1. Which is NOT a source of information in an entrepreneurial profile? (Points: 5)
Direct observation of practicing entrepreneurs
Word of mouth
Speeches and presentations
2. A clear pattern among successful entrepreneurs is: (Points: 5)
setting goals that are just out of reach.
the fear of failure common to all people.
their focus on opportunity rather than resources.
not fitting in to traditional organizations.
3. Areas of risk to the entrepreneur include: (Points: 5)
career, family, and psychic.
family, business, and social.
psychic, social, and physical.
financial, product, and market.
4. The four major causes of entrepreneurial stress are: (Points: 5)
loneliness, immersion in business, people, and need to achieve.
people, size of business, need to achieve, and fear.
fear, failure, pressure, and competition.
drive for success, loneliness, fear, and competition.
5. Which of the following are keys to understanding opportunity and its development for entrepreneurs? (Points: 5)
Creativity and capital
Innovation and creativity
Background and knowledge
Incubation and experience
6. A potential entrepreneur needs to realize that: (Points: 5)
there are no principles of innovation.
principles of innovation can be learned.
monetary gain is the principal motivator in all innovation.
profitability is the ultimate key to success.
7. The four phases in the creative process in order are: (Points: 5)
background or knowledge accumulation, incubation, idea experience, and evaluation and implementation.
idea experience, background or knowledge accumulation, incubation, and evaluation and implementation.
incubation, background or knowledge accumulation, idea experience, and evaluation and implementation.
evaluation and implementation, idea experience, incubation, and background or knowledge accumulation.
8. The phase of the creative process when the idea or solution the individual is seeking is discovered is the: (Points: 5)
background or knowledge accumulation.
evaluation and implementation.
9. Which of the following statements is true? (Points: 5)
The right brain helps people analyze and verbalize.
The right brain helps people understand analogies and imagine things.
The left brain helps people understand analogies and imagine things.
Right and left brain concepts are meaningless.
10. Which of the following terms would NOT be associated with the right hemisphere of the brain? (Points: 5)
11. Security hunting means: (Points: 5)
using probability and stereotypes to minimize risk.
finding a permanent source of venture capital.
sticking firmly to decisions.
installing a security system.
12. The combination of existing concepts and factors into a new formulation would define which of the following terms? (Points: 5)
13. Ray Kroc’s development of McDonald’s would be a good illustration of which form of innovation? (Points: 5)
14. Retirement centers for older people reflect which source of innovation? (Points: 5)
15. Which of the following causes conflict over the ethical nature of decisions? (Points: 5)
The firm’s costs
Society undergoing dramatic change
Public policy toward business
16. A decision to sell toys that pass minimum safety standards but often result in minor accidents to children is an example of a(n): (Points: 5)
illegal and ethical decision.
legal and unethical decision.
illegal and unethical decision.
legal and ethical decision.
17. The dilemma of legal versus ethical is due to: (Points: 5)
a lack of information on how the government works.
misrepresentation of personal views.
an imprecise judicial system.
being a good citizen.
18. Morally questionable acts committed on behalf of the firm are termed: (Points: 5)
19. Price fixing is a form of: (Points: 5)
maximizing sales revenue.
beating the competition.
20. What is a holistic management approach? (Points: 5)
A triple-focused approach that includes “knowing how,” “knowing that,” and “knowing why”
A technique used to set codes of conduct
An aesthetic, philosophical perspective, but the understanding of it reminds the administrator that there exist complementary forms of acquiring managerial knowledge
An approach that balances profit and ethical considerations
Kuratko, D. F., & Hodgetts, R. M. (2007). Entrepreneurship: Theory, process, practice (7th ed.). Mason, OH: Thomson South-Western.