Mid-Term Review ENTR 101

Question 1

Which demonstrates an entrepreneurial mindset

Accepted Answer

Choosing to be around positive mentors, friends, and family

Question 2

What is the greatest lesson Uncle Cleve left behind that ultimately determines our life outcome

Accepted Answer

The choices we make

Question 3

Most new businesses require bank financing or venture capital investors

Accepted Answer

False

Question 4

A reaction is often experienced as an impluse rather than a conscious choice

Accepted Answer

True

Question 5

Informal learning often becomes a lifelong process for an entrepreneur

Accepted Answer

True

Question 6

Which of the following best describes synergy for lifelong learning

Accepted Answer

Knowledge and effort

Question 7

What type of advantage did Uncle Cleve have over others in his community?

Accepted Answer

Mindset

Question 8

Which factor below would have the least influence on someone with an external locus of control

Accepted Answer

Choice

Question 9

Fear is an "internal barrier" that stops many would be entrepreneurs from acting on idea

Accepted Answer

True

Question 10

What is an illustration of a driver responding rather than reacting to being cut off in traffic

Accepted Answer

Deciding it was an honest mistake

Question 11

Knowledge alone is the engine that drives an entrepreneur

Accepted Answer

False

Question 12

What is the definition of bootstrapping

Accepted Answer

Pursuing an opportunity with little or no money

Question 13

Knowledge is.....

Accepted Answer

A life-long process

Question 14

Entrepreneurs tend to be high stakes gamblers who are willing to bet everything on their ideas

Accepted Answer

False

Question 15

Which of the following statements is true of extrinsic motivation

Accepted Answer

Being driven by a paycheck, grades, threat of punishment

Question 16

Rodney Walker said all the following are both entrepreneurial & beneficial to students, except:

Accepted Answer

Wait until the last minute to accomplish something

Question 17

All of the following are possible barriers to entry, except:

Accepted Answer

A high quality product that beats competitors

Question 18

Which is not a fatal assumption that can put a business at risk

Accepted Answer

Seeing things from customer's point of view (outside in)

Question 19

Which of the following characterizes a fixed mindset

Accepted Answer

Intelligence and talents cannot be changed

Question 20

Entrepreneurship often discourage students form pursuing a formal education

Accepted Answer

False

Question 21

Which of the following describes a typical small business

Accepted Answer

Identifies problems and pursues uncertain opportunities

Question 22

Which describes exercising the power of choice, rather than the power of circumstances

Accepted Answer

Being proactive and taking responsibility for our lives

Question 23

Which of the following is most important to succeed in business

Accepted Answer

The entrepreneurial ability to implement an opportunity

Question 24

Which of the following most accurately represents a vision?

Accepted Answer

A destination

Question 25

Inexperience can be an advantage for entrepreneurs

Accepted Answer

True

Question 26

By creating a vision we are exercising our power to choose

Accepted Answer

True

Question 27

What activity did Keith Kokal do on the job that led him to discover his first business

Accepted Answer

He listened to customers about their problems with their car

Question 28

All of the following describe a reaction, except:

Accepted Answer

Deliberate analysis and reflection

Question 29

Most businesses create success through all of the following, except..

Accepted Answer

Introducing a breakthrough technology

Question 30

A vision can provide all of the following except:

Accepted Answer

Distraction

Question 31

Starting a business should only be attempted by those who are unemployed or not in school

Accepted Answer

False

Question 32

Those with an external locus of control believe that outside factors will determine their lives

Accepted Answer

True

Question 33

Coming up with a good idea is more important than your abilities as an entrepreneur

Accepted Answer

False

Question 34

All of the following are ways to fund your way into business through bootstrapping, except:

Accepted Answer

Bank loan

Question 35

Which of the following statements would be most likely made by a problem solver

Accepted Answer

I am always trying to find a better way to do things

Question 36

What problem did Uncle Cleve solve

Accepted Answer

Everyone needed ice

Question 37

Which is the most effective way to make time in your busy schedule to work on your business

Accepted Answer

Set priorities and invest your spare time wisely

Question 38

The barrier of lack of experience can be overcome in all the following ways, except:

Accepted Answer

Being afraid to try new things.

Question 39

Which of the following is true about barriers to entry

Accepted Answer

They may be challenged with knowledge and effort

Question 40

The view that formal education is a one-time experience is an example of which mindset

Accepted Answer

Fixed

Question 41

Rather than planning, entrepreneurs often find new opportunities once in business

Accepted Answer

True

Question 42

All of the outcomes below are key benefits of pursuing knowledge, except:

Accepted Answer

Continuation of old habits

Question 43

From within one's environment, all of the factors below can influence an individual except...

Accepted Answer

Willingness to try

Question 44

When searching for knowledge to develop ideas, all the questions below are useful, except

Accepted Answer

Why should I ask questions if I already know what to do?

Question 45

All of the following are part of Brian Scudamore’s self-directed learning curriculum, except:

Accepted Answer

Getting a high school diploma

Question 46

Which of the following is the best description of an inventor

Accepted Answer

Problem- Solver

Question 47

Our environment and the collective mindset of others has very little influence over our choices

Accepted Answer

False

Question 48

Problem solving is all of the following except:

Accepted Answer

A skill a person either has or doesn't have

Question 49

Which is the most powerful proof of a successful business concept

Accepted Answer

Customers actually buying the product or service

Question 50

Too much planning can blind us to unforeseen opportunities

Accepted Answer

True

Question 51

A “ready, fire, aim” approach has which of the following characteristics

Accepted Answer

Tests ideas in the real world, then reflects on next steps

Question 52

Those with an internal locus of control believe they can control what aspect of their lives

Accepted Answer

Their area of focus

Question 53

"Proof of concept" refers to the ability to convince others of a good idea

Accepted Answer

False

Question 54

Uncle Cleve chose to focus his time on __________________________________.

Accepted Answer

Things he could change

Mid-Term Review ENTR 101

Questions 54

Mid-Term Review ENTR 101

Questions 54