ENTR 3310 exam 1 CH 1-4 || Guaranteed Pass.
Entrepreneurs Inside correct answers The types of entrepreneurs who think and act
entrepreneurially within organizations
Entrepreneurship correct answers A discipline that seeks to understand how opportunities are
discovered, created, and exploited, by whom, and with what consequences
Established Business Owners correct answers The people who are still active in business for over
three and a half years
Family Enterprise correct answers A business that is owned and managed by multiple family
members, typically for more than one generation
Franchise correct answers A type of license purchased by a franchisee from an existing business,
to allow them to trade under the name of that business
Microloan correct answers A very small, short-term loan often associated with entrepreneurs in
developing countries
Nascent Entrepreneurs correct answers Individuals who have set up a business they will own or
co-own that is less than three months old and has not yet generated wages or salaries for the
owners
Necessity-Based Entrepreneurs correct answers Individuals who are pushed into starting a
business because of circumstance such as redundancy, threat of job loss, and unemployment
New Business Owners correct answers Individuals who are former nascent entrepreneurs and
have been actively involved in a business for over three months but less than three and a half
years
, Opportunity-Based Entrepreneurs correct answers Individuals who make a decision to start their
own businesses based on their ability to create or exploit an opportunity, and whose main driver
for getting involved in the venture is being independent or increasing their income, rather than
merely maintaining their income
Potential Entrepreneurs correct answers Individuals who believe they have the capacity and
know-how to start a business without being burdened by the fear of failure
Royalties correct answers A share of the proceeds of a business from one party to another
Serial Entrepreneurs (or Habitual Entrepreneurs) correct answers The type of entrepreneurs who
start several businesses, whether simultaneously or one after the other
Social Entrepreneurship correct answers The process of sourcing innovative solutions
Entrepreneur correct answers An individual or a group who creates something new—―a new
idea, a new item or product, a new institution, a new market, a new set of possibilities
Benefit Corporation (or B-Corp) correct answers A form of organization certified by the
nonprofit BLab that ensures strict standards of social and environmental performance,
accountability, and transparency are met
Total Entrepreneurial Activity (TEA) correct answers The percentage of the population of each
country between the ages of 18 and 64, who are either a nascent entrepreneur or owner- manager
of a new business
Effectuation correct answers The future is unpredicatble yet controllable
Creation Logic correct answers A form of thinking that is used when the future is unpredictable
Entrepreneurs Inside correct answers The types of entrepreneurs who think and act
entrepreneurially within organizations
Entrepreneurship correct answers A discipline that seeks to understand how opportunities are
discovered, created, and exploited, by whom, and with what consequences
Established Business Owners correct answers The people who are still active in business for over
three and a half years
Family Enterprise correct answers A business that is owned and managed by multiple family
members, typically for more than one generation
Franchise correct answers A type of license purchased by a franchisee from an existing business,
to allow them to trade under the name of that business
Microloan correct answers A very small, short-term loan often associated with entrepreneurs in
developing countries
Nascent Entrepreneurs correct answers Individuals who have set up a business they will own or
co-own that is less than three months old and has not yet generated wages or salaries for the
owners
Necessity-Based Entrepreneurs correct answers Individuals who are pushed into starting a
business because of circumstance such as redundancy, threat of job loss, and unemployment
New Business Owners correct answers Individuals who are former nascent entrepreneurs and
have been actively involved in a business for over three months but less than three and a half
years
, Opportunity-Based Entrepreneurs correct answers Individuals who make a decision to start their
own businesses based on their ability to create or exploit an opportunity, and whose main driver
for getting involved in the venture is being independent or increasing their income, rather than
merely maintaining their income
Potential Entrepreneurs correct answers Individuals who believe they have the capacity and
know-how to start a business without being burdened by the fear of failure
Royalties correct answers A share of the proceeds of a business from one party to another
Serial Entrepreneurs (or Habitual Entrepreneurs) correct answers The type of entrepreneurs who
start several businesses, whether simultaneously or one after the other
Social Entrepreneurship correct answers The process of sourcing innovative solutions
Entrepreneur correct answers An individual or a group who creates something new—―a new
idea, a new item or product, a new institution, a new market, a new set of possibilities
Benefit Corporation (or B-Corp) correct answers A form of organization certified by the
nonprofit BLab that ensures strict standards of social and environmental performance,
accountability, and transparency are met
Total Entrepreneurial Activity (TEA) correct answers The percentage of the population of each
country between the ages of 18 and 64, who are either a nascent entrepreneur or owner- manager
of a new business
Effectuation correct answers The future is unpredicatble yet controllable
Creation Logic correct answers A form of thinking that is used when the future is unpredictable
