Final Test for Entrepreneurship

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 ________.

• proactive, not innovative, and risk taking

• proactive, innovative, and risk taking

• taking a 'wait and see' posture, innovative, and risk taking

• innovative, risk averse, and take a 'wait and see' posture

• taking a 'wait and see' posture, not innovative, and risk averse

According to the textbook, the number one reason that people become entrepreneurs is to ________.

• pursue their own ideas

• realize financial rewards

• gain prestige

• be their own boss

• continue a family tradition

According to the textbook, the four characteristics of successful entrepreneurs are ________.

• 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

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

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

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

The number one characteristic shared by successful entrepreneurs is ________.

• a desire to fulfill a lifetime dream

• a passion for the business

• a desire to employ other people

• a desire to achieve financial rewards

• a desire to bring a revolutionary new product or service to market

According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.

• strength of the entrepreneur

• financial position of the new venture

• strength of the industry the new firm is entering

• strength of the business idea

• strength of the new venture's marketing plan

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

• design

• idea

• proposal

• opportunity

• scheme

The term 'window of opportunity,' as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

• obtain funding or financing

• hire new employees

• realistically enter a new market

• write a business plan

• complete a financial analysis

The three ways to identify an opportunity include ________.

• observing trends, conducting brainstorming sessions, and studying industry trade journals

• reading books, solving a problem, and findings gaps in the marketplace

• studying industry trade journals, talking to consumers, and solving a problem

• observing trends, talking to consumers, and finding gaps in the marketplace

• observing trends, solving a problem, and finding gaps in the marketplace

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ________.

• changes in technological forces

• political actions and regulatory changes

• demographic changes

• changes in social forces

• changes in economic forces

Tish Cirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. The best way to describe how Cirovolo's business idea was recognized is ________.

• finding a gap in the marketplace

• reading industry reports

• brainstorming

• observing trends

• talking to consumers