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50 terms

Ch 1

STUDY
PLAY
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