Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct? correct answers As high as 50 percent after four years
Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports...
MGMT 310 Exam 1 || with 100% Verified Solutions.
Which of the following statements regarding survival rates of entrepreneurial firms in the United
States is correct? correct answers As high as 50 percent after four years
Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes
apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders,
and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship.
To achieve that goal, Cody's firm should be ________. correct answers proactive, innovative,
and risk taking
Google is a firm that is proactive, innovative and risk-taking. From this description, we can most
accurately conclude that Google has a high level of ________. correct answers entrepreneurial
intensity
Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout
its various divisions. According to the textbook, Apple practices ________ entrepreneurship.
correct answers corporate
The three primary reasons that people become entrepreneurs and start their own firms are to
________. correct answers be their own boss, pursue their own ideas, and pursue financial
rewards
According to the textbook, the number one reason that people become entrepreneurs is to
________. correct answers be their own boss
According to the textbook, the four characteristics of successful entrepreneurs are ________.
correct answers passion for the business
tenacity despite failure
product/customer focus
execution intelligence
The number one characteristic shared by successful entrepreneurs is ________. correct answers a
passion for the business
Which of the following was NOT identified in the textbook as one of the five primary reasons
passion is important for the launch of a successful entrepreneurial organization? correct answers
The ability to stick to a plan even when faced with evidence that changes are needed
According to the textbook, entrepreneurs are ________. correct answers moderate risk takers
Suppose you are a Small Business Development Center counselor and you're looking at the
personality profiles of five potential entrepreneurs. Based on the profiles, which individual has
the most desirable mix of personal characteristics to become a successful entrepreneur? correct
answers Candidate A: visionary, energetic, moderate risk taker
, Which of the following is NOT a personality trait or characteristic common among
entrepreneurs? correct answers Short attention span
Which of the following statements is incorrect regarding entrepreneurial activity and age range?
correct answers The majority of business founders have no prior work experience.
According to the textbook, there are three types of startup firms: ________. correct answers
lifestyle firms
salary-substitute firms
entrepreneurial firms
Entrepreneurial firms ________. correct answers bring new products and services to market by
creating and seizing opportunities
Which of the following statements is NOT true about women-owned businesses in the United
States? correct answers The number of women-owned businesses is decreasing.
According to the textbook, entrepreneurship has historically had ________. correct answers a
major impact on both the economy and society
________ is the process of creating something new, which is central to the entrepreneurial
process. correct answers Innovation
Which of the following is the correct sequence for the four steps in the entrepreneurial process?
correct answers 1. Deciding to become an entrepreneur 2. developing successful business ideas
2. Moving from an idea to an entrepreneurial firm
3. Managing and growing the entrepreneurial firm
A(n) ________ is a favorable set of circumstances that creates a need for a new product, service,
or business. correct answers opportunity
According to the textbook, opportunities are ________. correct answers tough to spot
An opportunity has the following four essential qualities: ________. correct answers attractive;
timely; durable; and anchored in a product, service, or business that creates or adds value for its
buyer or end user
The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the
time period in which a firm can ________. correct answers realistically enter a new market
A(n) ________ is a favorable set of circumstances that creates the need for a new product,
service, or business. A(n) ________ is a thought, an impression or a notion. correct answers
opportunity, idea
The three ways to identify an opportunity include ________. correct answers - observing trends
- solving a problem
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