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