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Kuratko 8e Chapter 02.rtf

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Department
Entrepreneurship
Course
ENTR 2P91
Professor
Scott Henderson
Semester
Fall

Description
CHAPTER 2: THE ENTREPRENEURIAL MINDSET IN INDIVIDUALS TRUE/FALSE 1. Each and every person has the potential and free choice to pursue a career as an entrepreneur. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 2. The generation of the 21st century may become known as generation E because they are becoming the most entrepreneurial generation since the Industrial Revolution. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 3. Determining a person’s “entrepreneurial perspective” is an exact science. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 4. Entrepreneurs are pessimists who see the cup half empty, rather than half full. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 5. The Academy of Management Review is an example of a journal used in entrepreneurial research. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 6. Government publications are used in researching small business. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 7. Inexperience and incompetent management are the main reasons for failure. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 8. Good entrepreneurs seek feedback from others. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 9. Agood trait for an entrepreneur is to be a calculated risk taker. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 10. Most successful entrepreneurs have failed at one time or another. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 11. Entrepreneurs do not need foresight. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 31 12. Entrepreneurs typically have enough confidence to believe that they can make a difference in the final outcome of their ventures. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 13. Publications, direct observation, speeches and presentations are all major sources of information that supply data related to the entrepreneurial perspective. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29-30 14. There are less than five types of printed research resources available on entrepreneur characteristics. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 15. Commitment, determination, and perseverance are the only characteristics one needs to become a successful entrepreneur. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 16. Creativity was once regarded as an exclusively inherited trait. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 17. Selfishness and a need for power are two characteristics common in entrepreneurs. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 18. Successful entrepreneurs fear failure the same way all people do. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 32 19. Entrepreneurs are fiercely independent but understand the need for a strong entrepreneurial team. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 36 20. Entrepreneurs usually have an internal locus of control. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 21. There are many risks in entrepreneurship. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 22. There is a certain psychic risk involved with entrepreneurship. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 39 23. There are four causes of entrepreneurial stress. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 40 24. Immersion in business can be cured by limiting work to an eight hour day. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 41 25. The need to achieve can be a source of stress for entrepreneurs. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 40 26. Stress on the entrepreneur can be caused both internally and by other people. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 41 27. The entrepreneur is driven by a strong desire for control over their venture. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 42 28. The “dark side” of entrepreneurship refers to the stress that entrepreneur’s experience. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 38 29. Entrepreneurs always know that they as individuals must remain less important than the venture. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 44 30. Entrepreneurs like to remain alert to competition, customers, and government regulations, but this continual scanning of the environment can lead to a negative sense of distrust. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 42 31. Entrepreneurs are often unrealistically optimistic. ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 44 32. Lanny Harron and Harry Sapienza stated, “Because motivation plays an important part in the creation of new organizations, theories of organization creation that fail to address this notion are incomplete.” ANS: T PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 44 33. According to the Model of Entrepreneurship Motivation, the entrepreneur’s expectations are not compared with the actual or perceived outcomes of the firm. ANS: F PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 45 MULTIPLE CHOICE 1. Every person has the and to pursue a career as an entrepreneur a stubbornness; stupidity c rights; regulations . . b potential; free choice d obligation; duty . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 2. Sources of information available to entrepreneurs include a journals. c casual conversation. . . b moonlighting in another job. d attending civic events. . . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 3. Entrepreneurs a are driven by intense commitment and perseverance. . b are egomaniacs. . c loners who never fit in to typical firms. . d are never satisfied. . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 4. Which source of information about entrepreneurial characteristics is direct observation? a Biographies and entrepreneurs c Books about entrepreneurs . . b Empirical research d Television biographies . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 5. Which is not a source of entrepreneurship research? a textbooks c conferences . . b biographies d water cooler conversation . . ANS: D PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 6. Biographies, journals, and periodicals are examples of what research source? a direct observations c presentations . . b publications d primary research . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 7. Characteristics often attributed to the Entrepreneur include: a Commitment, determination, and perseverance . b Prefers to be a loner . c Power hungry . d Ability to be indecisive . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 8. Which is not a trait of a successful entrepreneur? a desire to achieve c innovation . . b initiative d trouble fitting in . . ANS: D PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 9. Entrepreneurs with a drive to achieve want to a compete. c take great risks. . . b watch others succeed. d control and dominate. . . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 32 10. Which of the following is not a trait of successful entrepreneurs? a initiative c perseverance . . b frustration d strategic thinking . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 30 11. With persistent problem solving, entrepreneurs a must daydream all day. c think anything is possible. . . b can’t multi-task. d are always working. . . ANS: C PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 33 12. One could correlate with a high energy level. a creativity c luck . . b working d reading . . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 13. For entrepreneurs, vision describes a where the entrepreneur wants to go. c people. . . b eyesight. d the future. . . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 36 14. Team building a involves including qualified people in the venture. . b does not threaten the entrepreneur’s autonomy. . c does nothing. . d is overrated. . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 36 15. Aclear pattern among successful entrepreneurs is a setting goals that are just out of reach. . b the fear of failure common to all people. . c their focus on opportunity rather than resources. . d not fitting in to traditional organizations. . ANS: C PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 32 16. Which of the following is a false statement about entrepreneurs? a They burn with the competitive desire to excel. . b They see the cup half full rather than half empty. . c They do not use failure as a tool for learning. . d They are achievers. . ANS: C PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 17. Which of the following publications deal with research methodology and are tightly structured? a technical and professional journals c news periodicals . . b textbooks on entrepreneurs d trade journals . . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 18. Which is not a source of information in an entrepreneurial profile? a publications . b direct observation of practicing entrepreneurs . c word of mouth . d speeches and presentations . ANS: C PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 19. One factor not found in high achievers is a responsibility. c moderate risk taking. . . b failure to listen to feedback. d high risk taking. . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 33 20. Which of the following is not a common characteristic of entrepreneurs? a vision c lack of motivational drive . . b team building d independence . . ANS: C PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 21. Which of the following statements is false? a Entrepreneurs are born with the skills necessary to manage a business. . b Their belief in their ability seldom wavers. . c Independence is a driving force behind contemporary entrepreneurs. . d Entrepreneurs know where they want to go. . ANS: A PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 32; 36 22. Which of the following is a true statement about team building? a Most successful entrepreneurs have highly qualified teams that handle everything having . to do with the development of the venture. b Compared to the owner, personnel are often more qualified to handle day-to-day . implementation challenges. c The entrepreneur has the clearest vision in the firm. . d The entrepreneur needs a competent team to implement an idea. . ANS: D PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 36 23. Which of the following statements is false? a Entrepreneurs want the authority to make important decisions. . b Management skills are not important characteristics for entrepreneurs to possess. . c Successful entrepreneurs strive to build a successful team around them. . d An entrepreneur can develop the vision of the company over time. . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 29 24. When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting a persistent problem-solving. c external locus of control. . . b internal locus of control. d opportunity orientation. . . ANS: B PTS: 1 NAT: AACSB Reflective Thinking | Motivation Concepts KEY: pg 34 25. If an entrepreneur believes in himself/herself and that their accomplishments and setbacks are within their own control, they possess a (n) . a confidence level higher than most
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