9 Chapter 1 Review Questions

 

Review Questions

 

1.

What factors contribute to a growing interest in entrepreneurship?

unemployment levels

low job turnover rates

increasing levels of creativity

decreasing rates of discrimination

 

2.

Angel investors contribute to the entrepreneurial world by ________.

outpacing venture capitalists in access to startup funds

directly investing in entrepreneurial startups

holding seminars to teach people how to become an entrepreneur

forming groups of other investors to supply greater quantities of investment funds to entrepreneurs.

 

3.

An entrepreneur is someone who ________.

creates a small business based on other existing businesses

creates a home-based business that sells products available through other retailers

creates a business around the idea of solving a problem

is highly creative

 

4.

Roxanne Quimby of Burt’s Bees is an example of an entrepreneur primarily for which of the following reasons?

She saw available resources and recognized the resources could be used to create a business.

She acted on her passions.

She solved a significant societal problem.

She had the time and energy to dedicate to starting business.

 

5.

In the early stages of developing an entrepreneurial venture, the entrepreneur might seek funding from which group?

venture capitalists

the local bank

friends and family

shark tank

 

6.

The acronym SMART for goal setting stands for ________.

short-term, measurable, accurate, relevant, and timely

specific, measurable, accurate, relevant, and timely

specific, measurable, achievable, realistic, and time oriented

specific, measurable, achievable, results, and time oriented

 

7.

A vision statement does not include ________.

a picture of the future described in words

concepts and ideas that inspire and focus people’s actions toward a united outcome

both creative and exploratory process in creating the vision

the scope of the venture

 

8.

Which one of the following is not a quantifiable result?

5 percent annual growth in sales

increase market share by 2 percent

decrease collection of accounts receivable by $5,000.00

increase creativity throughout the venture

 

9.

Which of the following is not a creativity building technique or tool?

conducting a case study

brainstorming activities

mind map creation

brain writing

 

10.

Disruptive technologies include all but which of the following?

new methods or approaches that make established methods obsolete

self-booking of air travel

restaurant food delivery services

a change from ownership of resources to the ability to have access to resources

 

11.

The entrepreneurial mindset includes ________.

a willingness to develop ideas that are not always initially popular

a willingness to wait for an idea to become popular before moving forward with that idea

an ability to focus on past successes

a belief in following tradition and established patterns