Exam (elaborations)

Test Bank for Building Your Dream, 12th Edition by Walter R. Good

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Course
Entrepreneurship

Institution
Entrepreneurship

Test Bank for Building Your Dream: A Guide to Starting Your Own Business 12e 12th Edition by Walter R. Good, Martin Croteau, Robin Yap, Marc Ford. Full Chapters test bank are included - Stage 1 to 10 (Complete with answers) STAGE 1: Assessing Your Entrepreneurial Potential STAGE 2: Defining You...

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Uploaded on June 2, 2024
Number of pages 166
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Type Exam (elaborations)
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Test Bank for Building Your Dream 12th Edition by Walter R. Good

All Stages Included✅
Stage 1 12ce Answers Included ✅
1) The Entrepreneurial Quiz score is intended to predict potential entrepreneurial success. What
does your score mean?
A) A low score means that your responses align with those of successful entrepreneurs.
B) A high score means that your responses align with those of successful entrepreneurs.
C) The score is an indicator of whether or not your new venture will succeed.
D) Scoring well is a guarantee of entrepreneurial success.

2) In addition to a high score on the Entrepreneurial Quiz, your venture is likely to succeed if
you also demonstrate:
A) People skills
B) Technical savvy
C) Commitment, determination, and perseverance
D) Financial independence

3) In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs,
three of the attributes and behaviours cited as the principal reasons for entrepreneurial
success are:
A) Openness to change, personal initiative, and perseverance.
B) A strong philosophical approach and strong financial capabilities.
C) Positive attitude, social savvy, and intellectual intelligence.
D) Emotional intelligence, social intelligence, mathematical intelligence.

4) One of the common themes resulting from research into the common attributes such as
initiative, perseverance and a positive outlook shared by successful entrepreneurs is that:
A) Those attributes can be learned.
B) Those attributes cannot be learned; an individual is either born with them or they are
not.
C) Only education will give you the attributes needed to succeed as an entrepreneur.
D) There are no "common" set of attributes - each entrepreneurial success story is
unique.

1

,5) Which of the following is NOT one of the four attributes and behaviours listed by Babson
University that an aspiring entrepreneur can learn?
A) Learning from mistakes.
B) Having great perseverance.
C) Your personal financial situation.
D) Responding positively to challenges.

6) Effective entrepreneurs set challenging yet attainable goals that are:
A) Representative of their financial situation and constraints.
B) Reflective of what their mentor says they should do.
C) Consistent with their interests, values, and talents.
D) Based on market research and history.

7) Successful entrepreneurs are _______ people; they want to start producing results
immediately.
A) Success-oriented
B) Action-oriented
C) Goal-oriented
D) Challenge-oriented

8) The best entrepreneurs can be honest with themselves and have a keen sense of their own
strengths and weaknesses, and of the competitive environment in which they operate. This
makes them _______ -oriented.
A) Success
B) Action
C) Goal
D) Reality

9) Most entrepreneurs are found to be ____ listeners and _____ learners.
A) Poor; quick
B) Good; quick
C) Poor; slow
D) Good; slow

2

,10) With regards to risk, entrepreneurs:
A) Are gamblers, as they are putting it all on the line daily.
B) Take calculated risks, where the chance of losing is neither too small nor so large as
to be considered a gamble.
C) Never discuss the venture's risk with partners and investors. Risk level is a decision
for the entrepreneur only.
D) Make high risk decisions daily, as that is the only way to win in the entrepreneurial
business world.

11) Entrepreneurs:
A) Hide and dismiss their mistakes. Letting investors know the downside of the business
will cause too much uncertainty.
B) Do not like to look at their mistakes too closely as they know they will not make the
same mistake twice.
C) Concede their errors and analyze their causes, so they may correct and learn from
them.
D) Are known to blame others and the situation for their failures.

12) The best management style for an entrepreneur to follow is a style:
A) That shows a strong need to control, influence and gain power over people.
B) Of micro-managing, so the entrepreneur can know every detail that is happening in
the business.
C) That has the entrepreneur working alongside their team, fostering a creative and
committed culture.
D) That reflects the power and influence of the entrepreneur.

13) To build a solid team where everyone is recognized for their efforts, entrepreneurs:
A) Take all the credit for the team's success.
B) Prove that they can do it all themselves. They are the creators of the idea!
C) Make sure the team knows how hard the entrepreneur is working to keep the venture
growing.
D) Inspire the people they attract by giving them responsibility and by sharing the credit
for their accomplishments.

3

, 14) According to the research of Robinson et al., attitudes are a combination of three reactions
that represent the way we interact with the world around us. Those three reactions are:
A) Cognition, Affect, and Behaviour
B) Cognition, Intelligence, and Emotion
C) Empathy, Confusion, and Clarity
D) Passion, Avoidance, and Ignorance

15) Robinson et al. developed and tested the Entrepreneurial Attitude Orientation (EAO) scale
intended to overcome some of the issues related to the personality theory approach. Attitude
was defined as:
A) Our potential success as an entrepreneur.
B) The way we interact with the world around us.
C) How you will operate your business activities.
D) Your potential for funding and investment.

16) Jagjeet is a Canadian business owner with 50 employees. What category of business is this?
A) Medium enterprise
B) Small business
C) Large Enterprise
D) Corporation

17) These types of entrepreneurs are focused on growth, scalability and profit right from the start.
A) Scalable start-up entrepreneur
B) Small enterprise
C) Intrapreneur
D) Innovative entrepreneur

18) This type of entrepreneur does not typically start their own venture, but they innovate within
a larger organization.
A) Innovative entrepreneur
B) Intrapreneur
C) Social entrepreneur
D) Disruptive entrepreneur

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