Ch 1

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Entrepreneurs are best characterized as

aggressive catalysts for change

During the past ten years, there were approximately how many business incorporations per year?

600,000

Entrepreneurs will always be

the major source of job creation and innovation in any economy

Since the new century the US has had an annual new firm birth rate of

14-16 per 100 existing establishments

In the evolutionary process of economic growth,_____ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities

entrepreneurship

Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following

unemployment

Which of the following statements best describes a "gazelle"

a business with at least 20% growth every year

Gazelles have been responsible for which of the following

55% of innovations

_____ is the economic basis for all entrepreneurial activity

Free enterprise

The word entrepreneur is derived from the French entreprendre, which is translated as

to compete

The entrepreneur is one who

manages

Which of the following characteristics is most important to an entrepreneur

management skills

The study of entrepreneurship is

interdisciplinary

Which economist associated the "risk bearing" activity in the economy with the entrepreneur

Richard Cantillon

Which is NOT one of the chief characteristics of an entrepreneur

desire for control of people

Which is a key factor in successful entrepreneurship

minimizing problems through careful strategy formulation

Entrepreneurial traits include which of the following

initiative

Robert C. Ronstadt put together a summary definition of entrepreneur that included which of the following key phrases

the dynamic process of creating invremental wealth

In the present century, which of the following is entrepreneurship considered synonymous with

free enterprise

Which is a true statement about entrepreneurs

entrepreneurs are doers and thinkers

Throughout the years, many myths have arisen about entrepreneurship as a result of

a lack of research about entrepreneurship

The "corridor principle" is best described by which of the following statements

if at first you don't succeed, try, try, again

Which of the following traits is not that of an entrepreneur

shyness

Money is necessary but not sufficient for entrepreneurs to survive because

lack of preparation and planning can be a main source of failure

Which of the following is not a common myth about entrepreneurs

entrepreneurs today are considered heroes

Which statement is not true

entrepreneurs do not hold up in today's competitive market

Most entrepreneurs should be categorized as

innovators

Which of the following statements is true

Entrepreneurship is the ability to create and build a vision from practically nothing

Which of the following economists wrote about entrepreneurship and its impact on economic development

Joseph Schumpeter

In our present century, entrepreneurship has become synonymous or closely linked with

free enterprise and capitalism

Michael Gerber has written a book titled, "The E-Myth" where he contends

today's business owners are not true entrepreneurs

Michael Gerber's book "The E-Myth" explains the failure of most small businesses is due to

owners being more technicians rather than entrepreneurs

Entrepreneurs always

generate ideas and plan for their implementation

When referring to "luck" and an entrepreneur, which of the following statements in an appropriate adage

luck happens when preparation meets opportunity

The statement, "with every new venture launched, new and uninteded opportunities often arise," would be associated with

the corridor principle

Entrepreneurs themselves perceive the concept of risk in which of the following ways

calculated risk taking

In the study of contemporary entrepreneurship, one concept reoccurs

entrepreneurship is interdisciplinary

The macro view of entrepreneurship presents factors exhibiting a strong

external locus of control

Entrepreneurs are more accurately depicted by which of the following

entrepreneurs are calculated risk takers

3M's Post-it note is an example of the

corridor principle

Which of the following schools of thought is NOT a micro view school of thought

the displacement school of thought

The macro view can be broken down into which three areas

the environmental, financial, and displacement

The displacement school of thought can be divided into which three groups

economic, cultural, and political

The micro view is divided into which three theories

the venture opportunity theory, entrepreneurial, strategic

Which of the following is not a form of displacement in the displacement school of thought

racial

Which of the following does not apply to the strategic formulation school of thought

unique places

Water well strategies refer to

unique resources

Mountain gap strategies refer to

unique markets

The Entrepreneurial Assessment Approach stressed that assessments must be made_____ in regard to the entrepreneur, the venture, and the environment

qualitatevly and quantitatively, & strategically and ethically

The process approach to entrepreneurship seeks to

model the various factors that characterize the entrepreneurial process

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