Entrepreneurship: The Practice and Mindset 1st Edition by Heidi M. Neck Test bank

Ans: T
Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today.
Cognitive Domain: Knowledge
Answer Location:  Buying a Franchise
Difficulty Level: Easy
AACSB Standard: Analytical thinking
 
3. Risk cannot be averted by an entrepreneur’s activity or attitude.
Ans: F
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Truth #4: Entrepreneurs Are Not Extreme Risk-Takers
Difficulty Level: Medium
AACSB Standard: Interpersonal relations and teamwork
 
4. Entrepreneurism is a relatively new concept which began in 1980.
Ans: F
Learning Objective: 1.3. Explain the history of entrepreneurship in the United States.
Cognitive Domain: Knowledge
Answer Location: Emergence of the Self-Made Man (Colonial America Before 1776)
Difficulty Level: Easy
AACSB Standard: Social responsibility
 
5. Microloans are loans of any size given to individual in a small market.
Ans: F
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Entrepreneurship Requires Action and Practice
Difficulty Level: Easy
AACSB Standard: Diverse and multicultural work environments
 
6. An entrepreneur can own his or her own business or work in a corporation with an entrepreneurial spirit.
Ans: T
Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurship in practice today.
Cognitive Domain: Comprehension
Answer Location: Entrepreneurs Inside
Difficulty Level: Medium
AACSB Standard: Analytical thinking
 
7. Bill Gates was an overnight success because it took only three months to become a success.
Ans: F
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Entrepreneurship May Be Different From What You Think
Difficulty Level: Easy
AACSB Standard: Diverse and multicultural work environments
 
8. Entrepreneurs do not have a special set of personality traits.
Ans: T
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Debunking the Myths of Entrepreneurship
Difficulty Level: Easy
AACSB Standard: Interpersonal relations and teamwork
 
9. Entrepreneurs collaborate more than they compete.
Ans: T
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Debunking the Myths of Entrepreneurship
Difficulty Level: Easy
AACSB Standard: Interpersonal relations and teamwork
 
10. Entrepreneurship is a life skill.
Ans: T
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Debunking the Myths of Entrepreneurship
Difficulty Level: Easy
AACSB Standard: Interpersonal relations and teamwork
 

Essay

 
1. Analyze the importance of action and practice in entrepreneurship.
Ans: With the right mindset, or mental attitude, you are able to start practicing. We, your authors, define entrepreneurship as actions taken by an individual or a group to create something new—a new idea, a new item or product, a new institution, a new market, a new set of possibilities.
Learning Objective: 1.1. Explain the importance of action and practice in entrepreneurship.
Cognitive Domain:  Analyze
Answer Location:  Entrepreneurship Requires Action and Practice
Difficulty Level: Hard
AACSB Standard: Interpersonal relations and teamwork
 
2. Compare and contrast three Truths about entrepreneurship and your own experience with entrepreneurs.
Ans: This answer will be different for each student depending on his or her experience with entrepreneurs.
Truth #1: Entrepreneurship is not reserved for startups.
Truth #2: Entrepreneurs do not have a special set of personality traits.
Truth #3: Entrepreneurship can be taught (it’s a method that requires practice).
Truth #4: Entrepreneurs are not extreme risk-takers.
Truth #5: Entrepreneurs collaborate more than they compete.
Truth #6: Entrepreneurs act more than they plan.
Truth #7: Entrepreneurship is a life skill. Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Analysis
Answer Location: Entrepreneurship May Be Different From What You Think
Difficulty Level: Hard
AACSB Standard: Diverse and multicultural work environments