Entrepreneurship Ch 1.1-1.3

What factors contribute to a growing interest in entrepreneurship?

• unemployment levels

• low job turnover rates

• increasing levels of creativity

• decreasing rates of discrimination

Angel investors contribute to the entrepreneurial world by ________.

• outpacing venture capitalists in access to startup funds

• directly investing in entrepreneurial startups

• holding seminars to teach people how to become an entrepreneur

• forming groups of other investors to supply greater quantities of investment funds to

  entrepreneurs.

An entrepreneur is someone who ________.

• creates a small business based on other existing businesses

• creates a home-based business that sells products available through other retailers

• creates a business around the idea of solving a problem

• is highly creative

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

• She saw available resources and recognized the resources could be used to create a

  business.

• She acted on her passions.

• She solved a significant societal problem.

• She had the time and energy to dedicate to starting business.

In the early stages of developing an entrepreneurial venture, the entrepreneur might seek

funding from which group?

• venture capitalists

• the local bank

• friends and family

• shark tank

The acronym SMART for goal setting stands for ________.

• short-term, measurable, accurate, relevant, and timely

• specific, measurable, accurate, relevant, and timely

• specific, measurable, achievable, realistic, and time oriented

• specific, measurable, achievable, results, and time oriented

A vision statement does not include ________.

• A. a picture of the future described in words

• B. concepts and ideas that inspire and focus people’s actions toward a united outcome

• C. both creative and exploratory process in creating the vision

• D. the scope of the venture

Which one of the following is not a quantifiable result?

• A. 5 percent annual growth in sales

• B. increase market share by 2 percent

• C. decrease collection of accounts receivable by $5,000.00

• D. increase creativity throughout the venture

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

• A. conducting a case study

• B. brainstorming activities

• C. mind map creation

• D. brain writing

Disruptive technologies include all but which of the following?

• A. new methods or approaches that make established methods obsolete

• B. self-booking of air travel

• C. restaurant food delivery services

• D. a change from ownership of resources to the ability to have access to resources