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- 1. Multiple Choice11. ________ is the pursuit of lucrative opportunities by enterprising individuals under conditions of uncertainty.IncubationSuggingbootleggingEntrepreneurship
- 2. Multiple Choice12. ________ is the process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business.EntrepreneurshipA partnershipA start-upAn incubator
- 3. Multiple Choice13. ________ is an enterprise having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices.An entrepreneurial ventureA small businessAn incubatorA nonprofit organization
- 4. Multiple Choice14. A(n) ________ is a new business having growth and high profitability as primary objectives.greenfield ventureentrepreneurial venturejunior enterprisemerger
- 5. Multiple Choice15. When working for a software company, David created a new venture based solely on his idea while using his company's proprietary technology. David can be described as a(n)venture capitalist.angel investor.intrapreneur.quasi partner.
- 6. Multiple Choice16. ________ are new venture creators working inside big companies; they are corporate entrepreneurs, using their company's resources to build a profitable line of business based on a fresh new idea.Sole proprietorsLicenseesManagement novicesIntrapreneurs
- 7. Multiple Choice17. Which of the following statements is true of entrepreneurship?Entrepreneurs are their own bosses and independent.Entrepreneurs take careful, calculated risks and are not afraid to act on those decisions.If an entrepreneur is talented, he or she will quickly succeed.Entrepreneurs "get rich quick" and enjoy a lot of leisure time.
- 8. Multiple Choice18. Identify the correct statement regarding entrepreneurship.Entrepreneurs are their own bosses and independent.Entrepreneurs seek power and control over others.If an entrepreneur is talented, he or she will quickly succeed.Entrepreneurs experience stress, but they also have high job satisfaction.
- 9. Multiple Choice19. Edgar was a manager at a company that produced household appliances. He had many innovative ideas to increase profits. However, his ideas were not received well by the company. So, he left the company to pursue his own business. His new business is known as a(n)spin-off.franchiseangel investment.entrepreneurial venture.
- 10. Multiple Choice20. Harriet recently started her own business. She has nearly recreated a company she worked for previously. She has great business acumen and has been able to run her business much more efficiently and profitably. Harriet is a(n)manager.promoter.entrepreneur.intrapreneur.
- 11. Multiple Choice21. ________ involves creating new systems, resources, or processes to produce new goods or services and/or serve new markets.AdvertisingTransportingProfiteeringEntrepreneurship
- 12. Multiple Choice22. Which of the following individuals is most likely to become a successful entrepreneur?Hilary has an MBA and has been a manager in a corporate office for ten years. She likes a job to be well done and works best when she plans ahead.Phoebe likes to invent new products, enjoys working in the laboratory, and avoids conflict whenever possible. She has little knowledge of business.Nigel enjoys challenges, has a strong social network, has good knowledge of management techniques, and possesses excellent business skills.Edward is creative, embraces new ideas and products, and likes to motivate others but prefers working by himself.
- 13. Multiple Choice23. ________ use networks of contacts more than formal authority.EntrepreneursFranchiseesManagersSmall businesses
- 14. Multiple Choice24. ________ usually prefer to own assets, whereas ________ often rent or use assets on a temporary basis.Managers; entrepreneursFranchisees; managersFranchisors; franchiseesEntrepreneurs; franchisee
- 15. Multiple Choice25. Some say that ________ are slower to act and tend to avoid risk.managerssmall businessesentrepreneursconsumers
- 16. Multiple Choice26. A small business is often defined as having fewer than ________ employees, as well as being independently owned and operated.400300200100
- 17. Multiple Choice27. Penelope independently owns and operates Olive Inc., a company with 45 employees. She tends not to manage particularly aggressively and expects moderate sales, profits, and growth. Penelope's company is not considered a(n) ________ venture.entrepreneurialfranchiseintrapreneurialsmall business
- 18. Multiple Choice28. ________ create new independent businesses with the benefit of corporate support.IntrapreneursFranchisorsFranchiseesCorporate managers
- 19. Multiple Choice29. There is a myth that entrepreneurs are essentiallyobservers.savers.investors.gamblers.
- 20. Multiple Choice30. Entrepreneurs experience stress, but they also have high job satisfaction. They tend to beless healthy and more likely to retire than those who work for others.more healthy and less likely to retire than those who work for others.less healthy and less likely to retire than those who work for others.more healthy and more likely to retire than those who work for others.
- 21. Multiple Choice31. Entrepreneurs start their own firms for all of the following reasons exceptthe profit potentialthe enormous satisfactionthe challengethe great idea
- 22. Multiple Choice32. Observers say that in contemplating one's business, one must start withinvestors.financial capital.a good location.a great idea.
- 23. Multiple Choice33. In the context of successful business models for e-commerce, sites that pay commissions to other sites to drive business to their own sites involve the ________ model.transaction feeadvertising supportsubscriptionaffiliate
- 24. Multiple Choice34. In the context of successful business models for e-commerce, the ________ model involves charging monthly or annual fees for website visits or access to website content.advertising supportsubscriptionintermediaryaffiliate
- 25. Multiple Choice35. Polo Corp. brings buyers and sellers together and charges a commission for each sale. This type of business model is known as theadvertising support model.transaction fee model.affiliate model.intermediary model.
- 26. Multiple Choice36. The side street effect refers tothe entrepreneurial ventures that are marginally successful but never experience significant growth.using corporate resources to pursue entrepreneurial activities.the lack of focus seen in many entrepreneurs.the appearance of unexpected opportunities as one follows a plan.
- 27. Multiple Choice37. ________ is an entrepreneurial alliance between an innovator who has created at least one successful store and wants to grow and a partner who manages a new store of the same type in a new location.BootleggingThe subscription modelThe affiliate modelFranchising
- 28. Multiple Choice38. ________ spot, create, and exploit opportunities.ConsumersFranchisorsEntrepreneursManagers
- 29. Multiple Choice39. A(n) ________ is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.manageremployeeentrepreneurfranchisor
- 30. Multiple Choice40. Which of the following characteristics helps an entrepreneur succeed?maintenance of the status quotolerance of ambiguity and uncertaintyrisk aversionencouragement of centralization
- 31. Multiple Choice41. Orson Inc., an entrepreneurial venture, does not have any distinctive services when compared with the well-established competitors in the same field, and the business will require a sizable investment. In which quadrant of the entrepreneurial strategy matrix will the venture be placed?high innovation/low risklow innovation/low risklow innovation/high riskhigh innovation/high risk
- 32. Multiple Choice42. Most small business ventures are located in the ________ quadrant of the entrepreneurial strategy matrix.high innovationlower rightlow riskupper left
- 33. Multiple Choice80. Informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative refer toskunkworks.spin-offs.horse trading.bootlegging
- 34. Multiple Choice81. Albert works as a technician for a large manufacturer of biomedical equipment. He has discovered a technique to produce composite materials more efficiently. The company encourages its employees to pursue new ideas on company premises. Which of the following does Albert's company support?delegationbootleggingcorporate espionageskunkworks
- 35. Multiple Choice82. An organization that resists entrepreneurial initiativerepresents the process of changing the status quo.may fail while awaiting the completion of one large, innovative project.may lose its ability to adapt when conditions dictate change.faces the risk of overrelying on a single project.
- 36. Multiple Choice83. The most dangerous risk in intrapreneurship is that ofworking on too many underfunded projects.over-relying on a single large project.engaging in prospects that are too risky.spreading intrapreneurial efforts over too many projects.
- 37. Multiple Choice84. In the context of entrepreneurial orientation, which of the following tendencies occurs when an organization is as willing to commit significant resources and perhaps borrow heavily, to venture into the unknown?proactivenessinnovativenesscompetitive aggressivenessrisk taking
- 38. Multiple Choice85. In the context of entrepreneurial orientation, an organization with a tendency of ________ grants individuals and teams the freedom to exercise their creativity, champion promising ideas, and carry them through to completion.proactivenesscompetitive aggressivenessindependent actionrisk taking
- 39. Multiple Choice86. Jonah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea. This approach is calledjob shadowing.benchmarking.job sharing.skunk works.
- 40. Multiple Choice87. The tendency of an organization to act in anticipation of future problems and opportunities isinnovativeness.competitive aggressiveness.independent action.proactiveness.
- 41. Multiple Choice88. If a company is striking fast to beat competitors to the punch, tackle them head-to-head, and analyze and target competitors' weaknesses, then they are practicingproactiveness.competitive aggressiveness.innovativeness.ethical patterns.
- 42. Multiple Choice89. Companies should tolerate some ________, and some even encourage it.entreprenuerial orientationcompetitive aggressivenessrisk-takingbootlegging
- 43. Multiple Choice90. All of the following steps are needed to build support for a project exceptgetting a blessing.horse trading.clearing the investment.innovativeness.
- 44. Multiple Choice91. The second step in building support for your idea ishorse trading.making cheerleaders.getting the blessing.clearing the investment.
- 45. Multiple Choice92. When you can offer promises of payoffs from the project in return for support, time, money, and other resources that peers and others contribute, you are participating inhorse trading.making cheerleaders.persistence and logic.clearing the investment.
- 46. Multiple Choice93. ________ play a crucial role in promoting entrepreneurship within large corporations.EmployeesCEOsManagersEntrepreneurs
- 47. Multiple Choice94. Organizations that encourage ________ face an obvious risk: the effort can fail.entrepreneurshipbenchmarkingintrapreneurshipbootlegging
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