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

b. lack of confidence
c. not living in one of the largest cities in the United States
d. not knowing any politicians
Ans: A
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship May Be Different From What You Think
Difficulty Level: Easy
AACSB Standard: Written and oral communication
 
39. The famous entrepreneur who had a 10-year rocky history of startups, threats of lawsuits, and filing for bankruptcy before he became successful is ______.
a. Bill Gates
b. Donald Trump
c. Travis Kalanick
d. Steven Jobs
Ans: C
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Entrepreneurship May Be Different From What You Think
Difficulty Level: Easy
AACSB Standard: Written and oral communication
 
40. Sally has an idea for her own business. Which statement is true about Sally’s business venture?
a. If her business is successful, the startup does not remain a startup.
b. Her business can develop into a larger organization.
c. Her business can be merged with or acquired by another business.
d. all of these
Ans: D
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Entrepreneurship Is Not Reserved for Startups
Difficulty Level: Easy
AACSB Standard: Written and oral communication
 
41. Sam likes to think outside of the box. He has several ideas that he is developing into his new startup. Part of his philosophy is to create the world he wants to live in and this involves creating his markets and his opportunities. Sam is ______.
a. delusional
b. socialistic
c. an effectual entrepreneur
d. an effective entrepreneur
Ans: C
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Truth #2 Entrepreneurs Do Not Have a Special Set of Personality Traits
Difficulty Level: Easy
AACSB Standard: Written and oral communication
 
42. Which of the following statements are true?
a. Entrepreneurship is predictable and can be taught as a process.
b. Entrepreneurship is not predictable and the entrepreneurial method requires consistent practice. The entrepreneur will want to apply the new skills and knowledge to future projects.
c. Entrepreneurs have a certain set of personality qualities.
d. Entrepreneurs are high risk takers.
Ans: B
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurships.
Cognitive Domain: Comprehension
Answer Location: Truth #3: Entrepreneurship Can Be Taught
Difficulty Level: Easy
AACSB Standard: Analytical thinking
 
43. Susan has applied the act–learn–build philosophy to her startup. To her friends and family, she looks like a risk-taker believing in taking all or nothing.
a. This is a true image.
b. This is not a true image; it just looks that way.
c. Act–Learn–Build has nothing to do with risk.
d. Entrepreneurs do believe in taking all or nothing.
Ans: B
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: Easy
AACSB Standard: Written and oral communication
 
44. George, a new entrepreneur, was amazed that once he made the jump into his business, he was not alone but instead was part of a group that supported each other and collaborated for the greater good.
a. George’s experience is common among entrepreneurs.
b. George opened up too much to the group as they were very competitive.
c. The group that George belonged to was unique.
d. Entrepreneurs compete more than they collaborate.
Ans: A
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Knowledge
Answer Location: Truth #4: Entrepreneurs Collaborate More Than They Compete
Difficulty Level: Easy
AACSB Standard: Intrepersonal relations and teamwork
 
45. Collaboration with which of the following groups can increase efficiency and generate new ideas?
a. your employees and family members
b. your customers
c. your customers, suppliers, and competitors
d. your college friends and classmates
Ans: C
Learning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.
Cognitive Domain: Comprehension
Answer Location: Truth #5: Entrepreneurs Collaborate More Than They Compete
Difficulty Level: Easy