Entrepreneurship Books and Definitions Quiz

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What is the number one characteristic shared by successful entrepreneurs?

Tenacity Despite Failure
Passion for the Business (correct)
Desire to pursue their own ideas
Financial rewards

Why do most entrepreneurs have a product/customer focus?

Execution Intelligence
Being craftspeople at heart (correct)
Passion for the Business
Desire to be their own boss

Which characteristic helps entrepreneurs persevere through setbacks and failures?

Execution Intelligence
Financial rewards
Tenacity Despite Failure (correct)
Desire to pursue their own ideas

What is a key characteristic of successful entrepreneurs according to the text?

Tenacity Despite Failure (B) Signup and view all the answers

Why do entrepreneurs start their own firms according to the text?

Desire to pursue their own ideas (B) Signup and view all the answers

What is a defining characteristic of successful entrepreneurs according to the text?

Product/Customer Focus (C) Signup and view all the answers

What is a behavior that is often equated with risk-taking for many entrepreneurs?

Setting challenging goals (C) Signup and view all the answers

Why is it considered naive to think that money is the primary motivation for entrepreneurs?

Entrepreneurs seek other rewards besides money (A) Signup and view all the answers

What do investors often consider the most important criterion when making investment decisions?

Strength of the entrepreneur (C) Signup and view all the answers

What qualities make an entrepreneur 'strong' in the eyes of an investor?

Experience, maturity, solid reputation, and a track record of success (A) Signup and view all the answers

Which age group has the highest percentage of business owners according to Table 1.4?

45-54 (C) Signup and view all the answers

Why is it a myth that entrepreneurs should be predominantly young and energetic?

Young entrepreneurs lack experience and are prone to failure (D) Signup and view all the answers

What is the primary goal of the programs offered by organizations to encourage college students to become entrepreneurs?

To encourage college students to consider entrepreneurship as a career path (A) Signup and view all the answers

What is the key difference in productivity between small innovative firms and larger innovative firms?

Small innovative firms are 16 times more productive in terms of patents per employee (D) Signup and view all the answers

Which of the following is NOT mentioned as an impact of the innovations of entrepreneurial firms on society?

They help larger firms become more efficient and effective (B) Signup and view all the answers

Which of the following is the most accurate statement about the job creation impact of small businesses in the United States?

Firms with 500 or fewer employees created two million of the roughly three million private sector jobs in 2014 (D) Signup and view all the answers

What is the main purpose of the Prince's Trust Enterprise Program and the Mohammed bin Rashid Awards for Young Business Leaders?

To provide entrepreneurship programs and awards for young business leaders (D) Signup and view all the answers

Which of the following is NOT mentioned as a way that the innovations of entrepreneurial firms impact society?

They help larger firms become more efficient (B) Signup and view all the answers

According to the information provided, what is the approximate contribution of ethnic minority businesses to the UK economy?

$33 billion (D) Signup and view all the answers

Which of the following statements about senior entrepreneurs is true?

Their age range is considered to be an advantage for starting businesses. (B) Signup and view all the answers

What percentage of millennials around the world intended to start a business before 2026, according to the 2016 Global Entrepreneur Survey?

62% (B) Signup and view all the answers

Which of the following statements about millennial entrepreneurs is NOT true?

They export less than other age groups. (A) Signup and view all the answers

According to the information provided, what is one factor that encourages millennials to consider entrepreneurship as a career?

More colleges and universities offering entrepreneurship education. (D) Signup and view all the answers

Based on the information provided, which of the following statements is true about minority-owned companies in the United States?

There were over 4 million minority-owned companies as of 2020. (B) Signup and view all the answers

What is the academic definition of entrepreneurship?

The process by which individuals pursue opportunities without regard to resources they currently control (A) Signup and view all the answers

Which of the following best describes the key difference between entrepreneurial firms and conservative firms?

Entrepreneurial firms are more proactive, innovative, and risk-taking, while conservative firms take a more "wait and see" posture, are less innovative, and risk-averse. (A) Signup and view all the answers

What is the alternative view of entrepreneurship?

Entrepreneurship is the art of turning an idea into a business. (C) Signup and view all the answers

What does the text indicate about the number of entrepreneurship and small business books available on Amazon.com?

All of the above. (D) Signup and view all the answers

What does the text say about what entrepreneurs do?

Entrepreneurs assemble and then integrate all the resources needed the money, the people, the business model, the strategy to transform an invention or an idea into a viable business. (A) Signup and view all the answers

Which of the following best describes the concept of corporate entrepreneurship?

The conceptualization of entrepreneurship at the firm level. (C) Signup and view all the answers