Business in the Modern World - Entrepreneurship

Which of the following is an accurate characterization of interest in entrepreneurship?

• There is minimal interest in entrepreneurship across the world.

• There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia.

• There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia.

• While interest in entrepreneurship was once high, it is waning in popularity across the world.

• There is tremendous interest in entrepreneurship across the world.

 Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship. 

To achieve that goal, Cody's firm should be:

• Innovative, risk averse, and take a "wait and see" posture

• Taking a "wait and see" posture, innovative, and risk taking

• Proactive, not innovative, and risk taking

• Taking a "wait and see" posture, not innovative, and risk averse

•  Proactive, innovative, and risk taking

 Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of:

• Enterprise focus

• Innovative intensity

• Entrepreneurial intensity

• Creative intensity

• Innovative concentration

 Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

• True

• False

The three primary reasons that people become entrepreneurs and start their own firms are to…

• Gain prestige, realize financial rewards, and eliminate risk in their lives

• Do what they were "born" to do, be their own boss, and gain prestige

• Take big risks, be their own boss, and do what they were "born" to do

• Be their own boss, pursue their own ideas, and realize financial rewards

• Take advantage of government subsidies, pursue their own ideas, and realize financial rewards

Kasey Stevenson is starting a firm in the women's clothing

industry primarily to pursue financial rewards. From the

lecture, starting a business to make a lot of money…

• Often fails to live up to its hype

• Is equally as satisfying as other reasons for starting a business

• Is the number one reason people start their own business

• Is the number two reason that people start their own business, right behind the lack of better career prospects

• Does not rank among the top three reasons that people start their own business

The number one reason that people become entrepreneurs is to pursue financial rewards.

• True

• False

From the lecture, the four characteristics of successful entrepreneurs are…

• Passion for the business, on the cutting edge of technological change, very charismatic, and tenacity despite failure

• Young and energetic, passion for the business, product/customer focus, and seeks recognition

• Passion for the business, tenacity despite failure, product/customer focus, and execution intelligence

• On the cutting edge of technological change, forward thinking, tenacity despite failure, and product/customer focus

• Passion for the business, seeks recognition, young and energetic, and execution intelligence

Entrepreneurial firms :

• are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer

• bring to market new products and services that are not particularly innovative

• offer to customers common products that are not particularly innovative, provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living

• provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so

• bring new products and services to market by creating and seizing opportunities

The number one characteristic shared by successful entrepreneurs is passion for the business.

• True

• False