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Entrepreneurship: Successfully Launching New Ventures

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1) According to the Global Entrepreneurship Monitor (GEM) 2010 survey, about ________ of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years. -7.6%

2) Which of the following statements regarding business success (or failure) rates is correct? -After Four years, 50 percent of new businesses are still open.

3) According to the textbook, the number one reason that people become entrepreneurs is to: -Be their own boss, pursue their own ideas, and realize financial rewards.

4) According to the textbook, the four characteristics of successful entrepreneurs are: -Passion for business, product/customer focus, tenacity despite failure, and execution intelligence.

5) Chad and Allison Druxman launched a firm several years ago and have been particularly successful in introducing new products to the marketplace. One thing that Chad and Allison are particularly good at is translating their thoughts, creativity, and imaginations into products that reach the marketplace. The ability to make this happen is most closely related to which of the following characteristics of successful entrepreneurs? – execution intelligence

6) The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Revio Mobile (maker of Angry Birds) and Zeo, two companies that have produced successful products. The feature’s main purpose is to illustrate the importance of ________ as a key characteristic of the founders of entrepreneurial firms. – tenacity despite failure

7) Which of the following is not one of the five common myths about entrepreneurs? -Entrepreneurs are born, not made; entrepreneurs are gamblers, that entrepreneurs are motivated primarily by money; that entrepreneurs should be young and energetic, and that entrepreneurs love the spotlight

8) Which of the following is not one of the five common myths about entrepreneurs? – Entrepreneurs are tenacious.

9) According to the textbook, entrepreneurs are: -Moderate Risk Takers

10) Suppose you are a Small Business Development Center counselor and you’re looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur? – Candidate A: visionary, energetic, moderate risk taker

Topic: Introduction to Entrepreneurship

11) According to the textbook, the biggest jump in entrepreneurial activity, by age range, from 1996 to 2010 is among entrepreneurs in the: – 55 to 64 age range

12) Pacific Printing LLC is a startup that is working on a new technology for the printing industry. Because the technology it’s working on is highly proprietary, the company is located in the warehouse district of a large western city. Pacific’s founder, Jan Sims, rarely gives interviews, and is careful to not divulge much about what the company is doing. Which of the following common myths about entrepreneurs does the behavior of its founder, Jan Sims, dispel? – Entrepreneurs love the spotlight.

13) Kentucky Soup and Salad is a casual dining restaurant that has been owned by Kenneth Peterson for the past 11 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Kenneth a level of income that is similar to what he would earn in a conventional job. According to the textbook, Kentucky Soup and Salad is an example of a(n): – salary-substitute firm

14) Tahoe Trips & Trails, a company mentioned in Chapter 1, leads multiday outdoor adventure trips for private groups and corporate clients to Lake Tahoe, Yosemite, Death Valley, and similar locations. The company was started by Hanna Sullivan, an individual that gave up a prestigious job with a private investment company because Tahoe Trips & Trails better accommodates her personal lifestyle. Tahoe Trips & Trails is an example of a(n) ________ firm. – lifestyle

15) Which of the following statements is not true about women-owned businesses in the United States? – The top industry for women-owned firms is manufacturing.

16) Among minorities, ________ -owned firms had the highest growth rate from 1996 to 2010. – Latino

17) Which of the following was not given in the textbook as a reason for the increase in the number of senior entrepreneurs? – Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs

18) As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy. – creative destruction

19) ________ is the process of creating something new, which is central to the entrepreneurial process. – Innovation

20) Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States? – Small businesses employ just less than half of all private sector employees.

21) The Partnering for Success feature in Chapter 1 focuses on how pharmaceutical products are brought to market. The “lesson learned” from the feature for entrepreneurs is: – large firms and smaller entrepreneurial firms can often produce the best results by partnering with each other rather than acting as adversaries

22) Which of the following is the correct sequence for the four steps in the entrepreneurial process? – deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm

23) An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n): – triggering event

24) A(n) ________ is a written document that describes all the aspects of a business venture in a concise manner. -business plan

25) A firm’s ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates. – business model

26) According to the results of the GEM 2010 survey, about 1 out of every 13 American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 1/2 years old. -True

27) The number one reason that people become entrepreneurs is to be their own boss. -True

28) Entrepreneurs are usually moderate, rather than high, risk-takers. -True

29) Entrepreneurs are motivated primarily by money. -False

30) In terms of the “types” of startup firms, entrepreneurial firms bring new products and services to market. -True

31) Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world. -False

32) Of the 27.5 million businesses in the United States, women, minorities, seniors, and young people increasingly own a smaller number of them. -False

33) Innovation is the process of creating something new, which is central to the entrepreneurial process. -True

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