ENTR 302 Chapter 1: Practicing Entrepreneurship

Which best describes how the authors define entrepreneurship?

• a way of thinking and being that combines the ability to find new opportunities with the courage to act on them

• the ability to start a small business by finding investors, branding a company, and launching a disruptive product

• the skillset needed to develop a new market by creating a product that does not currently exist

• a mindset that compels people to start multiple ventures throughout a lifetime

Which is a feature of modern entrepreneurship?

• It is an attribute that some people are born with.

• It requires being comfortable with a high level of risk.

• It relies upon one’s ability to create disruptive products.

• It is a method that requires practice.

Effectuation is the idea that ______.

• businesses should have a positive impact on people’s lives

• ideas and their effects can be studied over time

• the future is unpredictable yet controllable

• emotions can influence decision making

What type of entrepreneur starts several businesses, whether at the same time or one after the other?

• social

• serial

• high-risk

• low-risk

The entrepreneurial method requires consistent practice, which leads to ______.

• high quality outputs

• fast identification of inputs

• the production of more actual content

• expertise that is continuously developed

Why do some organizations want to hire employees with an entrepreneurial skillset and mindset?

• They are used to working with known inputs and outputs.

• They are experts at planning and projecting.

• They creatively solve problems and take ownership.

• They naturally are more prone to competing with others.

Isaac is a manager at a large company that builds solar panels. Using feedback from his team members, he creates a plan for a new venture that involves installing solar panels in a novel way to enhance the company’s competitive position and profitability. Isaac is an example of a ______.

• franchisee

• corporate venturer

• corporate entrepreneur

• serial entrepreneur

Emily owns a well-established business that she someday wants her children, nieces, and nephews to run. Which type of business does Emily own?

• franchise

• family enterprise

• startup

• benefit corporation

The nonprofit “1001 Fountains for Tomorrow,” has a goal to provide safe drinking water for small rural villages in Cambodia. Based on this information, this organization is an example of ______ entrepreneurship.

• corporate

• effectual

• social

• serial

Which statement is true about benefit corporations (B Corps)?

• B Corps are only large nonprofit organizations.

• B Corps are the only company type that can host fundraisers.

• The B Corp certification protects a company from lawsuits from stakeholders.

• The B Corp certification requires that a business must always be profitable.