EEE Exam 1 UPDATED Exam Questions
and CORRECT Answers
Entrepreneurship is defined as the process by which individuals pursue opportunities without
regard to _____ they currently control for the purpose of exploiting future goods and services. -
CORRECT ANSWER resources
The word "entrepreneur" was originally used to describe people who "_______" between buyers
and sellers. - CORRECT ANSWER take on risks
Established firms with an orientation toward acting entrepreneurially practice _______. -
CORRECT ANSWER corporate entrepreneurship
a ______ creates something new - CORRECT ANSWER inventor
An entrepreneur assembles and then integrates all the resources needed to transform an invention
into a viable business. Which of the following is NOT a resource assembled by an entrepreneur?
- CORRECT ANSWER confidence
3M, a company with more than $30 billion in revenues in 2016, encourages its employees to
constantly look for business opportunities in terms of future goods and services. What 3M is
doing is called _____. - CORRECT ANSWER corporate entrepreneurship
________ firms often resist innovation - CORRECT ANSWER established
The most common reason why people become entrepreneurs is to: - CORRECT
ANSWER be their own boss
Entrepreneurial firms are typically ____ innovators. - CORRECT ANSWER proactive
, Some entrepreneurs transition from a traditional job to owning their own business more
gradually by starting their business ___ to begin with. - CORRECT ANSWER part-time
The litmus test for entrepreneurs is their ability to persevere through _______. - CORRECT
ANSWER setbacks and failures
The two most important elements in any business are ________. - CORRECT
ANSWER products and customers
The ability to effectively execute a business idea means developing a ______. - CORRECT
ANSWER business model
The Chinese saying "To open a business is very easy, to keep it open is very difficult" indicates
the importance of ________. - CORRECT ANSWER execution intelligence
Which of the following is NOT a primary characteristic of successful entrepreneurs? -
CORRECT ANSWER lack of persistance
That entrepreneurs are gamblers is a ____. - CORRECT ANSWER myth
Which one of the following is NOT a common trait and characteristic of an entrepreneur? -
CORRECT ANSWER short attention span
Which one of the following is NOT a common trait or characteristic of an entrepreneur? -
CORRECT ANSWER pessimistic disposition
Studies show that people with parents who were ________ are more likely to become
entrepreneurs. - CORRECT ANSWER self-employed
_____ is rarely the primary reason entrepreneurs start new firms and persevere. - CORRECT
ANSWER money
and CORRECT Answers
Entrepreneurship is defined as the process by which individuals pursue opportunities without
regard to _____ they currently control for the purpose of exploiting future goods and services. -
CORRECT ANSWER resources
The word "entrepreneur" was originally used to describe people who "_______" between buyers
and sellers. - CORRECT ANSWER take on risks
Established firms with an orientation toward acting entrepreneurially practice _______. -
CORRECT ANSWER corporate entrepreneurship
a ______ creates something new - CORRECT ANSWER inventor
An entrepreneur assembles and then integrates all the resources needed to transform an invention
into a viable business. Which of the following is NOT a resource assembled by an entrepreneur?
- CORRECT ANSWER confidence
3M, a company with more than $30 billion in revenues in 2016, encourages its employees to
constantly look for business opportunities in terms of future goods and services. What 3M is
doing is called _____. - CORRECT ANSWER corporate entrepreneurship
________ firms often resist innovation - CORRECT ANSWER established
The most common reason why people become entrepreneurs is to: - CORRECT
ANSWER be their own boss
Entrepreneurial firms are typically ____ innovators. - CORRECT ANSWER proactive
, Some entrepreneurs transition from a traditional job to owning their own business more
gradually by starting their business ___ to begin with. - CORRECT ANSWER part-time
The litmus test for entrepreneurs is their ability to persevere through _______. - CORRECT
ANSWER setbacks and failures
The two most important elements in any business are ________. - CORRECT
ANSWER products and customers
The ability to effectively execute a business idea means developing a ______. - CORRECT
ANSWER business model
The Chinese saying "To open a business is very easy, to keep it open is very difficult" indicates
the importance of ________. - CORRECT ANSWER execution intelligence
Which of the following is NOT a primary characteristic of successful entrepreneurs? -
CORRECT ANSWER lack of persistance
That entrepreneurs are gamblers is a ____. - CORRECT ANSWER myth
Which one of the following is NOT a common trait and characteristic of an entrepreneur? -
CORRECT ANSWER short attention span
Which one of the following is NOT a common trait or characteristic of an entrepreneur? -
CORRECT ANSWER pessimistic disposition
Studies show that people with parents who were ________ are more likely to become
entrepreneurs. - CORRECT ANSWER self-employed
_____ is rarely the primary reason entrepreneurs start new firms and persevere. - CORRECT
ANSWER money
