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WorksheetsEntrepreneur Class Test
Total questions: 53
Worksheet time: 4hrs 25mins
Ewing Kauffman took a risk when he started his company Marion Labs in 1950
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False
(p. 5) How Ewing Kauffman ran his business illustrates corporate entrepreneurship.
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False
(p. 6) The four basic aspects of being an entrepreneur are creation, motivation, delegation and risk-taking.
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False
(p. 6) The term entrepreneur means different things to different people.
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False
(p. 6) The key element found in all definitions of entrepreneurship is risk taking.
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False
(p. 8) Technical people are often the best source for entrepreneurs for identifying new business opportunities due to their expert knowledge.
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False
(p. 8) The market size and the length of the window of opportunity are the primary bases for determining risks and rewards.
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False
(p. 8) Entrepreneurs can develop an internal desire for any venture.
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False
(p. 10) Entrepreneurs must often make decisions in highly uncertain environments where there is considerable emotional investment.
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False
(p. 11) Demographics, ethnic origin, and marital status are examples of segmentation variables.
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False
(p. 13) Principles of effectuation help entrepreneurs develop their cognitive adaptability.
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False
(p. 13) The question "What is this technology all about?" is a comprehension question.
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False
(p. 13) Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding.
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False
(p. 15) Asking "How is this problem similar to problems I've already solved" is an example of a connection task.
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False
(p. 18) A reflection task would involve thinking about what strategies should be used to solve a problem.
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False
(p. 19) An entrepreneur typically learns more from failures than from successes.
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False
(p. 19) The motivation for managing one's own business is typically driven out of personal profit.
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False
(p. 20) Negative emotional responses interfere with individuals' allocation of attention in the processing of information.
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False
(p. 20) An entrepreneur with loss-orientation would talk about the business-failure with a close friend or relative.
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False
(p. 21) An entrepreneur's recovery from grief is detrimental to society.
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False
(p. 22) Entrepreneurs tend to rely much more on their personal value systems than managers when making ethical decisions.
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False
(p. 24) The process for developing and commercializing an innovation is known as the product-evolution process.
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False
(p. 25) Iterative synthesis represents the end of the product development process.
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False
(p. 6) Which of the following is part of the identification and evaluation stage of the entrepreneurial process?
An operational plan
An opportunity assessment
Identifying resource gaps
Developing a growth plan
(p. 7) Major parts of the business plan include all of the following except:
Risk and Return Assessment
Marketing Plan
Financial Plan
Description of Business
(p. 9) In determining the resources required for a new venture an entrepreneur should:
be concerned much more with quality than cost.
start by identifying resource suppliers.
acquire needed resources as fast as possible while giving up the least amount of control possible.
focus on how much money is needed to fund the business because obtaining capital takes the most time.
(p. 6) According to the standard definition of an entrepreneur, which among the following statements is not true?
Entrepreneurship is the dynamic process of creating incremental wealth.
It is not necessary for the products/services offered by an entrepreneur to be new or unique.
Monetary reward is the most important of all rewards to an entrepreneur.
Entrepreneurship requires the devotion of necessary time and effort.
(p. 6) Which of the following is not an element of the entrepreneurial definition?
Implementing the innovation
Devoting time and effort
Assuming risks
Creating something new
(p. 7) Which of the following steps is not a phase of the entrepreneurial process?
Development of the business plan
Management of the resulting enterprise
Identification and evaluation of the opportunity
Development of a stable infrastructure
(p. 8) Which is the most fruitful source for identifying a business opportunity?
Members of a distribution system
Consumers
Technical people
Business associates
(p. 8) What enables channel members in a distribution system to see product needs?
Their first-hand product knowledge.
Their technical expertise in marketing and distribution.
Their range of business contacts in the distribution channel.
Their close contact with the end user.
32. (p. 8) The market size and the length of the window of opportunity are the primary bases for:
evaluating the profitability of the venture.
determining the risks and rewards.
developing a stable business.
growth of an already stable business.
(p. 9) Which of the following is not a part of the opportunity assessment plan?
A viable exit strategy
Assessment of the entrepreneur and the team
The source of capital
Description of the product or service
(p. 13) An entrepreneur questioning the meaning of a key technological concept would fall under which of these categories?
Strategic questions
Connection tasks
Reflection tasks
Comprehension questions
(p. 13) Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:
Strategic questions
Connection tasks
Reflection tasks
Comprehension questions
(p. 18) An entrepreneur considering if what they are doing makes sense is an example of:
A strategic question
A connection task
A reflection task
A comprehension question
(p. 18) __________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.
Strategic questions
Connection tasks
Reflection tasks
Comprehension questions
(p. 18) An entrepreneur asks if there is a better way to implement a strategy. Identify the category of this question.
Reflection tasks
Connection tasks
Strategic questions
Comprehension questions
(p. 19) What is the most probable motivation for managing one's own company?
Personal profit
Loyalty to a product, market and customers
Stability of family's future
Respectability in holding a position of authority
(p. 19) Which negative emotional response does a person feel from the loss of something important?
Fear
Guilt of failure
Anger
Grief
(p. 20) When would an entrepreneur be pronounced to have recovered from the grief of a lost business?
On the availability of equally challenging entrepreneurial opportunities.
Upon a simultaneous engagement in an analysis of the failed business.
On having evaluated and absorbed the lessons learnt from the failed business.
Thoughts about the events surrounding, and leading up to the loss of the business, no longer generate a negative emotional response.
(p. 21) In the loss-orientation process of grief recovery, when are painful memories likely to dominate most?
In the early phase of grief.
In the medial stage of grief.
In the later stage of grief.
Each time a related negative thought comes to mind.
(p. 21) Why is loss-orientation physically and mentally exhausting?
Since it involves psychological counseling.
Since it involves confrontation.
Since it advocates change of lifestyle.
Since it takes a long time to recover from grief.
(p. 21) Why does restoration-orientation have adverse effects on an individual's health?
Since it involves suppression by mental effort.
Since it prescribes physical diversions like a hobby.
Since it involves regular physical exertion via exercise.
Since it involves mental catharsis to bring out the grief
(p. 21) Which of the following is most effective in grief-recovery?
Restoration-orientation
Loss-orientation
Dual process
Grief recovery process
(p. 22) Investigation of business practices in light of human values is business:
values.
ethics.
morality.
technology transfer.
(p. 22) According to the text business ethics is defined as:
the study of behavior and morals in a business situation.
the principles that make up your code of ethics.
the laws that govern business gifts and employee behavior.
the process of deciding between right and wrong.
(p. 24) Which of the following is not a stage of the product evolution process?
Development Phase
Industrial Phase
Risk Adjustment Phase
Recognition of Social Need
(p. 24) The product evolution process begins with:
government investment.
market research.
financial planning.
knowledge in technology and science.
(p. 25) Iterative synthesis is best defined as:
the number of times it takes to produce an product that is accepted by the market and is profitable.
the intersection of knowledge and social need that starts the product development process.
the process of developing breakthrough innovations.
the role government takes in stimulating entrepreneurship through investment.
(p. 25) Most innovations introduced on the market:
are ordinary.
are unique.
employ significant levels of technology.
are breakthrough innovations.
(p. 25) New products with significant technological advancement are known as:
technological innovations
ordinary innovations
breakthrough innovations
scientific innovations
(p. 25) Which of the following would be considered an ordinary innovation?
iPhone
Netflix
The invention of the light bulb
A new color of toilet tissue
