Enterprenuer Notes

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Entrepreneurship: Successfully Launching New Ventures, 4e (Barringer/Ireland) Chapter 1 Introduction to Entrepreneurship

1) GiftZip, the company profiled in the opening feature for Chapter 1, makes money via: A) payments from companies that offer gift cards for displaying their cards on the site B) the direct sale of gift cards displayed on its site

C) monthly subscription fees
D) online advertising
E) earning an affiliate fee for gift card purchases that originate from its site Answer: E
Diff: 2 Page Ref: 3
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

2) Which of the following was not a contributing factor to GiftZip's early success? A) It was becoming increasingly affordable to launch an online business. B) positive PR
C) angel investor funding
D) People were becoming increasingly comfortable buying online. E) The gift card market was growing.
Answer: C
Diff: 1 Page Ref: 3
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

3) 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. A) 3.8 percent

B) 5.5 percent
C) 7.6 percent
D) 9.0 percent
E) 12.5 percent
Answer: C
Diff: 2 Page Ref: 5
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

4) According to the Global Entrepreneurship Monitor (GEM) 2007 study, the majority of people in high-income countries are drawn to entrepreneurship: A) to take advantage of an attractive opportunity

B) due to lack of career prospects
C) as a result of government incentives
D) because an important role model was an entrepreneur
E) to gain prestige
Answer: A
Diff: 2 Page Ref: 5
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

5) Which of the following statements regarding business success (or failure) rates is correct? A) After four years, 15 percent of new businesses are still open. B) After four years, 25 percent of new businesses are still open. C) After four years, 50 percent of new businesses are still open. D) Two out of three businesses fail within the first four years. E) Nine out of ten businesses fail within the first four years. Answer: C

Diff: 3 Page Ref: 5
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

6) Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of: A) enterprise focus
B) innovative intensity
C) entrepreneurial intensity
D) creative intensity
E) innovative concentration
Answer: C
Diff: 2 Page Ref: 6
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of entrepreneurs and small business

7) Sarah Thorton is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, parasailors, and BMX bikers. Sarah wants her company to pursue a high level of corporate entrepreneurship. To achieve that goal, Sarah's firm should be: A) innovative, risk averse, and take a "wait and see" posture B) taking a "wait and see" posture, innovative, and risk taking C) proactive, not innovative, and risk taking

D) taking a "wait and see" posture, not innovative, and risk averse E) proactive, innovative, and risk taking
Answer: E
Diff: 2 Page Ref: 6
Topic: Introduction to Entrepreneurship
AACSB: Reflective Thinking
Objective: Describe the role of...
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