question

This country has become like a super market for those interested in manufacturing according to the video on Walmart in the learning area. Japan Korea Correct! China

answer

China

question

How many of the suppliers to Walmart are based in China?

answer

80%

question

As firms develop in an international context, their pursuits take form in various ways including: Exporting and importing goods between countries Using imported goods as a part of manufacturing here in the US Acting as subsidiaries of larger international firms. All of the answers are correct

answer

all are correct

question

Econometric studies tend to show a correlation between the level of: Correct! entrepreneurial activities, national wealth, and economic wealth entrepreneurial activities, national wealth, and poverty entrepreneurial activities, laws, and economic wealth None of the above

answer

ent. activities, national wealth, and economic wealth

question

According to your online lecture which of the following is the reason American culture is so conducive to entrepreneurial experiences? Correct! Entrepreneurship is a part of our cultural language and In the US we find it important to examine and sometimes eliminate barriers to trade. Entrepreneurship is a part of our cultural language In the US we find it important to examine and sometimes eliminate barriers to trade. We believe only government can handle economic issues. Why is American culture so conducive to entrepreneurial experiences? Examine the following: 70 % of adults in the United States would prefer being entrepreneurs, where as in Western Europe and Japan only 41% say they would like to be entrepreneurs. In the United States we have typically created public policy that encourages entrepreneurial activities. Entrepreneurship is a part of our cultural language. Americans are sometimes more likely to embrace risk than other cultures. Competitive financial institutions support business start ups. In the US we find it important to examine and sometimes eliminate barriers to trade. In the US we see owning a business as an inherent right.

answer

ent. is a part of our cultural language and in the US we find it important to examine and sometimes eliminate barriers to trade.

question

The three main values of the creative class include: Correct! Individuality Repetition and Process Exclusion All of the answers are included According to Florida, there are ties between creativity and economic growth. There are three main values of the "Creative Class" which include Individuality, Meritocracy, Diversity Openness (Florida, 2002).

answer

individuality

question

On the continent of North America you will find the fastest growing emerging economies.

answer

true

question

An entrepreneur creates an organization to harvest an opportunity.

answer

true

question

Universities and Education are an important part of entrepreneurial activity http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1760 And Building Entrepreneurial Economies

answer

true

question

The most common reason for wanting to start a business is to: Correct! increase personal income and independence. none of the answers is correct. love of a product or service. provide jobs for the community.

answer

increase personal income and independence

question

Which size firms are likely to produce more innovation Small firms neither small nor large firms Large firms None of the answers are correct First, neither small nor large firms were the source of any significant innovations

answer

neither small nor large firms

question

What % of US adults are active in creating new firms at some point? Correct! 12% 9% 65% 50% Module One Readings While up to 12% of U.S. adults are active in creating new firms at any point in time, the proportion that become involved during their careers is much greater.

answer

12

question

Those in the "Creative Class" value limited change in experiences because it has a negative impact on their ability to be creative.

answer

false

question

Which kind of business is most likely to provide most new jobs in the USA? Well established Businesses Government None of the answers is correct New Businesses

answer

new businesses

question

What is the impact of immigration on entrepreneurship in the US? Immigration has no impact on entrepreneurship The topic of entrepreneurship and immigration in the USA has never been studies. Correct! Immigration encourages entrepreneurship Immigration discourages entrepreneurship

answer

immigration encourages entrepreneurship

question

A review of the literature in the 1980's highlighted that innovation was considered to fall into which of the following categories. You Answered All of the answers are correct Correct Answer Creating a new market or sector Modest improvements of an existing product Create a significant innovation to an existing product Reading Why Care Page 7

answer

creating a new market sector

question

The creation of new firms provides a significant route for social integration and mobility. Correct! True False

answer

true

question

In the creative economy institutions, policies and resources are used to support creativity Correct! in almost every sector of society. In limited sectors of society None of the answers are correct only globally.

answer

in almost every sector of society

question

In a "Creative Economy" support is only directed at the technology related fields. True Correct! False

answer

false

question

The ability to earn position based on their hard work. Diversity and Openness Correct Answer Individuality None of the answers is correct Meritocracy

answer

individuality

question

Valuing meritocracy is always good in entrepreneurship. Correct! True False

answer

true

question

Developing a creative class or creative economy is not a solution to meeting future demands. True Correct! False

answer

false

question

In the Walmart video that It becomes clear that the _________ is mostly exporting raw materials, while________ is importing manufactured goods. China, USA USA, China None of the answers are correct Europe, USA

answer

usa china

question

Your past leadership roles, outside of entrepreneurship, can help tell if you are ready to run your own business.

answer

true

question

Lifestyle entrepreneurs are motivated most by the chance to be their own boss.

answer

false

question

Successful entrepreneurs give up when the business becomes difficult.

answer

false

question

donald trump is an example of

answer

serial entrepreneur

question

Which of the following is an example of a reluctant entrepreneur? banker Correct! doctor None of the choices work for this question nonprofit manager

answer

doctor

question

The term Entrepreneur has origins in: Africa Correct! France Spain USA

answer

France

question

Coined the term Entrepreneurship Drucker Correct! Cantillion Knight None of the choices is right

answer

cantillion

question

Understanding the risk involved in a venture is a secondary function of an entrepreneur.

answer

false

question

Theorized that entrepreneurs take risk and encounter uncertainty Baptist Say None of the answers is correct Correct! Knight Cantillon

answer

knight

question

Theorized that entrepreneurs are agents who bring together resources and capital to create opportunity Correct! Baptist Say Cantillion Schumpeter Knight

answer

baptist say

question

Defines Entrepreneurs as innovators Correct! Schumpeter Knight None of the answers are correct Cantillion

answer

schumpeter

question

Created the term "Creative Destruction" Correct! Schumpeter Knight None of the choices is correct Cantillion

answer

Schumpeter

question

The ___________________ culture created broadly based trading relationship that enhances the quality of life in much of the Mediterranean region Phoenician Greek American None of the choices is correct

answer

Phoenician

question

entrepreneurs must see and then believe

answer

false

question

Trade across the world started the end of isolation for many cultures. Correct! True

answer

true

question

Describes the men who owned large industrial firms that became the primary source of employment for many communities in the U.S. Correct! Robber Barons Politicians None of the choices is correct Entrepreneurs

answer

robber barons

question

In this decade the US economy started to slow down and small businesses were more likely to create more jobs. 1980"s 1920"s 1970's

answer

1970s

question

Discussing Entrepreneurial types does not help us to better understand the reasons that individuals become entrepreneurs. True Correct! False

answer

false

question

Which type of entrepreneur sees the opportunity to start a venture as a source of income or to establish family employment. Social Entrepreneurs Macroentrepreneurs Habitual Entrepreneurs Correct! Microentrepreneurs

answer

microentrepreneurs

question

For these types of entrepreneurs, owning your own business is the way to meet your fullest potential. Habitual Entrepreneur microentrepreneur None of the answers is correct Macroentrepreneur

answer

macroentrepreneur

question

An organization or venture that advances its social mission through entrepreneurial earned income strategies. Macroentrepreneur Social Entrepreneur Microentrepreneur None of the answers is correct

answer

social entrepreneur

question

Risk according to Knight is not predictable. True Correct! False

answer

false

question

Most entrepreneurs want to pursue opportunities and results: None of the answers is correct. by focusing primarly on process by focusing primarly on risk without worrying too much about process

answer

without worrying too much about process

question

Coming up with an idea is more important than execution of an idea. True Correct! False

answer

false

question

The "Tipping Point" is characterized by which of the following except: Correct! contagious behavior little changes with big effects slow and steedy change fast change

answer

contagious behavior

question

It is not good for entrepreneurs to carry around a journal of their ideas because someone may take your journal and steal your business ideas.

answer

false

question

The fourth factor of production is None of the answers is correct Capital Land Humans

answer

humans

question

Growth helps a new business secure or maintain its competitive advantage and establish a firm foothold in the market.

answer

true

question

In the planning and financing stage we want to know how venture efforts will result in a particular "bottom line" value.

answer

true

question

Teams fail to perform as well as individual entrepreneurs.

answer

false

question

Successful entrepreneurs work few hours and get a great deal of sleep.

answer

false

question

The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team, regardless of the conditions for opportunities in the market.

answer

false

question

The Entrepreneurial Process includes Personal, public, and social issues but not finance.

answer

false

question

It took Thomas Edison ____________ tries before making a successful prototype for the light bulb.

answer

1000

question

According to Business Week many companies seek employees with a documented record of: Success based quantitative measures Limited failures None of the choices is correct Correct! Success and Failure

answer

success and failure

question

The majority of entrepreneurs come from poor families who become successful because of their drive to escape poverty.

answer

false

question

In this situation you can use past information about patterns and occurrences to determine the best course of action or to make a decision with the possibility of having a positive outcome. Correct! Risky Uncertain Complicated None of the answers is correc

answer

risky

question

The ability to perceive opportunity where others may not. None of the answers is correct Exploration Revelation Correct! Insight

answer

insight

question

Observed characteristics of business venture founders include all but which of the following serendipity readiness to act insight Correct! conservatism

answer

conservatism

question

luck is not a part of success for many ventures

answer

false

question

The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities, but does not include the functions, activities, and actions associated with creating organizations to pursuing them.

answer

false

question

Past work experiences have no impact on the success of an entrepreneur.

answer

false

question

When the owner of the firm reaches a point where they believe the venture is no longer working for them. In many cases this really is not seen as a failure, but just that the firm ceases to exist. This is called lack of earnings cessation discontinuance bankruptcy

answer

discontinuance

question

To compensate for the lack of experience a new entrepreneur should: Hire a CEO Participate in a local incubator All of the choices should be included Just dive in and try to run the business with no help

answer

all of choices should be included

question

To determine why a venture failed you would look at which of the following: The experience The experience of the entrepreneur and the opportunity Government rules and regulations The opportunity

answer

the experience of the entrepreneur and the opportunity

question

In this stage entrepreneurs focus on narrowing down the ideas generated in stage one so that future efforts to plan and finance your venture are directed to the most viable venture. Searching Correct! Screening Planning and Financing None of the answers is correct

answer

screening

question

In which stage do you create a pool of rich ideas to thread together a venture that appeals to the needs of customers. Correct! Searching Screening Setup None of the choices is correct

answer

searcing

question

This stage requires an entrepreneur to identify and then create appropriate structures, systems, and even cultures, which enable a competitive (or sustainable) product or services to come into existence. Correct! Set up None of the above Planning and Financing Screening

answer

set up

question

A way to detail how an entrepreneur organizes resources and creates value. Feasibility Study Business/Concept Model None of the answers is correct Business Plan

answer

business/concept model

question

The value of creativity is include in the pricing of a product an entrepreneur offers

answer

true

question

For most entrepreneurs it is best to _________ large equipment when starting a business. Correct! Rent Buy Avoid purchasing

answer

rent

question

It is a good strategy to name your business with a name that reflects what you do Correct! True False I am not sure

answer

true

question

It is always a good choice to name your business after your last name. True Correct! False I am not sure

answer

false

question

The real cost of capital includes all of the choices below except. This answer would need more explanation in order to be included. Correct Answer Normal Fixed Costs of investment Your debt Interest rate You Answered Renegotiation because of success None of the answers are correct

answer

normal fixed costs of investment

question

The five forces can help Correct Answer Determine if 2 products are similar and in the some industry Determine of you should go into business Determine if the force is with you None of the choices is correct Porter, M. (2008). THE FIVE COMPETITIVE FORCES THAT SHAPE STRATEGY. Harvard Business Review, 86(1), 78-93. Retrieved from Business Source Premier database.

answer

determine if 2 products are similar and in the same industry

question

When you define competition which of the following forces should be considered. all should be included Suppliers Customers Substitute suppliers Porter, M. (2008). THE FIVE COMPETITIVE FORCES THAT SHAPE STRATEGY. Harvard Business Review, 86(1), 78-93. Retrieved from Business Source Premier database.

answer

all should be included

question

Naming your company the wrong name can prevent you from changing and growing your venture.

answer

true

question

To test an initial assumption about a venture idea you should compare your idea to similar ideas Ask for expert industry advice Review published information All the answers are correct None of the choices help to answer the question

answer

all the answers are correct

question

Entrepreneurs need to lay out all the activities it takes to run a venture before they start

answer

true

question

Successful Entrepreneurs Correct! want to disprove a concept before it is too late invest and invest to prove they have a good concept Invest moderate amounts but stick with the idea not matter what. None of the listed answers are correct No answer text provided.

answer

want to disprove a concept before it is too late

question

Startup companies should just Stick to a business strategy do some projects that will make money regardless of strategy Do whatever makes money None of the listed answers are correct

answer

stick to a business strategy

question

Define Differentiation offering customers something they value offering the same as the competition Not worrying about what they offer None of the answers listed is correct

answer

offering customers something they value

question

A venture's opportunity to create value and to differentiate from the rest of the market happens Everywhere they come in contact with the customer Only with their product or service You should not worry about this, just go into business None of the answers listed is correc

answer

everywhere they come in contact with a customer

question

An entrepreneur is not concerned with what a customer does after they use the product or service; they are just worried about getting the product in the hands of the consumer.

answer

false

question

Which of the following are cost that the entrepreneur must pay in order to open for business the first day. Correct! Start Up costs Cash Flow Investment None of the answers is correct

answer

start up costs

question

Which of the following change when your venture makes a sale? Correct Answer Variable Costs Fixed Costs Volume None of the answers is correct

answer

variable costs

question

This kind of borrowing or investing may stress your relationships. Correct! Borrowing from friends Borrowing from a bank Using your own money None of the answers is correct

answer

borrowing from friends

question

Which of the following is the first step in understanding a cash flow statement? scanning the big picture Checking the power of the cash flow engine. Pinpointing the good news and the bad news. None of the choices is correct See the article "Solving the Puzzle of the Cash Flow Statement" page 69

answer

scanning the big pic

question

Finanacing a new venture depends very much on social ties.

answer

true

question

An entrepreneur's unwillingness to disclose information to investors has no impact on the investor's ability to make decisions.

answer

false

question

An investor wants an entrepreneur to invest some of their own money into their venture for which of the following reason: Correct! Investing the entrepreneur's own money gives the entrepreneur an incentive to be careful with the venture's capital. Inventment from the entrepreneur reduces the cost to start the venture. Investment from the entrepreneur is really not important. This kind of self investment is a myth. None of the answers is correct Financing new ventures 138

answer

investing the entrepreneur's own money gives the entrepreneur an incentive to be careful with the venture's capital

question

Covenants are: Restrictions on the entrepreneur's actions. For example precluding the entreprenur from purchasing or selling assets or shares without investors' permission. Rights which require the entrepreneur to return the investors' capital at any time. Financial instruments that allow investors to convert perferred stock. Provisions requiring the entrepreneur to lose a portion of the ownership of their venture if they fail to meet agreed-upon milestones.

answer

restrictions on the entrepreneurs actions. for example precluding the ent. from purchasing or selling assets or share without investors permission.

ENT 240 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards