Entr 421 midterm || All Accurately Answered.
Entrepreneurial Motivation correct answers personal reasons, economic reasons
What is entrepreneurship? correct answers An act of innovation, creating something of value
from nothing, the creation of a new enterprise, the creation of new organizations
There are many different definitions of entrepreneurship. Which characteristics do they all
mention? correct answers Creativity
What is creative destruction? correct answers Entrepreneurship moves market away from the
equilibrium
What is entrepreneurial discovery? correct answers Entrepreneurship moves market towards the
equilibrium
What is the Schumpeterian view of entrepreneurship? correct answers individual entrepreneurs
are the central actors for economic development. Through the process of creative destruction,
independent entrepreneurs create new economic combinations that enhance productivity growth
and raise living standards. Entrepreneurial profits result from organizing "the relationship
between factors of production and market opportunities in ways that create value that would not
otherwise have been generated". Individuals are less likely to create new combinations that
generate surplus value if they are agents in professionally managed organizations than if they are
independent entrepreneurs.
What is the definition of entrepreneurship? correct answers "The process of creating or seizing
an opportunity in order to create new value out of the given resources".
What do entrepreneurs do? correct answers seize opportunities, marshal resources, commit
incessant energy to their venture, possess a growth orientation, add value to the customers, build
an organization
, What is invention? correct answers A novel device, method, product, process or technique. The
creation of a new technical idea and the physical means to accomplish or embody the idea. The
creation of a product or introduction of a process for the first time.
What is innovation? correct answers The process that translates knowledge into economic
growth and social well-being. It addresses and satisfies a specific market need. Brings the
invention idea to the market.
Which of the following is NOT an innovation by itself? a. Wheel b. Ford Mustang c. Assembly
line production process d. PayPal correct answers Wheel
Are all entrepreneurs young? correct answers The distribution of entrepreneurship is independent
of age. Median = 39
Are all entrepreneurs already rich before becoming entrepreneurs? correct answers Less than 1%
come from extremely rich or extremely poor family backgrounds.
Are all entrepreneurs college dropouts? correct answers 95% of entrepreneurs had earned their
bachelor's degrees, 47% had more advanced degrees.
Is entrepreneurship gender biased? correct answers The share of men owned firms in total
entrepreneurial activity is 66%.
Which one of the following myths about entrepreneurs is often true? a. Entrepreneurs are young.
b. Entrepreneurs are college dropouts. c. Entrepreneurs were already rich before becoming
entrepreneurs. d. None of the above correct answers None of the above
What are some invention examples? correct answers The secret coco-cola formula, Bluetooth,
MP3 music format
Entrepreneurial Motivation correct answers personal reasons, economic reasons
What is entrepreneurship? correct answers An act of innovation, creating something of value
from nothing, the creation of a new enterprise, the creation of new organizations
There are many different definitions of entrepreneurship. Which characteristics do they all
mention? correct answers Creativity
What is creative destruction? correct answers Entrepreneurship moves market away from the
equilibrium
What is entrepreneurial discovery? correct answers Entrepreneurship moves market towards the
equilibrium
What is the Schumpeterian view of entrepreneurship? correct answers individual entrepreneurs
are the central actors for economic development. Through the process of creative destruction,
independent entrepreneurs create new economic combinations that enhance productivity growth
and raise living standards. Entrepreneurial profits result from organizing "the relationship
between factors of production and market opportunities in ways that create value that would not
otherwise have been generated". Individuals are less likely to create new combinations that
generate surplus value if they are agents in professionally managed organizations than if they are
independent entrepreneurs.
What is the definition of entrepreneurship? correct answers "The process of creating or seizing
an opportunity in order to create new value out of the given resources".
What do entrepreneurs do? correct answers seize opportunities, marshal resources, commit
incessant energy to their venture, possess a growth orientation, add value to the customers, build
an organization
, What is invention? correct answers A novel device, method, product, process or technique. The
creation of a new technical idea and the physical means to accomplish or embody the idea. The
creation of a product or introduction of a process for the first time.
What is innovation? correct answers The process that translates knowledge into economic
growth and social well-being. It addresses and satisfies a specific market need. Brings the
invention idea to the market.
Which of the following is NOT an innovation by itself? a. Wheel b. Ford Mustang c. Assembly
line production process d. PayPal correct answers Wheel
Are all entrepreneurs young? correct answers The distribution of entrepreneurship is independent
of age. Median = 39
Are all entrepreneurs already rich before becoming entrepreneurs? correct answers Less than 1%
come from extremely rich or extremely poor family backgrounds.
Are all entrepreneurs college dropouts? correct answers 95% of entrepreneurs had earned their
bachelor's degrees, 47% had more advanced degrees.
Is entrepreneurship gender biased? correct answers The share of men owned firms in total
entrepreneurial activity is 66%.
Which one of the following myths about entrepreneurs is often true? a. Entrepreneurs are young.
b. Entrepreneurs are college dropouts. c. Entrepreneurs were already rich before becoming
entrepreneurs. d. None of the above correct answers None of the above
What are some invention examples? correct answers The secret coco-cola formula, Bluetooth,
MP3 music format
