1. Entrepreneurs are aggressive catalysts for change within the marketplace.
ANS: T
2. During the past ten years, new business incorporations averaged nearly 600,000 per year.
ANS: T
3. A “gazelle” is a business establishment with at least 20 percent sales growth every year for five
years.
ANS: T
4. Gazelles are almost always high tech.
ANS: F
5. The word entrepreneur is derived from the Spanish word entreprendre, meaning “to undertake.”
ANS: F
6. Entrepreneurs are high risk takers.
ANS: F
7. Entrepreneurs always start their business at a young age.
ANS: F
8. Entrepreneurs are born not made.
ANS: F
9. The “corridor principle” states that entrepreneurs often get stuck on one idea.
ANS: F
10. The macro view of entrepreneurship includes external processes that are sometimes beyond the
control of the entrepreneur.
ANS: T
, Multiple Choice:
1. Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of
the following?
a. innovation
b. job creation
c. economic renewal
d. unemployment
ANS: D
2. Which of the following statements best describes a “gazelle?”
a. a business with at least 20 percent growth every year
b. a business with no sales growth
c. a business that has acquired numerous firms
d. an inventor who turned business person
ANS: A
3. The word entrepreneur is derived from the French entreprendre, which is translated as
a. to apprehend
b. to undertake
c. to compete
d. to enter and dare
ANS: B
4. Throughout the years, many myths have arisen about entrepreneurship as a result of?
a. a lack of research about entrepreneurship
b. a lack of interest in the field
c. a total disregard for the truth
d. a destructive attitude by government
ANS: A
5. The “corridor principle” is best described by which of the following statements?
a. If at first you don’t succeed, try, try, again.
b. Being in the right place at the right time.
c. With every new venture launched, new and unintended opportunities arise.
d. Luck happens when preparation meets opportunity.
ANS: C
6. Which of the following is not a common myth about entrepreneurs?
a. Entrepreneurs are academic and social misfits.
b. Entrepreneurs are doers, not thinkers.
c. Entrepreneurs today are considered heroes.
d. All you need is money to be an entrepreneur.
ANS: C
, 7. Which of the following statements is true?
a. Entrepreneurship is the ability to create and build a vision from practically nothing.
b. Entrepreneurship is pure luck.
c. Entrepreneurship is simply obtaining financing and starting a business.
d. Entrepreneurship has nothing to do with creating incremental wealth.
ANS: A
8. Michael Gerber, the author of The E-Myth, explains that the failure of most small businesses is due to:
a. owners being more technical rather than entrepreneurial
b. owners being more managerial rather than technical
c. owners being more entrepreneurial rather than managerial
d. owners being more entrepreneurial rather than technical
ANS: A
9. The statement, “with every new venture launched, new and unintended opportunities often arise,” would be
associated with:
a. the entrepreneurial principle
b. the opportunity principle
c. the corridor principle
d. the Dilbert principle
ANS: C
10. The macro view of entrepreneurship presents factors exhibiting a strong
a. internal locus of control
b. external locus of control
c. environmental locus of control
d. contemporary locus of control
ANS: B
11. The macro view can be broken down into which three areas?
a. environmental, financial, and displacement
b. financial/capital, strategic, and opportunity
c. displacement, trait, and financial
d. entrepreneurial trait, opportunity, and strategic
ANS: A
12. The displacement school of thought can be divided into which three groups?
a. political, cultural, environmental
b. cultural, environmental, and financial
c. environmental, financial, and economic
d. economic, cultural, and political
ANS: D
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