question

Each and every person has the potential and free choice to pursue a career as an entrepreneur.

answer

True

question

The generation of the twenty-first century may become known as generation E because it is becoming the most entrepreneurial generation since the Industrial Revolution.

answer

True

question

Entrepreneurial cognition is, in part, about understanding how entrepreneurs use simplifying mental models to make assessments, judgments, and decisions about opportunities.

answer

True

question

The metacognitive model of entrepreneurship fails to consider entrepreneurial motivation.

answer

False

question

Entrepreneurs are pessimists who see the cup half empty, rather than half full.

answer

False

question

Inexperience and incompetent management are the main reasons for failure.

answer

True

question

A good trait for an entrepreneur is to be a calculated risk taker.

answer

True

question

Most successful entrepreneurs have failed at one time or another.

answer

True

question

Entrepreneurs do not need foresight.

answer

False

question

Entrepreneurs typically have enough confidence to believe that they can make a difference in the final outcome of their ventures.

answer

True

question

Commitment, determination, and perseverance are the only characteristics one needs to become a successful entrepreneur.

answer

False

question

Creativity was once regarded as an exclusively inherited trait.

answer

True

question

Selfishness and a need for power are two characteristics common in entrepreneurs.

answer

False

question

Successful entrepreneurs fear failure the same way all people do.

answer

False

question

Entrepreneurs are fiercely independent but understand the need for a strong entrepreneurial team.

answer

True

question

Entrepreneurs usually have an internal locus of control.

answer

True

question

There are many risks in entrepreneurship.

answer

True

question

There is a certain psychic risk involved with entrepreneurship.

answer

True

question

Some of the most common entrepreneurial goals are independence, wealth, and work satisfaction.

answer

True

question

Immersion in business can be cured by limiting work to an eight hour day.

answer

False

question

The need to achieve can be a source of stress for entrepreneurs.

answer

True

question

Stress on the entrepreneur can be caused both internally and by other people.

answer

True

question

The entrepreneur is driven by a strong desire for control over their venture.

answer

True

question

The "dark side" of entrepreneurship refers to the stress that entrepreneur's experience.

answer

False

question

Entrepreneurs always know that they as individuals must remain less important than the venture.

answer

False

question

Entrepreneurs like to remain alert to competition, customers, and government regulations, but this continual scanning of the environment can lead to a negative sense of distrust.

answer

True

question

Entrepreneurs are often unrealistically optimistic

answer

True

question

According to the Model of Entrepreneurship Motivation, the entrepreneur's expectations are not compared with the actual or perceived outcomes of the firm.

answer

False

question

A loss orientation toward grief recovery in dealing with failure can sometimes lessen negative emotional reactions.

answer

False

question

The Greek thinker, Chilon, felt that a merchant does better to take a loss than to make a dishonest profit.

answer

True

question

Today's entrepreneurs are faced with few ethical decisions because the legal system imposes greater penalties on wrongdoers.

answer

False

question

"Ethos" means morality.

answer

False

question

Ethics provides the basic rules or parameters for conducting any activity in an "acceptable" manner.

answer

True

question

Ethics represents a set of principles prescribing a behavioral code that does not include moral duty and obligations.

answer

False

question

Non-role acts are those acts against a firm in which the person fails to perform his or her managerial role.

answer

False

question

Role distortion deals with morally questionable acts that are committed "for the firm."

answer

True

question

Problems can arise when people believe that laws represent morality.

answer

True

question

Morals and law are not synonymous but may be viewed as two circles that are partially superimposed upon each other.

answer

True

question

A code of conduct is a statement of ethical practices or guidelines to which an enterprise adheres.

answer

True

question

Entrepreneurs need not be concerned with establishing strategy for ethical responsibility because they are guided by what established firms do.

answer

False

question

Institutionalization is a deliberate step to incorporate the ethical objectives of society with the economic objectives of the venture.

answer

False

question

Firms need to be public about their ethical values and expectations.

answer

True

question

One of the most important reasons firms want to adhere to a high moral code is that doing so protects free markets and is good business.

answer

True

question

An entrepreneur can never be certain what actual ethical consequences a decision will have.

answer

True

question

Every person has the and to pursue a career as an entrepreneur

answer

potential; free choice

question

Entrepreneurs

answer

are driven by intense commitment and perseverance.

question

Characteristics often attributed to the entrepreneur include:

answer

Commitment, determination, and perseverance

question

Which is not a trait of a successful entrepreneur?

answer

trouble fitting in

question

Entrepreneurs with a drive to achieve want to

answer

compete.

question

Which of the following is not a trait of successful entrepreneurs?

answer

frustration

question

With persistent problem solving, entrepreneurs

answer

think anything is possible.

question

One could correlate with a high energy level.

answer

creativity

question

For entrepreneurs, vision describes

answer

where the entrepreneur wants to go.

question

Team building

answer

involves including qualified people in the venture.

question

A clear pattern among successful entrepreneurs is

answer

their focus on opportunity rather than resources.

question

Which of the following is a false statement about entrepreneurs?

answer

They do not use failure as a tool for learning.

question

One factor not found in high achievers is

answer

failure to listen to feedback.

question

Which of the following is not a common characteristic of entrepreneurs?

answer

lack of motivational drive

question

Which of the following statements is false?

answer

Entrepreneurs are born with the skills necessary to manage a business.

question

Which of the following is a true statement about team building?

answer

The entrepreneur needs a competent team to implement an idea.

question

Which of the following statements is false?

answer

Management skills are not important characteristics for entrepreneurs to possess.

question

When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting

answer

internal locus of control.

question

If an entrepreneur believes in himself/herself and that their accomplishments and setbacks are within their own control, they possess a (n) .

answer

internal locus of control

question

Which of the following is not associated with an entrepreneur seeking feedback?

answer

entrepreneurs want to belittle their competition

question

One trait not common in entrepreneurs is:

answer

entrepreneurs need structure

question

What characteristic(s) that propel entrepreneurs into success can be exhibited to the "extreme"?

answer

Overbearing need for control

question

Areas of risk to the entrepreneur include

answer

career, family, psychic.

question

With psychic risk you fear

answer

failure.

question

In starting or buying a new business, the higher the rewards, the

answer

greater the risk.

question

Which of the following may be the greatest risk to the well-being of the entrepreneur?

answer

psychic risk

question

In the Monroy-Folger Model of Risk Typology, profit-seeking activity is associated with:

answer

strong desire to maximize profit

question

Generally, entrepreneurial stress is due to

answer

the discrepancy between the entrepreneur's expectations and the ability to meet demands.

question

Stress can be dealt with by:

answer

both a and b. (success in business and immersion in business)

question

Which of the following is not a source of stress?

answer

success in business

question

Which of the following is not a way to combat stress?

answer

ignoring coping mechanisms

question

Entrepreneurial stress can be caused by having a type A personality which can be defined as

answer

having a chronic sense of time urgency

question

The entrepreneurial ego can cause the entrepreneur to

answer

take characteristics that usually lead to success to the extreme.

question

Which of the following is an aspect of the "dark side" of entrepreneurship?

answer

both a and b (a need for control and a sense of distrust)

question

Which of the following is not characteristic of the "dark side" of entrepreneurship?

answer

knowing when to take a vacation

question

The "dark side" of entrepreneurship refers to

answer

a destructive force within the energetic drive of entrepreneurs.

question

The decision to behave entrepreneurially is the result of the interaction of:

answer

the individual's personal entrepreneurial mind-set and an opportunity

question

When outcomes meet or exceed expectations, _____________________ is positively reinforced.

answer

entrepreneurial behavior

question

Entrepreneurial persistence is related to

answer

avoiding counterinfluences to entrepreneurship

question

The Greek word ethos means

answer

mode of conduct.

question

A decision to sell pharmaceuticals that have not been cleared with the Federal Drug Administration is an example of a(n)

answer

illegal and unethical decision.

question

A decision to sell toys that pass minimum safety standards but can often result in minor accidents to children is an example of a(n)

answer

legal and unethical decision.

question

In the _____ sense, ethics provides the basic rules or parameters for conducting any activity in an "acceptable manner."

answer

broadest

question

A __________ is a statement of ethical practices or guidelines to which an enterprise adheres.

answer

code of ethics

question

What kind of thinking can lead to unethical behavior in a business context?

answer

bottom line

MGT 241 Midterm Ch. 2 – Flashcards

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