Entrepreneurship Fundamentals Quiz
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Questions and Answers

What motivates empire builders in entrepreneurship?

  • Community service
  • Company growth (correct)
  • Achieving personal satisfaction
  • Creating a sustainable business model

    • Poor management is a major reason for the failure of small firms.

    True

    What is considered the most common source of new venture ideas?

  • Magazines and other publications
  • Trade shows and conventions
  • Prior work experience (correct)
  • Social contacts

    • What is a key ingredient for a successful entrepreneur?

    <p>Managerial skills</p> Signup and view all the answers

    Statistics Canada assists entrepreneurs by providing business management seminars and advice.

    <p>False</p> Signup and view all the answers

    The final step in preparing a personal balance sheet is to deduct total liabilities from total _______.

    <p>assets</p> Signup and view all the answers

    Which key factor is crucial for starting a high-growth venture?

    <p>Choosing the right industry to enter</p> Signup and view all the answers

    ________ is a social venture developed by Shannon Tessier and Zack Patterson.

    <p>CHANCE</p> Signup and view all the answers

    Match the following steps to prepare a personal balance sheet with their correct order:

    <p>Estimate the current market value of assets = Step 1 List all debts (liabilities) = Step 3 Deduct total liabilities from total assets = Step 5 Add up the total assets = Step 2 Add up the total liabilities = Step 4</p> Signup and view all the answers

    What is the main reason according to the argument for companies giving back to communities?

    <p>Utilizing society's resources</p> Signup and view all the answers

    Which of the following organizations does NOT assist entrepreneurs?

    <p>Statistics Canada</p> Signup and view all the answers

    Lifestyle ventures include only large-scale businesses.

    <p>False</p> Signup and view all the answers

    Empire builders aim to revolutionize markets and industries with an insatiable thirst for _______.

    <p>growth</p> Signup and view all the answers

    A major characteristic of empire builders is their focus on community involvement.

    <p>False</p> Signup and view all the answers

    The rate of growth of the ________ influences the growth patterns of startups within it.

    <p>industry</p> Signup and view all the answers

    Match the following social trends to their descriptions:

    <p>99 Lives = A concept related to balancing work and personal life Being Alive = Focus on health and well-being Anchoring = Establishing a stable base in life decisions CHANCE = Social venture for aiding needy children</p> Signup and view all the answers

    What is one reason businesses should be concerned with social responsibility?

    <p>Cost savings due to efficient operations</p> Signup and view all the answers

    Companies have no obligation to reimburse society for negative consequences of their activities.

    <p>False</p> Signup and view all the answers

    What are the three key questions in Blanchard and Peale's Ethics Check?

    <ol> <li>Is it legal? 2. Is it balanced? 3. How will it make you feel about yourself?</li> </ol> Signup and view all the answers

    The creation of a clearly identifiable market niche is associated with consumers interested in __________.

    <p>health and the environment</p> Signup and view all the answers

    Match the following key concepts with their descriptions:

    <p>Social Responsibility = Businesses should minimize negative impacts on society Ethics Check = A method to assess decisions in various ethical dimensions Market Niche = A specific segment of consumers focused on sustainability Innovation = Adaptation in response to social values and demands</p> Signup and view all the answers

    What is the first thing you need to start a business?

    <p>An idea</p> Signup and view all the answers

    Being socially responsible does not require companies to innovate.

    <p>False</p> Signup and view all the answers

    List one benefit of a positive organizational image.

    <p>Attracts customers or enhances brand loyalty.</p> Signup and view all the answers

    Which of the following is NOT listed as a business opportunity for 2016?

    <p>Home gardening services</p> Signup and view all the answers

    The 'ideal business' is one that requires hiring employees and managing them.

    <p>False</p> Signup and view all the answers

    What is the first step in the opportunity selection process?

    <p>Identify your business and personal objectives.</p> Signup and view all the answers

    The opportunity selection process contains a total of __________ steps.

    <p>six</p> Signup and view all the answers

    Which of the following is a promising industry segment?

    <p>Senior services</p> Signup and view all the answers

    Match the following opportunity selection steps with their descriptions:

    <p>Identify your business and personal objectives = Determine what you want to achieve Learn more about your favourite industries = Research potential areas of interest Identify promising industry segments = Locate industries with market potential Brainstorm solutions = Develop ideas for identified problems Compare possible solutions with your objectives = Assess alignment between solutions and goals Focus on the most promising opportunities = Prioritize the best choices</p> Signup and view all the answers

    Name one advantage of a business that requires no labor force.

    <p>Less government paperwork and regulations.</p> Signup and view all the answers

    Wakeboarding and rollerblading are examples of sporting trends that can create business ideas.

    <p>True</p> Signup and view all the answers

    In the model for small business growth, the key issue in the inception chapter is:

    <p>Finding growth opportunities</p> Signup and view all the answers

    In the model for small business growth, the key issue in the maturity chapter is:

    <p>Increasing competition</p> Signup and view all the answers

    In the model for small business growth, the key issue in the survival chapter is:

    <p>Obtaining customers</p> Signup and view all the answers

    What type of ideas typically provide customers with a product or service that does not exist in their market but already exists somewhere else?

    <p>Type A ideas</p> Signup and view all the answers

    Product and market research in the inception chapter is described as:

    <p>Little</p> Signup and view all the answers

    Fashion products usually have extremely long life cycles.

    <p>False</p> Signup and view all the answers

    Product and market research in the survival chapter is characterized as:

    <p>Moderate</p> Signup and view all the answers

    The first plan you will write for your new venture is the business plan.

    <p>False</p> Signup and view all the answers

    Name one characteristic of Type B ideas.

    <p>Technically new product or process.</p> Signup and view all the answers

    The failure rate of franchised businesses is reported to be ______ than that for independently established firms.

    <p>lower</p> Signup and view all the answers

    What is the main purpose of conducting a feasibility study?

    <p>To evaluate the potential of a business idea before proceeding with a business plan.</p> Signup and view all the answers

    Which of the following is NOT a demographic factor?

    <p>Hobbies</p> Signup and view all the answers

    In the model for small business growth, product and market research in the survival chapter is considered to be __________.

    <p>moderate</p> Signup and view all the answers

    Describe Type C ideas in entrepreneurship.

    <p>Concepts for performing old functions in new and/or better ways.</p> Signup and view all the answers

    The five basic elements in the opportunity recognition process developed by Lumpkin, Hills, and Shrader are irrelevant to entrepreneurial success.

    <p>False</p> Signup and view all the answers

    Match each type of entrepreneurial idea with its description:

    <p>Type A = New product in an existing market Type B = Technically innovative solutions Type C = Improvement on existing ideas</p> Signup and view all the answers

    Study Notes

    Multiple Choice Questions

    • The higher the number of desirable responses on the Entrepreneurial Quiz, the more likely you are to agree with successful entrepreneurs.
    • Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to demonstrate commitment, determination, and perseverance.
    • A study of entrepreneurs found that openness to change, personal initiative, and perseverance are the principal reasons for entrepreneurial success.
    • Successful entrepreneurs are driven to achieve their goals and exceed initially set standards, making them challenge-oriented.
    • The best entrepreneurs are well-aware of their strengths and weaknesses, and the competitive environment they operate in. This makes them reality-oriented.
    • Most entrepreneurs are good, quick learners and listeners.
    • The three types of reactions are cognition, affect, and behavior.
    • The predisposition for innovation is personality.
    • All of the following are subscales in Robinson's EAO Model, except desire for retribution.
    • Freedom Fighters/Craftspeople entrepreneurs might be characterized as identifying with their craft over business ownership initially.
    • Venture capitalists typically have companies growing by over 30 percent annually.
    • Capital aggregators benefit from the economies of scale when volume expands.
    • Managing people, inventory, capital, and money are all considered entrepreneurial skill sets.
    • Purchasing supplies, inventory management, and physical facility management are considered part of directing business operations.
    • Job experience, organizational activities, and managing a home can help acquire skills relevant to entrepreneurial endeavors.
    • The personal net worth range for starting a business is generally thought to be $20,000 - $50,000.
    • Your credit rating is based on your prior history in borrowing and repaying money.
    • Researchers can identify common attributes, attitudes, and experiences among entrepreneurs that lead to success.
    • High energy, good health, and emotional stability are key "un-learnable" attributes of successful entrepreneurs.
    • High intelligence and conceptual ability are considered largely “innate” traits.
    • The Managerial Skills Inventory can help assess skills in areas such as financial accounting, human resources, and ethics.
    • The “typical entrepreneur” is often depicted as the Empire Builder type, characterized by constant project pursuit and market dominance.

    True/False Questions

    • Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs leading to success. (FALSE)
    • There is considerable evidence that suggests the "right stuff" needed to become a successful entrepreneur can be learned. (TRUE)
    • Most entrepreneurs are self-confident and have a strong ego. (TRUE)
    • High energy, good health, and emotional stability are often considered unlearnable qualities for entrepreneurs. (TRUE)
    • High intelligence and conceptual ability are among the most learnable attributes of successful entrepreneurs. (FALSE)
    • The Managerial Skills Inventory Questionnaire can be used to develop an inventory of skills and capabilities in financial accounting, human resources and ethics. (FALSE)
    • Most entrepreneurs are self-confident and have a strong ego. (TRUE)
    • Most entrepreneurs are self-confident and have a strong ego. (TRUE)
    • Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs that appear to lead to success.(FALSE)
    • The "right stuff" needed to become a successful entrepreneur can be learned. (TRUE)

    Short Answer Questions

    • Most critical attribute shared by successful entrepreneurs is a combination of perseverance and dedication.
    • "Not-so-learnable" traits of an entrepreneur include high energy, good health, emotional stability, creativity, high intelligence, and conceptual ability, the capacity to see a better future and the ability to inspire others to envision it.
    • Describe the three entrepreneurial archetypes developed by John Warrillow.
    • These include Craftspeople, Freedom Fighters, and Empire Builders.
    • List and describe the five basic elements of the opportunity recognition process developed by Lumpkin, Hills, & Shrader. (A diagram is required here)
    • Describe, with an example, each of the three basic categories into which new entrepreneurial concepts fall.
    • Type A: Replicating successful business models (e.g., a locally based restaurant copycatting a popular chain from elsewhere).
    • Type B: Creating new products or services using existing technology. (e.g., a new mobile app for managing appointments)
    • Type C: Improving existing products or services in new ways. (e.g., an online store that provides faster shipping than competitors).
    • What are the reasons many businesses should be more socially responsible?
    • List the reasons why businesses should be concerned with being more socially responsible.
    • Provide examples of the type of material included in the appendix of a business plan.
    • Examples include: product specifications, team member resumes, lists of possible clients/suppliers, etc.
    • State and describe the "seven deadly sins" of a business plan, as identified by Eric Ries’ Lean Startup model. (Information on these sins should be included, and references to the relevant sources).
    • Outline the key components of the vision statement and mission statement of a business.
    • Compare and contrast summary business plans with operational business plans.
    • Describe how a cash flow forecast helps assess a business's financial feasibility.
    • Describe fixed and variable expenses.
    • What are the five key areas that must be considered when evaluating marketing concerns of a prospective business?
    • List the key financial factors you must consider before buying a business.
    • Describe the advantages and disadvantages of buying an existing business.

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    Description

    Test your knowledge on the key concepts and motivations in entrepreneurship. This quiz covers the characteristics of successful entrepreneurs, common sources of venture ideas, factors necessary for starting high-growth ventures, and the importance of community engagement. Challenge yourself and see how well you understand entrepreneurship principles.

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