activities and behaviors
corporate venturing - Answers the investment of corporate funds directly in external startup companies
incremental innovation - Answers a series of small improvements or upgrades made to a company's
existing products, services, processes or methods; usually focused on improving an existing product's
development efficiency, productivity and competitive differentiation
better widget strategies - Answers innovation that encompasses new or existing markets
corridor principle - Answers states that with every venture launched, new and unintended opportunities
arise
displacement school of thought - Answers alienation drives entrepreneurial pursuits (political
displacement, cultural displacement, economic displacement)
dynamic states approach - Answers stresses dependency of venture on environment and the interaction
of:
-the dominant logic of the firm
-the business model
-value creation
entrepreneurial management - Answers the discipline of entrepreneurial management:
-based upon the same principles no matter who or what the entrepreneur is
entrepreneurial revolution - Answers -symbol of business tenacity and achievement
-entrepreneurs are the pioneers of today's business successes
entrepreneurial trait school of thought - Answers focuses on identifying traits common to successful
entrepreneurs (achievement, creativity, determination, and technical knowledge)
environmental school of thought - Answers school of thought that focuses on the external factors and
forces- values, morals, institutions- that surround a potential entrepreneur's lifestyle
external locus of control - Answers point of view in which external processes are sometimes beyond the
control of the entrepreneur
financial/capital school of thought - Answers school of thought that focuses on the ways entrepreneurs
seek seed capital and growth funds
gazelle - Answers a business establishment with at least 20% salesgrowth in each year for five years,
starting with a base of at least $100,000 in annual sales
-produce 2x as many product innovations per employee as larger firms
-obtain more patents per sales dollar than larger firms
great chef strategies - Answers skills or special talents of one or more individuals around whom a
venture is built
,internal locus of control - Answers viewpoint where the potential entrepreneur has the ability or control
to direct or adjust the outcome of each major influence
macro view of entrepreneurship - Answers broad array of factors that relate to success or failure in
contemporary entrepreneurial ventures
micro view of entrepreneurship - Answers examines the factors specific to entrepreneurship and part of
the internal locus of control
mountain gap strategies - Answers identifying major market segments as well as in between markets
that arise from larger markets
strategic formulation school of thought - Answers emphasizes the planning process in successful
venture development
venture opportunity school of thought - Answers focuses on the opportunity aspect of venture
development—the search for idea sources, the
development of concepts, and the implementation of venture opportunities
water well strategies - Answers the ability to gather special resources (land, labor, capital, raw materials)
over long term
career risk - Answers whether an entrepreneur will be able to find a job or go back to an old job if a
venture fails
code of conduct - Answers statement of ethical practices or guidelines to which an enterprise adheres
entrepreneurial behavior - Answers entrepreneur's decision to initiate the new venture formation
process
entrepreneurial experience - Answers the knowledge that people use to make assessments, judgments,
or decisions involving opportunity evaluation, venture creation, and growth
entrepreneurial mind-set - Answers all of the characteristics and elements that compose the
entrepreneurial potential in every individual
entrepreneurial motivation - Answers the willingness of an entrepreneur to sustain his or her
entrepreneurial venture
entrepreneurial persistence - Answers an entrepreneur's choice to continue with an entrepreneurial
opportunity regardless of counter influences or other enticing alternatives
ethics - Answers a set of principles prescribing a behavioral code that explains what is good and right or
bad and wrong
, family and social risk - Answers starting a new venture uses much of the entrepreneur's energy and
time. entrepreneurs with families expose them to the risks of an incomplete family experience and the
possibility of permanent emotional scars. friends may also vanish slowly
financial risk - Answers money or resources at stake for a new venture
grief recovery - Answers involves focusing on the particular loss to construct an account that explains
why the loss occurred
psychic risk - Answers the great psychological impact on and the well-being of the entrepreneur who
creates a new venture
rationalizations - Answers what managers use to justify the questionable conduct
risk - Answers involves uncertain outcomes/events. the higher the reward, the greater the risk
entrepreneurs usually face
role assertion - Answers unethical acts involving managers/entrepreneurs who represent the firm and
who rationalize that they are in a position to help the firm's long-run interests
role distortion - Answers unethical acts committed on the basis that they are "for the firm" even though
they are not, and involving managers/entrepreneurs who commit individual acts and rationalize that
they are in the firm's long-run interests
role failure - Answers unethical acts against the firm involving a person failing to perform his or her
managerial role, including superficial performance appraisals and not confronting someone who is
cheating one expense accounts
stress - Answers function of discrepancies between a person's expectations and ability to meet
demands, as well as discrepancies between the individual's expectations and personality. if a person is
unable to fulfill role demands then this occurs
collective entrepreneurship - Answers entrepreneurial thinking that is diffused throughout the company
corporate entrepreneurship - Answers process used to develop new businesses, products, services or
processes inside of an existing organization to create value and generate new revenue growth through
entrepreneurial thought and action
Corporate Entrepreneurship Assessment Instrument (CEAI) - Answers an instrument that attempts to
measure the effectiveness of the key internal organizational factors, or climate, that influence innovative
activities and behaviors
corporate venturing - Answers the investment of corporate funds directly in external startup companies
incremental innovation - Answers a series of small improvements or upgrades made to a company's
existing products, services, processes or methods; usually focused on improving an existing product's
development efficiency, productivity and competitive differentiation
