Quiz 1

1.

1 point

When a manager begins to play a more dominant role in the operation of the business, allowing the owner to be removed to a certain extent the business is in which stage of the business?

Infancy.

Adolescence

Decline.

Maturity.

2.

1 point

Which of the following is not one of the types of persons, suggested by Priestley that should be on the core management or execution team?

Graphic Design/Code Writer.

Accountant.

Visionary.

Sales Person.

3.

1 point

Taking calculated risks and committing to being excellent are characteristics of the behavior called, ‘leaning in’?

False

True

4.

1 point

An entrepreneur is one who:

creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities.

understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept.

is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations.

knows that the concept they are about to develop will result in a profitable business.

5.

1 point

Which of the following statement best explains the myth surrounding entrepreneurship in the opinion of Michael Gerber?

Entrepreneurship fuels economic growth.

Typically knowing the technical work of a person’s business is the businesses greatest access.

The independence sought at the beginning of a business is rarely actually achieved.

) That most small businesses are not started by entrepreneurs, but by technicians.

6.

1 point

An entrepreneurial "secret" for creating value in the marketplace is?

applying creativity and innovation to solve problems.

learning by doing.

applying lessons learned from history.

creating new products and services.

7.

1 point

The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called?

entrepreneurship.

creativity.

innovation.

creative thinking.

8.

1 point

Taking calculated risks and committing to being excellent are characteristics of the behavior called, ‘leaning in’?

True

False

9.

1 point

Michael Gerber refers to the root cause of most small business failures as the Fatal Assumption.

False

True

10.

1 point

At which stage of the creative process does a spontaneous breakthrough occur, allowing all of the previous stages to come together to produce the "Eureka factor" or the "light bulb goes on"?

Illumination.

Implementation.

Preparation.

Verification.

11.

1 point

For which of the types of business persona’s is work a system of results?

Visionary.

Entrepreneur.

Technician.

Manager.

12.

1 point

The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called?

innovation.

entrepreneurship.

creative thinking

creativity.

13.

1 point

Which of the following is a benefit of entrepreneurship?

The opportunity to gain control over your own destiny.

All of the above

The opportunity to reach your full potential.

The opportunity to do what you enjoy.

14.

1 point

Enhancing individual creativity may be cultivated through such activities as modeling, encouragement, recognition, allowing failure, listening, talking to children, and taking time off.

False

True

15.

1 point

Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs.

opportunistic

persistent

serial

16.

1 point

Potential drawbacks of entrepreneurship may include:

uncertainty of income, risk, long hours, and the immediate accumulation of wealth.

certainty of income, risk, long hours, and high stress.

uncertainty of income, risk, long hours, and high stress.

uncertainty of income, risk, easy hours, and frequent vacations.

17.

1 point

"Verification" refers to?

possibly asking questions such as "will it work" and "is it really a better solution".

All of the above.

validating the idea as accurate and useful.

possibly conducting experiments, running simulations, and test marketing a product or service.

18.

1 point

The creative process involves seven distinct steps including preparation, investigation, transformation, incubation, illumination, verification, and implementation.

False

True

19.

1 point

The technician builds a house and then lives in it forever.

False

True

20.

1 point

The Global small businesses of the entrepreneurial revolution will be build around which of the following?

a slow down in technology advancement.

more local or regional focus.

micro-niches.

loosely defined brands.

21.

1 point

Entrepreneurs that use their skills to create a profitable business that is designed to achieve social and environmental goals for the common good are known as:

copreneurs.

serial entrepreneurs.

social entrepreneurs.

not-for-profit entrepreneurs.

22.

1 point

A key characteristic of the period described as the Entrepreneurial Revolution, which is taunted as replacing the industrial age is the existence of a large number of self employed professionals.

False

True

23.

1 point

During the incubation phase of the creative process, the entrepreneur might do all of the following EXCEPT which one to let ideas "marinate" in his mind?

Relax and play regularly.

Do something totally unrelated for awhile.

Work on the problem or opportunity in a different environment.

Don't allow one's self to daydream.

24.

1 point

"Convergent thinking" is the ability to see the differences among data and events.

True

False

25.

1 point

One of the most significant economic developments in recent business history relates to the:

growth of blue-chip corporations.

development of Pacific Rim countries.

entrepreneurial spirit.

additional employment opportunities offered by government institutions.

26.

1 point

Putting a failed student business venture on your resume could have very negative consequences when applying for a job.

False

True