1.6 Review Questions

1. What factors contribute to a growing interest in entrepreneurship?

• • unemployment levels
  • low job turnover rates
  • increasing levels of creativity
  • decreasing rates of discrimination

2. Angel investors contribute to the entrepreneurial world by ________.

1. 1. outpacing venture capitalists in access to startup funds
   2. directly investing in entrepreneurial startups
   3. holding seminars to teach people how to become an entrepreneur
   4. forming groups of other investors to supply greater quantities of investment funds to entrepreneurs.

3.An entrepreneur is someone who ________.

1. 1. creates a small business based on other existing businesses
   2. creates a home-based business that sells products available through other retailers
   3. creates a business around the idea of solving a problem
   4. is highly creative

4. Roxanne Quimby of Burt’s Bees is an example of an entrepreneur primarily for which of the following reasons?

1. 1. She saw available resources and recognized the resources could be used to create a business.
   2. She acted on her passions.
   3. She solved a significant societal problem.
   4. She had the time and energy to dedicate to starting business.

5. In the early stages of developing an entrepreneurial venture, the entrepreneur might seek funding from which group?

1. 1. venture capitalists
   2. the local bank
   3. friends and family
   4. shark tank

6. The acronym SMART for goal setting stands for ________.

1. 1. short-term, measurable, accurate, relevant, and timely
   2. specific, measurable, accurate, relevant, and timely
   3. specific, measurable, achievable, realistic, and time oriented
   4. specific, measurable, achievable, results, and time oriented

7. A vision statement does not include ________.

1. 1. a picture of the future described in words
   2. concepts and ideas that inspire and focus people’s actions toward a united outcome
   3. both creative and exploratory process in creating the vision
   4. the scope of the venture

8. Which one of the following is not a quantifiable result?

1. 1. 5 percent annual growth in sales
   2. increase market share by 2 percent
   3. decrease collection of accounts receivable by $5,000.00
   4. increase creativity throughout the venture

9. Which of the following is not a creativity building technique or tool?

1. 1. conducting a case study
   2. brainstorming activities
   3. mind map creation
   4. brain writing

10. Disruptive technologies include all but which of the following?

1. 1. new methods or approaches that make established methods obsolete
   2. self-booking of air travel
   3. restaurant food delivery services
   4. a change from ownership of resources to the ability to have access to resources

11. The entrepreneurial mindset includes ________.

1. 1. a willingness to develop ideas that are not always initially popular
   2. a willingness to wait for an idea to become popular before moving forward with that idea
   3. an ability to focus on past successes
   4. a belief in following tradition and established patterns