Test Bank Launching Successful Ventures 1st Edition by Michael W. Fountain

$35.00
Test Bank Launching Successful Ventures 1st Edition by Michael W. Fountain

Test Bank Launching Successful Ventures 1st Edition by Michael W. Fountain

$35.00
Test Bank Launching Successful Ventures 1st Edition by Michael W. Fountain

Test Bank Launching Successful Ventures 1st Edition by Michael W. Fountain

Chapter 1: The Entrepreneurial Venture

Test Bank

Multiple Choice

  1. Studies suggest that internal locus of control is ______.
  2. the only personality trait required to be a successful entrepreneur
  3. one of many traits like openness to new experience and emotional stability that contribute to the entrepreneurial mindset
  4. not a contributing factor to ‘entrepreneurial drive’
  5. a rarely observed trait among successful entrepreneurs

Ans: B

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Success
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurs are open to new experiences and have a drive to express creativity and satisfy curiosity. Which of the following are traits of an entrepreneur?
  2. little to no emotional security
  3. capable of managing stress
  4. lack of self-confidence
  5. more concerned with fame and fortune than creativity, innovation, risk-taking and personal courage

Ans: B

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Traits
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurs are characterized as ______.
  2. being smarter than individuals that work day jobs
  3. having a keen eye to mitigating risk
  4. being intolerant of ambiguity
  5. not being unique

Ans: B

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: The Entrepreneur
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurs can be described as ______.
  2. having a passion for what they do
  3. prefer high levels of risk
  4. always seeking another venture without any commitment to their current venture
  5. tending to give up when their ventures falter

Ans: A

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Traits
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurs, as a group, tend to ______.
  2. have moderate to low levels of energy
  3. focus on celebrity status over problem identification and solution
  4. value achievement over wealth accumulation
  5. less self-confident than people that work day jobs

Ans: C

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Traits
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. To an entrepreneur, critical outcomes are measured in terms of ______.
  2. how quickly their ventures turn cash positive
  3. how all their work directly contributes to their fundamental goals
  4. being recognized by their local Rotary club
  5. their ability to overcome obstacles

Ans: B

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Traits
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Contributors to an entrepreneur’s drive do not include ______.
  2. intrinsic rewards
  3. their passion to make a difference
  4. achievement of results
  5. being recognized by the clerk at the local coffee shop

Ans: D

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Drive
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Mark Moore, a serial entrepreneur suggests that an entrepreneur ______.
  2. should not be concerned about their skills
  3. feels that their abilities do not matter much as long as they have passion
  4. does not worry about passion as long as they have investors
  5. should play from their strengths

Ans: D

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: Entrepreneurial Drive
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. When an entrepreneur identifies a market niche, they should ______.
  2. determine its growth potential and profit margins and immediately seek investors
  3. consider the size and scope and balance it against their resources
  4. consider the venture without respect to the entrepreneur’s skills and abilities
  5. consider market interest rates

Ans: B

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Application

Answer Location: Entrepreneurial Drive
Difficulty Level: Easy

TOP: AACSB Standard: Application of Knowledge

  1. There are ______ of entrepreneurial business ventures.
  2. three major valuation models
  3. three salary replacement models
  4. three major categories
  5. no real categories

Ans: C

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Many small businesses are what can be termed ______ businesses.
  2. salary replacement
  3. major valuation model
  4. small town businesses
  5. geographic

Ans: A

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. The goal of each generation is to prosper and pass on to the next generation an increasingly competitive and financially solid business of ______ category of entrepreneurial venture.
  2. moderate risk
  3. investing
  4. capital structure
  5. salary replacement

Ans: D

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. A lifestyle firm business is categorized as ______.
  2. a multi-generational family business
  3. the largest category of business in the United States
  4. new venture firm
  5. an outgrowth of a desire by the entrepreneur to pursue a specific lifestyle, such as a sport or a hobby

Ans: D

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. The entrepreneur of a lifestyle firm ______.
  2. opens and operates the business as a way of earning a living for herself and her family
  3. already has a well-developed set of skills and knowledge. Examples can range from sailing, to baking elaborate cakes, playing video games, or planning events for friends
  4. is only interested in new venture creation
  5. provides a small town experience to local customers

Ans: B

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. ______businesses are often the product of the passion to accomplish specific internal goals in the entrepreneur’s life.
  2. Salary replacement
  3. New venture
  4. Major model valuation
  5. Lifestyle

Ans: D

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurs can build a thriving business around the activities that already inspire a lifelong passion. Which entrepreneurial business category does this type of business falls into?
  2. salary replacement
  3. major model valuation
  4. lifestyle
  5. new venture

Ans: C

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. The types of firms for which entrepreneurship is most recognized are the ______ firms.
  2. salary replacement
  3. major model valuation
  4. lifestyle
  5. new venture

Ans: D

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. The concept of creative destruction is used in environment scanning. When scanning the environment using creative destruction; the goal is to determine, for example ______.
  2. what forces, such as technology, are creating new products or services for an evolving economy
  3. what force is necessary to creatively destroy old structures to make way for urban renewal projects
  4. what steps are necessary to creatively destroy the competition for an evolving economy
  5. how many categories of entrepreneurial opportunities exists

Ans: A

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Creative Destruction and Innovation
Difficulty Level: Easy

TOP: AACSB Standard: Application of Knowledge

  1. Joseph Schumpeter is credited with coining the term creative destruction. Creative destruction tends to produce changes that are ______.
  2. salary replacement firms
  3. disruptive
  4. lifestyle firms
  5. model valuation firms

Ans: B

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Creative Destruction and Innovation
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Markets change. The text suggests that every entrepreneur would benefit from a review of many questions as a ______ analysis.
  2. serious preemptive
  3. target market valuation
  4. value creating
  5. negative competitive

Ans: A

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Application

Answer Location: Creative Destruction and Innovation
Difficulty Level: Easy

TOP: AACSB Standard: Application of Knowledge

  1. Seeking to determine what the estimated cost to make changes to the entrepreneurial venture to continue competing in an evolving market and determining the associated risk level of the proposed investment is an example of ______.
  2. disruptive thinking
  3. negative competitive analysis
  4. a model valuation company initiative
  5. pre-emptive analysis

Ans: D

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Application

Answer Location: Creative Destruction and Innovation
Difficulty Level: Easy

TOP: AACSB Standard: Application of Knowledge

  1. Entrepreneurs are coming from ______.
  2. everywhere including economies philosophically opposed to capitalism
  3. the baby-boomer, millennial generations but surprisingly not many women are becoming entrepreneurs. In fact, we see the number of women entrepreneurs declining
  4. everywhere
  5. corporate castoffs, immigrants but surprisingly there is no minority participation

Ans: C

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Where are Today’s Entrepreneurs Coming From?
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. The Boomer and Millennial generations are both starting businesses. Boomers tend to ______ while Millennials ______.
  2. start lifestyle businesses; tend to have a much lower level of debt
  3. have a much higher level of debt; are burdened with student debt
  4. believe that working in the traditional corporate environment will never provide them a sufficient salary; wish to remain active and contribute to society
  5. be the wealthiest; are better educated with 13% of them having a Master’s degree or higher

Ans: D

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Where are Today’s Entrepreneurs Coming From?
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. The National Center for Education Statistics reported in 2011 that the percentage of master’s and doctoral degrees earned by females between 1998-99 and 2008-09 increased during this period (from 58 to 60 percent and from 43 to 52 percent, respectively.) This could explain why ______.
  2. entrepreneurship is the vehicle of choice for minorities
  3. women continue to start businesses in traditional industries such as retail, childcare, food service, or beauty products, but they are now founding many entrepreneurial businesses requiring technical education and expertise
  4. women are still not on equal footing with men in terms of the number of privately owned businesses in the United States
  5. fields like construction, transportation, agribusiness, communication and the sciences see little inroads by women entrepreneurs

Ans: B

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Where are Today’s Entrepreneurs Coming From?
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. An example of a corporate castoff is a ______.
  2. mid-career professional who decides to retire
  3. senior professional who becomes fed up with corporate life, quits their job, and starts a business
  4. person who has been discharged from their corporate job when their firm attempts to maintain their profit level through aggressively cutting employees
  5. person who works at a marina helping yatch owners cast their boats off from the docks

Ans: C

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Corporate Castoffs, Immigrants, and Minorities
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Which one of the following is an entrepreneurial advantage to a corporate castoff?
  2. They often have new product ideas that have never been accepted by their former employer and these new products, or product modifications, have the potential advantage of being highly focused on the industry or industries served by the former employer and well known to the new entrepreneur.
  3. These men and women are well educated, but they lose valuable industry contacts when they are terminated.
  4. They are likely to be so highly focused in their industry they lack credibility in the market place.
  5. They are financially independent and are free to set personal and financial goals but still have a mortgage on their primary residence.

Ans: A

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Corporate Castoffs, Immigrants, and Minorities
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Opportunities will require entrepreneurs to accept the challenges before them and continuously strive to solve the problems facing them through the creation of businesses driven by ______.
  2. hard work, salary requirements and risk-taking
  3. creativity, industry contacts, and salary requirements
  4. lifestyle choices, hard work and salary requirements
  5. creativity, innovation, risk-taking and personal courage

Ans: D

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Corporate Castoffs, Immigrants and Minorities
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. The internet facilitates competition becoming global in scope. It has the effect of leveling the playing field. This means global competition is ______ for the entrepreneur but ______.
  2. increasing; hurts the consumer in the long run
  3. decreasing; helping the US consumer
  4. a double edged sword; the clear beneficiary is the global consumer
  5. leveling off; the clear beneficiary will continue to be the global consumer

Ans: C

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Global Entrepreneurship and the Acceleration of Competition
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. A United States entrepreneur can market and deliver their products worldwide, but ______ and this represents ______.
  2. so can global competitors; a double edged sword for the entrepreneur
  3. economies remain philosophically opposed to capitalism; a double edged sword for the entrepreneur
  4. governmental restrictions clamp down on global competition; the best reason to focus on the home market
  5. so can global competitors; the economies that remain philosophically opposed to capitalism

Ans: A

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Global Entrepreneurship and the Acceleration of Competition
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Increasing competitive opportunities that stem from international trade agreements open markets for goods and services. Trade agreements benefit entrepreneurs through increased access to global markets ______.
  2. but global communications via the Internet has a dampening effect on growth
  3. but the Internet does not allow entrepreneurs to target potential customers. They are still required to have a physical store front
  4. and global communications via the internet has the effect of making consumers aware of products and services far beyond their traditional purchasing boundaries
  5. but consumers remain loyal to one brand, which inhibits growth

Ans: C

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Comprehension

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. In an expanding global economy, one changing reality is that ______.
  2. global communications via the Internet is decreasing
  3. global economic change is slowing down owing to economies not embracing free market principles
  4. economic transparency and openness run counter to an open economy
  5. there is a higher level of transparency of actions and information and as a result fewer innovations remain secret thereby harming the entrepreneur’s intellectual property advantage

Ans: D

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. The speed at which new knowledge becomes available to all members of the competitive environment serves to enhance global competition. Beyond technology, ______.
  2. the speed at which knowledge is made available makes it tougher to compete but changes in national economic systems that offer economic freedom present new market opportunities
  3. economic systems are not important to an entrepreneur
  4. closed economic systems encourage the foreign entrepreneurial free market mindset
  5. the global explosion of new knowledge is inhibited by open economic systems

Ans: A

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Jeff May published an article that details the best countries to start a business. The top three are ______, ______ and ______.
  2. Denmark; Hong Kong; Singapore
  3. Canada; Singapore; Hong Kong
  4. Denmark; Canada; United States
  5. Denmark; Canada; Mexico

Ans: C

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Countries that erect the highest barriers to new venture formation include ______ and ______.
  2. Singapore; New Zealand
  3. a large number of African; South American nations
  4. Hong Kong; New Zealand
  5. the United States; Singapore

Ans: B

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. New business ventures bring innovative products and services to market and are overwhelmingly the leading sources of employment. As a result, ______.
  2. government economic policy would benefit from directing its efforts towards the creation of an economic environment that supports and rewards the entrepreneurial process
  3. government economic policy should direct its efforts towards supporting large corporations because they pay higher taxes than entrepreneurial startups
  4. governmental policies that assist in providing support for financing large firms generally are available to new entrepreneurs who by traditional leading standards, often qualify for bank loans
  5. investments into new ventures rarely result in higher returns on the society’s investment

Ans: A

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Many science and engineering faculty receive rewards from their universities for the development of intellectual property, yet many receive no reward for the commercialization of their technology. Which of the following would facilitate and encourage entrepreneurial activity?
  2. Reducing patent protection to allow more opportunities for entrepreneurs to commercialize the intellectual property.
  3. Increase teachers’ pay.
  4. Increase regulation so only the really good products make it to market.
  5. a national policy that encourages and supports the entrepreneurial process through tax incentives for technology maturation

Ans: D

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurial mindset in a nation is enhanced both by ______ and through a conscious effort to display entrepreneurs as the individuals ______.
  2. stricter governmental regulation; innovating new ways of doing business
  3. educational opportunities; changing a society for the better
  4. taxing startups more owing to their inherent risk; changing a society for the better
  5. educational opportunities; future politicians

Ans: B

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Many new businesses fail owing to none or limited access to ______ of the potential of the business.
  2. early objective, pre-investment assessment
  3. financial capital and an assessment
  4. investors and an assessment
  5. governmental review

Ans: A

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. ______ would benefit from directing its efforts towards the creation of an economic environment that supports and rewards the entrepreneurial process.
  2. Investors
  3. Bankers
  4. Loan sharks
  5. Government economic policy

Ans: D

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. ______ need to become aware that governmental actions taken to support new business ventures result in dramatically higher returns on the society’s investment than those made to support large businesses.
  2. Investor
  3. Policy makers
  4. Bankers
  5. Universities

Ans: B

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. The gap between the creation or discovery of knowledge and its commercialization represents ______ unrecognized or even addressed by our society.
  2. a tax event often
  3. a need for more regulation often
  4. risks associated with innovation often
  5. a hidden loss

Ans: D

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension e

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. It is possible that an investment in technology maturation (efforts from patent to commercialization) would result in ______ for the introduction of new products.
  2. dramatic growth
  3. a tax event
  4. a hidden loss
  5. the need for more regulation

Ans: A

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Recognition of the critical linkage between the entrepreneur and the economic wellbeing of a nation needs to be firmly established to ______ the creation of economic policies that support the entrepreneurial process.
  2. tax
  3. to hide the inherent loss that
  4. to increase regulation on
  5. support

Ans: D

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Ideas have the power to result in products that alter markets. Ideas, which lead to new technologies, represent enhanced economic power for both the researcher and wellbeing of society; therefore, ______.
  2. the patent process must be open and free of bureaucratic roadblocks
  3. revenues from taxing new technological development ensure only the best ideas become commercialized
  4. regulation must be transparent and heavy handed
  5. the economic models and policies of the past must be kept in place so that policies and actions focus on entrepreneurial principles

Ans: A

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Comprehension

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. A ______ of entrepreneurship has been termed social entrepreneurship.
  2. diminishing segment
  3. unprofitable segment
  4. rapidly growing segment
  5. market economy version

Ans: C

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Social entrepreneurship ______.
  2. addresses social problems
  3. fights corrupt governmental practices and works for regime change
  4. works against market forces to achieve a social good
  5. is motivated by profit

Ans: A

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Knowledge

  1. Three characteristics of social entrepreneurship ______, ______, and ______.
  2. include addressing social problems; seeking profits over social benefit; fighting corrupt governments
  3. provides a social good; are motivated by profits; measure success by having a direct positive impact on society
  4. include seeking to be a change agent; seeking to undo the impact of the 9/11 attacks; are motivated by social benefit
  5. include addressing social problems; are motivated by social benefit; works with and not against market forces

Ans: D

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurial activity within technology has produced a ______ for our society.
  2. higher standard of living
  3. negligible effect on the standard of living
  4. worsened our standard of living due to technological advancements in social media
  5. sluggishness

Ans: A

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Entrepreneurship, it is safe to say, has always produced societal improvements. Andrew Carnegie, Cornelius Vanderbilt, and Leland Stanford, three recognizable entrepreneurs, used their fortunes to endow what have become “world class” universities. As a result, ______.
  2. graduates from these prestigious universities are no different than graduates of other universities
  3. graduates from these prestigious universities focus on self-improvement activities first and society second
  4. graduates from these prestigious universities tend to seek endeavors to make as much money as possible because their education was expensive
  5. graduates from these prestigious universities have gone on to further shape the wellbeing of our society

Ans: D

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. It is the ______ who takes the risk of new venture formation that in turn creates employment opportunities and contributes to the wellbeing of society.
  2. banker
  3. entrepreneur
  4. investor
  5. government

Ans: B

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

True/False

  1. Entrepreneurship is the process of new business creation.

Ans: T

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Knowledge

Answer Location: The Entrepreneur
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Offering your services as a personal tour guide is an example of an entrepreneurial activity.

Ans: T

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Comprehension

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Countries once opposed to capitalism are beginning to embrace entrepreneurship.

Ans: T

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Where are Today’s Entrepreneurs Coming From?
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Women now outnumber men by a factor of two in terms of the number of privately owned businesses.

Ans: F

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Knowledge

Answer Location: Women
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Immigrants are now more than twice as likely to start a business as native-born Americans.

Ans: T

Learning Objective: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Comprehension

Answer Location: Corporate Castoffs, Immigrants, and Minorities
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. It is difficult to come up with many reasons to support providing an incentive to commercialize technology developed by university researchers.

Ans: F

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Changing Realities
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Historically, consumers remain loyal to brands and the companies that manufacture those products. Rarely is consumer sentiment swayed by new products.

Ans: F

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Knowledge

Answer Location: Customer-Focused Business Models
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. The entrepreneurial process is different for social entrepreneurship ventures than commercially inspired entrepreneurial ventures.

Ans: F

Learning Objective: 1-5: Discuss the challenges entrepreneurs face.

Cognitive Domain: Knowledge

Answer Location: Customer-Focused Business Model
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Social needs are best left for governments and charities to address. There is very little social entrepreneurship can do to improve society.

Ans: F

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Success in an entrepreneurial venture may be enhanced by using a set of tools to determine the viability of such an undertaking.

Ans: T

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Knowledge

Answer Location: Social Entrepreneurship in our Economy
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

Essay

  1. Write one five-sentence paragraph for each of the three major entrepreneurial business venture categories, salary replacement, lifestyle, and new venture, describing the characteristics of each.

Ans: Sample answer here, or at least key points that a good answer should cover.

Learning Objective: 1-2: Explain the three entrepreneurial ventures.

Cognitive Domain: Knowledge

Answer Location: Types of Entrepreneurial Ventures
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. What unmet need did Karson Humistor identify, and how did his solution create value for his customers?

Ans: He developed a way to find qualified workers for the cannabis industry.

Learning Objective: 1-1: Identify the key traits of a successful entrepreneur.

Cognitive Domain: Comprehension

Answer Location: Entrepreneurial Spotlight
Difficulty Level: Easy

TOP: AACSB Standard: Analytical Thinking

  1. Select three categories of entrepreneurs as outlined in the text and discuss their possible motivations to become entrepreneurs.

Ans: Any of the reasons outlined in the “Where are Today’s Entrepreneurs Coming From?” section of the text

Learning Objective: 1-3: Compare the groups that make up today’s entrepreneurs.

Cognitive Domain: Analysis

Answer Location: Where are Today’s Entrepreneurs Coming From?
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Discuss three challenges entrepreneurs face in the United States and briefly describe the challenge.

Ans: Any three items from the “Changing Realities” section

Learning Objective: 1-4: Assess the impact of global entrepreneurship.

Cognitive Domain: Comprehension

Answer Location: Changing Realities
Difficulty Level: Medium

TOP: AACSB Standard: Analytical Thinking

  1. Think of a social need such as the need of homeless people to have a safe and clean place to shower, and think of a social entrepreneurship venture to solve this problem. You may select another social need. Write three five-sentence paragraphs to describe your solution.

Ans: Water collection and storage, safe place to shower, and monetization, etc.; eg., a group develops rain water collection bins, affixes them to the top of utility poles to collect rain water and creates the plumbing to deliver a shower to an enclosed area at the base of the pole. The entrepreneur sells advertising on the barrels to raise revenue.

Learning Objective: 1-6: Define social entrepreneurship.

Cognitive Domain: Application

Answer Location: Enhancing Economic and Social Well-Being
Difficulty Level: Medium

TOP: AACSB Standard: Application of Knowledge

+
-
Only 0 units of this product remain

You might also be interested in