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1. To determine the overall number of business enterprises, you could check with which of the following sources of data? (Points: 5)

        The IRS

        The Federal Reserve

        National Federation of Independent Business

        A business statistics textbook



2. Which of the following statements depicts a development discovered in research and education concerning entrepreneurship? (Points: 5)

        Entrepreneurship and management are mutually exclusive domains.

        Venture financing has been reduced in the amounts available for entrepreneurs.

        Entrepreneurship education has become one of the fastest growing topics in business schools.

        Women entrepreneurs are not emerging in very large numbers.



3. Which of the following statements best describes a “gazelle”? (Points: 5)

        A business with at least 20% growth every year

        A business with no sales growth

        A business that has acquired numerous firms

        An inventor who turned business person



4. Which is the main reason for small venture owners to maintain Web sites? (Points: 5)


        Ability to reach new and potential customers

        Business-to-business transactions

        Employee networks



5. ICANN is an acronym for: (Points: 5)

        International Corporation for Active Names and Numbers.

        Internet Corporation for Assigned Names and Numbers.

        Internet Commission for Active Names and Numbers.

        International Commission for Assigned Names and Numbers.



6. The Ernst and Young 3P strategy for pursuing the ecommerce route refers to: (Points: 5)

        possibility, potential, and profits.

        persistence, profits, and payoff.

        presence, profitability, and penetration.

        potential, possibilities, and profits.



7. The word entrepreneur is derived from the French entreprendre, which is translated as: (Points: 5)

        to apprehend.

        to undertake.

        to compete.

        to enter and dare.



8. Which is an essential ingredient in an entrepreneurship? (Points: 5)

        Identifying the strengths of a venture

        Setting up clear timetables

        The willingness to take calculated risks

        The product itself



9. The corridor principle is best described by which of the following statements? (Points: 5)

        If at first you don’t succeed, try, try, again.

        Be in the right place at the right time.

        With every venture launched, new and unintended opportunities arise.

        Luck happens when preparation meets opportunity.



10. A large number of business failures occur because of: (Points: 5)

        a lack of planning and money.

        insufficient advertising.

        a poor product line.

        a lack of timing and luck.



11. Michael Gerber’s book The E-Myth explains the failure of most small businesses is due to: (Points: 5)

        owners being more technicians rather than entrepreneurs.

        owners being more managerial rather than technical.

        owners being more entrepreneurial rather than managerial.

        owners being more customers rather than business people.



12. The macro view of entrepreneurship presents factors exhibiting a strong: (Points: 5)

        internal locus of control.

        external locus of control.

        environmental locus of control.

        contemporary locus of control.



13. The macro view can be broken down into which three areas? (Points: 5)

        Environmental, financial, and displacement

        Financial/capital, strategic, and opportunity

        Displacement, trait, and financial

        Entrepreneurial trait, opportunity, and strategic



14. Creativity and market awareness are viewed as essential elements for which of the following? (Points: 5)

        Strategic formulation school of thought

        Displacement school of thought

        Venture opportunity school of thought

        Financial school of thought



15. Water well strategies refer to: (Points: 5)

        unique resources.

        unique products.

        unique markets.

        unique products.



16. The need for achievement would be under which dimension of the multidimensional approach? (Points: 5)







17. One reason why intrapreneurship has done so well is that it allows organizations to: (Points: 5)

        increase salaries.

        fire the dead wood.

        encourage high risk taking.

        tap the innovative talents of their people.



18. Which of the following is an obstacle to corporate entrepreneurship? (Points: 5)

        Orientation to the market

        A system of feedback and positive reinforcement

        Traditional management techniques

        Rewards based upon results



19. Groups that function outside traditional lines of authority permitting rapid turnaround of new ideas as well as instilling a high level of group loyalty are called: (Points: 5)


        multiple approaches.


        strategic innovators.



20. Which of the following terms represents the systematic evolution of a product or service into newer or larger markets? (Points: 5)

        Radical innovation

        Incremental innovation

        Collective entrepreneurship

        Strategic management


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