1.6: Review Questions

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Michael Laverty and Chris Littel et al.
OpenStax

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What factors contribute to a growing interest in entrepreneurship?

unemployment levels
low job turnover rates
increasing levels of creativity
decreasing rates of discrimination

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.

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

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.

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

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

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

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

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

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