1.6: Review Questions
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
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
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