ENTR 321 EXAM 1- 2 QUESTIONS AND VERIFIED
ANSWERS
The macro view can be broken down into which three areas? - Answers -
environmental, financial, displacement
The word entrepreneur is derived from the French entreprendre, which is translated as -
Answers - to undertake
Which of the following statements is true?
a. Entrepreneurship has nothing to do with creating incremental wealth.
b. Entrepreneurship is simply obtaining financing and starting a business.
c. Entrepreneurship is the ability to create and build a vision from practically nothing.
d. Entrepreneurship is pure luck. - Answers - Entrepreneurship is the ability to create
and build a vision from practically nothing.
The macro view of entrepreneurship presents factors exhibiting a strong - Answers -
external locus of control
Entrepreneurs always start their business at a young age. - Answers - false
The displacement school of thought can be divided into which three groups? - Answers
- economic, cultural, political
Entrepreneurs are high risk takers. - Answers - false
The statement, "with every new venture launched, new and unintended opportunities
often arise," would be associated with: - Answers - the corridor principle
Throughout the years, many myths have arisen about entrepreneurship as a result of? -
Answers - lack of research about entrepreneurship
During the past ten years, new business incorporations averaged nearly 600,000 per
year. - Answers - true
The process approach to entrepreneurship seeks to - Answers - model the various
factors that characterize the entreprenuial process
The "corridor principle" is best described by which of the following statements? -
Answers - With every new venture launched, new and unintended opportunities arise.
, Which of the following is not a common myth about entrepreneurs?
a. Entrepreneurs are academic and social misfits.
b. Entrepreneurs today are considered heroes.
c. All you need is money to be an entrepreneur.
d. Entrepreneurs are doers, not thinkers. - Answers - Entrepreneurs today are
considered heroes.
Entrepreneurs and gazelles have been credited with making disproportionate
contributions to all but which of the following?
a. economic renewal
b. job creation
c. unemployment
d. innovation - Answers - unemployment
The "corridor principle" states that entrepreneurs often get stuck on one idea. - Answers
- false
Mountain gap strategies refer to: - Answers - unique markets
The macro view of entrepreneurship includes external processes that are sometimes
beyond the control of the entrepreneur. - Answers - true
Which of the following statements best describes a "gazelle?" - Answers - a business
with at least 20 percent growth every year
The micro view is divided into which three theories? - Answers - venture opportunity
theory, entrepreneurial, strategic
Michael Gerber, the author of The E-Myth, explains that the failure of most small
businesses is due to - Answers - owners being more technical rather than
entrepreneurial
The entrepreneurial ego can cause the entrepreneur to - Answers - take characteristics
that usually lead to success to the extreme.
A __________ is a statement of ethical practices or guidelines to which an enterprise
adheres. - Answers - code of conduct
Areas of risk to the entrepreneur include - Answers - career family psychic
Every person has the _____ and _____ to pursue a career as an entrepreneur. -
Answers - potential and free choice
ANSWERS
The macro view can be broken down into which three areas? - Answers -
environmental, financial, displacement
The word entrepreneur is derived from the French entreprendre, which is translated as -
Answers - to undertake
Which of the following statements is true?
a. Entrepreneurship has nothing to do with creating incremental wealth.
b. Entrepreneurship is simply obtaining financing and starting a business.
c. Entrepreneurship is the ability to create and build a vision from practically nothing.
d. Entrepreneurship is pure luck. - Answers - Entrepreneurship is the ability to create
and build a vision from practically nothing.
The macro view of entrepreneurship presents factors exhibiting a strong - Answers -
external locus of control
Entrepreneurs always start their business at a young age. - Answers - false
The displacement school of thought can be divided into which three groups? - Answers
- economic, cultural, political
Entrepreneurs are high risk takers. - Answers - false
The statement, "with every new venture launched, new and unintended opportunities
often arise," would be associated with: - Answers - the corridor principle
Throughout the years, many myths have arisen about entrepreneurship as a result of? -
Answers - lack of research about entrepreneurship
During the past ten years, new business incorporations averaged nearly 600,000 per
year. - Answers - true
The process approach to entrepreneurship seeks to - Answers - model the various
factors that characterize the entreprenuial process
The "corridor principle" is best described by which of the following statements? -
Answers - With every new venture launched, new and unintended opportunities arise.
, Which of the following is not a common myth about entrepreneurs?
a. Entrepreneurs are academic and social misfits.
b. Entrepreneurs today are considered heroes.
c. All you need is money to be an entrepreneur.
d. Entrepreneurs are doers, not thinkers. - Answers - Entrepreneurs today are
considered heroes.
Entrepreneurs and gazelles have been credited with making disproportionate
contributions to all but which of the following?
a. economic renewal
b. job creation
c. unemployment
d. innovation - Answers - unemployment
The "corridor principle" states that entrepreneurs often get stuck on one idea. - Answers
- false
Mountain gap strategies refer to: - Answers - unique markets
The macro view of entrepreneurship includes external processes that are sometimes
beyond the control of the entrepreneur. - Answers - true
Which of the following statements best describes a "gazelle?" - Answers - a business
with at least 20 percent growth every year
The micro view is divided into which three theories? - Answers - venture opportunity
theory, entrepreneurial, strategic
Michael Gerber, the author of The E-Myth, explains that the failure of most small
businesses is due to - Answers - owners being more technical rather than
entrepreneurial
The entrepreneurial ego can cause the entrepreneur to - Answers - take characteristics
that usually lead to success to the extreme.
A __________ is a statement of ethical practices or guidelines to which an enterprise
adheres. - Answers - code of conduct
Areas of risk to the entrepreneur include - Answers - career family psychic
Every person has the _____ and _____ to pursue a career as an entrepreneur. -
Answers - potential and free choice
