Intro to Entrepreneurship Exam 1 Study Set Questions With Accurate Answers Rated A+()

Entrepreneurship is the process of __________ by putting together a unique combination of resources to exploit __________. - Answer creating value; an opportunity Trends, patterns, problems, needs, and gaps in the market are all ways to describe these - Answer opportunities The scientific method, which dates back over 2,000 years, is quite similar to that of the entrepreneurial process. - Answer True Which person is known for developing a hierarchy of human needs? - Answer Abraham Maslow Famed economist, Joseph Schumpeter, argued that: - Answer opportunities are discovered by entrepreneurs willing to conquer. The title of the textbook is __________ Entrepreneurship, which refers to entrepreneurs focusing on their means to create new opportunities. - Answer Effectual Economic data suggest that the speed of creative destruction is: - Answer is speeding up over time In factor-driven economies, entrepreneurial activity is driven more by necessity than opportunity. - Answer True The study conducted by the Global Entrepreneurship Monitor (GEM) reports that approximately what percentage of adults in the United States is working to start a business or has one younger than 3 years old. - Answer 13% The rate of entrepreneurial activity in countries around the world is fairly equal: - Answer False The relationship between nations' social progress and gross domestic product (GDP) is: - Answer not linear; economic growth does not promise more social progress