,Chapter 1: The Entrepreneurial Perspective
* = Correct answer
Multiple Choice/Fill in the Blank
1. Which of the following is an example of an entrepreneur?
A. innovator*
B. market leader
C. nonprofit
D. strategist
Difficulty: Moderate
2. Which of the following best describes expanders and scalers’ approach to venturing?
A. innovating or reinventing markets from a future perspective
B. making something new or seeing a new problem
C. seeking out opportunities to expand processes, products, or creating methods*
D. finding new approaches and outlooks to venturing
Difficulty: Moderate
3. All of the following except ________ describe entrepreneurs.
A. activists
B. corporate rebels
C. corporate sponsors*
D. non conformists
Difficulty: Easy
4. Which of the following is an example of a lifestyle venture?
A. McDonald’s
B. Sharkits
C. Wander Girls*
D. Warby Parker
Difficulty: Easy
5. Which of the following is not an example of a lifestyle venture?
A. organizing trips and events for women traveling to India
B. making candles to earn money to support her family
C. starting a fashioned focused eyeglass company*
D. creating a pasta company to increase jobs in Maine
Difficulty: Easy
,6. Which of the following is a way that you can put your strengths to work?
A. thinking about achievements you have accomplished*
B. identifying paths to entrepreneurship
C. making a decision to become an entrepreneur
D. giving greater freedom for opportunities
Difficulty: Moderate
7. Which is not a contributing factor to the desire to become an entrepreneur?
A. certainty of employment and income*
B. combination of retirement and longer life expectancy
C. excitement and fun of creating something new
D. moving a concept to materialization of an idea
Difficulty: Moderate
8. What element(s) of potential success are crucial beyond simply having an
entrepreneurial mindset?
A. access to a larger pool of money
B. funding and education*
C. having an angel investor and a team
D. the number of businesses in your country
Difficulty: Moderate
9. What is institutional venture capital?
A. entrepreneurs who fund their own startup ventures
B. group of people pooling money to invest in ventures*
C. money from family and friends
D. those who provide funding early in a venture
Difficulty: Easy
10. Which factor does not influence entrepreneurial activity?
A. bank funding*
B. employment rates
D. government policies
C. trade issues
Difficulty: Easy
11. What systems discourage people from coming forward with entrepreneurial ideas?
(Select all that apply.)
A. bureaucratic prevention of access to information*
B. corruption within an economy*
C. sustainable production within an economy
, D. valuing self-reliance and ingenuity
Difficulty: Moderate
12. Which of the following is a key characteristic that encourages entrepreneurship?
A. access to funding through bank channels
B. geopolitical mindset
C. group-prescribed conformity
D. support for freedom to innovate*
Difficulty: Moderate
13. What are examples of entrepreneurship education that are driving growth? (Select all
that apply.)
A. More colleges are teaching entrepreneurship through classes and clinics.*
B. Most universities are offering funding to young entrepreneurs.
C. Students are connecting with business ideas.*
D. Students receive scholarships for studying entrepreneurship.
Difficulty: Moderate
14. Which answer least describes the entrepreneurial aspect of Starbucks?
A. Its founder wanted to establish an American coffee empire.*
B. There were few coffee shops in the US with a European flair.
C. They wanted to compete with McDonalds and Dunkin Donuts which serve coffee.
D. They wanted to focus on producing high-quality coffee.
Difficulty: Moderate
15. Which of the following is not an example of a social-environmental entrepreneurial
problem?
A. concern for quality of life
B. concern about pollution
C. concern for government funding*
D. concern for air quality
Difficulty: Moderate
16. How is a serial entrepreneur different than a social entrepreneur?
A. A serial entrepreneur is someone who starts multiple nonprofit ventures, while a social
entrepreneur is someone who starts only one nonprofit venture.
B. A serial entrepreneur is someone who someone who focuses on solving a problem,
while a social entrepreneur is someone who starts multiple entrepreneurial ventures.
C. A serial entrepreneur is someone who starts multiple entrepreneurial ventures, while a
social entrepreneur is someone who focuses on solving a problem.*
* = Correct answer
Multiple Choice/Fill in the Blank
1. Which of the following is an example of an entrepreneur?
A. innovator*
B. market leader
C. nonprofit
D. strategist
Difficulty: Moderate
2. Which of the following best describes expanders and scalers’ approach to venturing?
A. innovating or reinventing markets from a future perspective
B. making something new or seeing a new problem
C. seeking out opportunities to expand processes, products, or creating methods*
D. finding new approaches and outlooks to venturing
Difficulty: Moderate
3. All of the following except ________ describe entrepreneurs.
A. activists
B. corporate rebels
C. corporate sponsors*
D. non conformists
Difficulty: Easy
4. Which of the following is an example of a lifestyle venture?
A. McDonald’s
B. Sharkits
C. Wander Girls*
D. Warby Parker
Difficulty: Easy
5. Which of the following is not an example of a lifestyle venture?
A. organizing trips and events for women traveling to India
B. making candles to earn money to support her family
C. starting a fashioned focused eyeglass company*
D. creating a pasta company to increase jobs in Maine
Difficulty: Easy
,6. Which of the following is a way that you can put your strengths to work?
A. thinking about achievements you have accomplished*
B. identifying paths to entrepreneurship
C. making a decision to become an entrepreneur
D. giving greater freedom for opportunities
Difficulty: Moderate
7. Which is not a contributing factor to the desire to become an entrepreneur?
A. certainty of employment and income*
B. combination of retirement and longer life expectancy
C. excitement and fun of creating something new
D. moving a concept to materialization of an idea
Difficulty: Moderate
8. What element(s) of potential success are crucial beyond simply having an
entrepreneurial mindset?
A. access to a larger pool of money
B. funding and education*
C. having an angel investor and a team
D. the number of businesses in your country
Difficulty: Moderate
9. What is institutional venture capital?
A. entrepreneurs who fund their own startup ventures
B. group of people pooling money to invest in ventures*
C. money from family and friends
D. those who provide funding early in a venture
Difficulty: Easy
10. Which factor does not influence entrepreneurial activity?
A. bank funding*
B. employment rates
D. government policies
C. trade issues
Difficulty: Easy
11. What systems discourage people from coming forward with entrepreneurial ideas?
(Select all that apply.)
A. bureaucratic prevention of access to information*
B. corruption within an economy*
C. sustainable production within an economy
, D. valuing self-reliance and ingenuity
Difficulty: Moderate
12. Which of the following is a key characteristic that encourages entrepreneurship?
A. access to funding through bank channels
B. geopolitical mindset
C. group-prescribed conformity
D. support for freedom to innovate*
Difficulty: Moderate
13. What are examples of entrepreneurship education that are driving growth? (Select all
that apply.)
A. More colleges are teaching entrepreneurship through classes and clinics.*
B. Most universities are offering funding to young entrepreneurs.
C. Students are connecting with business ideas.*
D. Students receive scholarships for studying entrepreneurship.
Difficulty: Moderate
14. Which answer least describes the entrepreneurial aspect of Starbucks?
A. Its founder wanted to establish an American coffee empire.*
B. There were few coffee shops in the US with a European flair.
C. They wanted to compete with McDonalds and Dunkin Donuts which serve coffee.
D. They wanted to focus on producing high-quality coffee.
Difficulty: Moderate
15. Which of the following is not an example of a social-environmental entrepreneurial
problem?
A. concern for quality of life
B. concern about pollution
C. concern for government funding*
D. concern for air quality
Difficulty: Moderate
16. How is a serial entrepreneur different than a social entrepreneur?
A. A serial entrepreneur is someone who starts multiple nonprofit ventures, while a social
entrepreneur is someone who starts only one nonprofit venture.
B. A serial entrepreneur is someone who someone who focuses on solving a problem,
while a social entrepreneur is someone who starts multiple entrepreneurial ventures.
C. A serial entrepreneur is someone who starts multiple entrepreneurial ventures, while a
social entrepreneur is someone who focuses on solving a problem.*
