Questions on Entrepreneurship

Entrepreneurship Entrepreneurs have the vision to recognize opportunities where others see chaos, contradiction, and confusion. a. true b. false 2. Entrepreneurs are always inventors. a. true 3. Entrepreneurs are extreme risk takers. 4. Minority-owned businesses could be said to represent the cultural displacement school of entrepreneurial thought. a. true 5. Gazelles are almost always high tech. 6. The word entrepreneur is derived from the French entreprendre, which is translated . a. to undertake b. to compete c. to apprehend . to enter and dare 7.

Which is not one of the chief characteristics of an entrepreneur? a. ability to consolidate resources b. risk taking c. personal initiative d. desire for control of people 8. Which of the following statements about entrepreneurs is true? a. All you need is money to be an entrepreneur. b. Ignorance is bliss for an entrepreneur. c. Entrepreneurs are doers and thinkers. d. Inheriting a business is the best way to become an entrepreneur. 9. Which entrepreneurial school of thought emphasizes the planning process in uccessful venture development? . the strategic formulation school of thought b. the entrepreneurial trait school of thought c. tne venture opportunlty scnool 0T tnougnt d. the human relations school of thought 10. Entrepreneurs will always be a. hindered by lack of funding b. a major source of Job creation and innovation in any economy c. a key factor in the stability of the small business sector Terms: Displacement School of Thought-A school of entrepreneurial thought that focuses on group phenomena such as the political, cultural, and economic environments.

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Dynamic States- A network of relationships and systems that convert oopportunity tension into value for a venture’s customers, generating new resources that maintain the dynamic state. Entrepreneur- An innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts.

Entrepreneurial Management- The themeor discipline that suggests entrepreneurship is based on the same principles, whether the entrepreneur is an existing large institution or an individual starting his or her new venture single- handedly. Entrepreneurial Revolution- The tremendous increase in entrepreneurial business and entrepreneurial thinking that has developed during the last 20years. This revolution will be as powerful to the twenty-first century as the Industrial Revolution was to the twentieth century (if not more! ).

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