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Entrepreneurship Flashcards | StudBud
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Entrepreneurship
Entrepreneurship
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Final Exam Review
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
In addition to the opportunity to create their own destiny, entrepreneurs________
Earn a lot of wealth without risk and uncertainty
Exploit the opportunities that the free enterprise offers
Make a difference in an important area & be recognized
Create wealth without providing true value
2
The ability to develop new ideas and discover new ways of looking @ problems & opportunists is:
Creativity
Entrepreneurship
Creative Thinking
Innovation
3
Which of the following was
not
identified as one of the suggestions for small business success?
Learn to manage people successfully
Know you business path
Manage financial resources & understand financial statements
"Failure is not an option:
4
One hallmark of successful entrepreneurs is the ability to:
Repeat the same mistake
Be willing to gamble
Overlook past successes
Fail intelligently
5
The right brain is guided by ___
Asymmetrical thinking
Linear, vertical thinking
Kaleidoscopic, lateral thinking
Logical thinking
6
Entrepreneurs can stimulate their own creativity & encourage it among workers by ___
Not taking chances
Expecting and tolerating failure
Limiting rewards
Avoiding problems
7
Copreneurs are defined as_____
Entrepreneurs that work part-time
Those that combine their business w/ another venture
Highly successful entrepreneurs with prior experience
Entrepreneurial couples that work together as co-owners
8
All the following are enhancements to individual creativity
except
___
Keeping a journal to record thoughts and ideas
Taking time off
Limiting your reading sources
Allowing yourself to be creative
9
The average age for first time entrepreneurs in the United States is ___
44
32
50
45
10
An entrepreneurial "secret" for creating value in the marketplace is ___
Applying lessons learned from history
Applying creativity & innovation to solve problems
Creating new products and services
Learning by doing
11
International opportunities are:
Clearly out of reach for entrepreneurial business
Risky and don't merit serious consideration by entrepreneurs
now within reach of entrepreneurial business w/ opportunity
Highly limited for entrepreneurs
12
Potential drawbacks of entrepreneurship may include:
Uncertainty of income, risk, easy hours, vacations
Uncertainty of income, risk, long hours, & high stress
Uncertainty of income, risk, long hours, & instant wealth
Certainty of income, risk, long hours, & high stress
13
The majority of small companies are on the ___ and ___ industries
Manufacturing; Retail
Retail; Service
Wholesale; Retail
Manufacturing; Service
14
Entrepreneurs tend to be overly ___& misjudge the ___requirements for going into business
Optimistic; Personal
Pessimistic; Financial
Optimistic; Financial
Optimistic; Professional
15
To which governmental office must applications for patents be submitted?
The individual State Offices of Patent Development
The securities and Exchange Commission
The Federal Trade Commission
The U.S. Patent and Trademark Office
16
Most entrepreneurs believe __ is what matters, but __is the most important financial resource
Inventory; Cash
Cash; Profit
Profit; Inventory
Profit; Cash
17
All of these represent barriers to creativity that entrepreneurs impose upon themselves
except
Focusing on being too logical
Being too practical
Blindly following rules
Searching for more than one answer
18
The majority of new business owners work
Fewer than 40 hours per week
More than 70 hours per week
More than 40 hours per week
More than 80 hours per week
19
Which stage of the creative process includes on-the-job training?
Implementation
Verification
Illumination
Preparation
20
Any distinctive word, phrase, symbol, name, or logo a firm uses to distinguish itself is called
Trademark
Copyright
Service mark
Patent
21
The left brain is guided by ___
Kaleidoscopic, lateral thinking
Intuitive Thinking
Linear, vertical thinking
Asymmetrical thinking
22
Which country is not in the top ten list for most entrepreneurial friendly nations?
Canada
Denmark
China
Taiwan
23
___thinking is the ability to see similarities & ___thinking is the ability to see differences
Convergent; Tranformational
Convergent; Divergent
Divergent; Convergent
None of these
24
Entrepreneurs who start a business to make a difference to a cause they care about are:
Serial Entrepreneurs
Necessity Entrepreneurs
Social Entrepreneurs
Opportunity Entrepreneurs
25
An entrepreneur is one who:
Knows their idea will result in a profitable business
Is willing to attempt a business idea and give up
Has a business to achieve profit/growth through opportunity
Understands developing ideas but cannot bring it into play