Are designed to stimulate thought about entrepreneurs understanding and feelings as they progress through entrepreneurial process?

Entrepreneurship

By: Robert D. Hisrich, Michael P. Peters, Dean A Shepherd

MCQs For Chapter 1

1. Entrepreneurial Opportunities are defined as:

A. situations in which new goods, services, raw materials and organizing methods can be sold

at greater than their production cost.

B. New market entry through entrepreneur action.

C. The entrepreneur's mental processes in deciding whether or not to act on a potential

opportunity.

D. A feasibility assessment.

2. In Stage One of the McMullen-Shepherd Model:

A. the entrepreneur decides whether or not there is an opportunity.

B. the entrepreneur consults experts in the market area of interest.

C. the entrepreneur decides whether the opportunity that exists is a match with their own

knowledge and motivation.

D. the entrepreneur engages in bricolage.

3. In Stage Two of the McMullen-Shepherd Model:

A. the entrepreneur deals with the business failure through counseling.

B. the entrepreneur decides whether or not there is an opportunity.

C. the entrepreneur goes through the causal process of thinking structurally.

D. the entrepreneur consults colleagues from previous jobs.

4. In regards to thinking structurally, superficial similarities:

A. exists when the underlying mechanisms of the technology resemble (or match) the

underlying mechanisms of the market.

B. exists when supply is less than demand.

C. exists when entrepreneurs engage in bricolage.

D. exists when the basic (relatively easy to observe) elements of the technology resemble the

basic elements of the market.

5. In the causal process of thinking:

A. starts with a desired outcome and focuses on a means to generate that outcome.

B. starts with what one has and selects among possible outcomes.

C. involves bricolage.

D. starts with brainstorming by meeting with industry professionals.

16.Most entrepreneurs indicate that their most significant venture was not their first one. TRUE17. The effectuation process starts with what one has and selects among possible outcomes. TRUE18.In Stage One of the McMullen-Shepherd Model: 19.In a social network there are two major properties, density and centrality. TRUE20.Is the example "Curry in a Hurry" is an example of the effectuation process? True21.Role models can include family members as well as industry professionals. TRUE22.__________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.

Chapter 01 - Entrepreneurship and the Entrepreneurial Mind-Set23. On the education background, entrepreneurs:24.Which group in a professional network helps keep a new venture competitive?25.The casual process of thinking starts with what one has and selects among possible outcomes. FALSE26. Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. TRUE27.Superficial similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market. FALSE28. Motivation to launch a new venture can arise from all of the following except:1.Ewing Kauffman took a risk when he started his company Marion Labs in 1950. TRUE2.How Ewing Kauffman ran his business illustrates corporate entrepreneurship. TRUE3. Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.TRUE4. Entrepreneurial action can be defined as those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.FALSE

Chapter 01 - Entrepreneurship and the Entrepreneurial Mind-Set5. The McMullen-Shepherd Model helps identify the common traits of successful entreprenuers.

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Professor

BenjaminC.Powell

What are designed to stimulate thought about entrepreneurs understanding and feelings as they progress through the entrepreneurial process?

When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities?

What is the entrepreneur process?

What are the 4 entrepreneurial actions?