Q: Which of the following best describes the academic definition of entrepreneurship according to Stevenson & Jarillo (1990)?

$\text{Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.}$

Q: A Barbadian small business, according to the Small Business Development (Amendment) Act, 2006, must satisfy which of the following criteria?

$\text{Be incorporated under the Companies Act and satisfy any two of the following: not more than \$1,000,000 in paid up capital, not more than \$2,000,000 in annual sales, not more than 25 employees}$

Q: Which of the following is a common myth about entrepreneurs?

$\text{Entrepreneurs are motivated primarily by money}$

Q: Which of the following best describes 'corporate entrepreneurship'?

$\text{The conceptualization of entrepreneurship at the firm level, where all firms fall along a continuum from highly conservative to highly entrepreneurial}$

Q: Which of the following is NOT a reason people typically decide to become entrepreneurs?

$\text{Desire for job security}$

Q: Which of the following statements about the economic impact of entrepreneurship is TRUE?

$\text{Small innovative firms are 16 times more productive than larger firms in terms of patents per employee}$

Q: Which of the following best describes the four steps of the entrepreneurial process?

$\text{Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm}$

Q: Which of the following is a characteristic that makes an entrepreneur 'strong' in the eyes of investors?

$\text{Experience, maturity, a solid reputation, and a track record of success}$

Q: Which of the following is an example of a lifestyle firm?

$\text{A ski instructor who starts a business to support a particular lifestyle}$

Q: Which of the following is NOT a requirement for a Barbadian small business under the Small Business Development (Amendment) Act, 2006?

$\text{Must have more than 50 employees}$

Question 1

Which of the following best describes the academic definition of entrepreneurship according to Stevenson & Jarillo (1990)?

Accepted Answer

$	ext{Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.}$

Question 2

Which of the following is NOT one of the four main characteristics of successful entrepreneurs?

Accepted Answer

$	ext{Aversion to risk}$

Question 3

A Barbadian small business, according to the Small Business Development (Amendment) Act, 2006, must satisfy which of the following criteria?

Accepted Answer

$	ext{Be incorporated under the Companies Act and satisfy any two of the following: not more than \$1,000,000 in paid up capital, not more than \$2,000,000 in annual sales, not more than 25 employees}$

Question 4

Which of the following is a common myth about entrepreneurs?

Accepted Answer

$	ext{Entrepreneurs are motivated primarily by money}$

Question 5

Which of the following best describes 'corporate entrepreneurship'?

Accepted Answer

$	ext{The conceptualization of entrepreneurship at the firm level, where all firms fall along a continuum from highly conservative to highly entrepreneurial}$

Question 6

Which of the following is NOT a reason people typically decide to become entrepreneurs?

Accepted Answer

$	ext{Desire for job security}$

Question 7

Which type of start-up firm is most likely to focus on bringing new products and services to market by creating and seizing opportunities?

Accepted Answer

$	ext{Entrepreneurial firms}$

Question 8

Which of the following statements about the economic impact of entrepreneurship is TRUE?

Accepted Answer

$	ext{Small innovative firms are 16 times more productive than larger firms in terms of patents per employee}$

Question 9

Which of the following best describes the four steps of the entrepreneurial process?

Accepted Answer

$	ext{Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm}$

Question 10

Which of the following is a characteristic that makes an entrepreneur 'strong' in the eyes of investors?

Accepted Answer

$	ext{Experience, maturity, a solid reputation, and a track record of success}$

Question 11

Which of the following is an example of a lifestyle firm?

Accepted Answer

$	ext{A ski instructor who starts a business to support a particular lifestyle}$

Question 12

Which of the following is NOT a requirement for a Barbadian small business under the Small Business Development (Amendment) Act, 2006?

Accepted Answer

$	ext{Must have more than 50 employees}$

Question 13

Which of the following best explains why the myth 'Entrepreneurs are gamblers' is incorrect?

Accepted Answer

$	ext{Most entrepreneurs are moderate risk takers, not gamblers}$

Question 14

Which of the following is a positive effect of entrepreneurship on society?

Accepted Answer

$	ext{Entrepreneurial innovations improve our lives, enhance productivity, and create new forms of entertainment}$

Question 15

Which of the following is a common trait of successful entrepreneurs, according to the study materials?

Accepted Answer

$	ext{Tolerant of ambiguity}$

Question 16

A firm that is highly proactive, innovative, and risk-taking would be described as having:

Accepted Answer

$	ext{High entrepreneurial intensity}$

Question 17

Which of the following statements about the age of entrepreneurs is supported by the study materials?

Accepted Answer

$	ext{Entrepreneurial activity is spread out over age ranges, and experience is often valued by investors}$

Question 18

Which of the following is NOT a type of start-up firm described in the materials?

Accepted Answer

$	ext{Subsidiary firm}$

Question 19

Which of the following best describes 'execution intelligence' in entrepreneurship?

Accepted Answer

$	ext{The ability to turn a solid business idea into a viable business}$

Introduction to Entrepreneurship for Computer Scientists

Study Guide - Practice Questions

Study Guide - Flashcards