Chapter 01 - The Global Entrepreneurial Revolution for a Flatter World

Chapter 01 The Global Entrepreneurial Revolution for a Flatter World

True / False Questions 1. (p. 4) While leading U.S. venture capital firms are interested in establishing relationships and operations in China, the Chinese government continues to resist such overtures. FALSE

Difficulty: Easy Type: Knowledge

2. (p. 6) A Flatter World refers to the convergence of technology and world events that are playing a role in bringing about significant changes in traditional value chains. TRUE

Difficulty: Easy Type: Knowledge

3. (p. 9) The best entrepreneurship professors are able to determine in advance which of their incoming students will be the most effective entrepreneurs. FALSE

Difficulty: Easy Type: Knowledge

4. (p. 11) Entrepreneurship training works well in schools of business and engineering, but has not proven to be useful in fields such as architecture, medicine, and life sciences. FALSE

Difficulty: Easy Type: Knowledge

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women entrepreneurs are typically less growth-oriented than their male counterparts. Small Business Administration's Office of Advocacy. FALSE Difficulty: Moderate Type: Knowledge 6.S. 14) While research has begun to show that women are starting businesses at a faster pace than men. TRUE Difficulty: Easy Type: Knowledge 7. (p.The Global Entrepreneurial Revolution for a Flatter World 5. (p. FALSE Difficulty: Easy Type: Knowledge 1-2 . a 2004 Gallup Poll showed that a large percentage of American parents would still prefer that their children pursue a less risky career.Chapter 01 . small businesses (those with fewer than 500 employees) represent more than 99 percent of all employers and provide about 75 percent of all new net jobs. (p. 15) While various surveys of high school seniors indicate a strong interest in entrepreneurship. they had little effect on the economy as a whole. (p. 14) According to the U. FALSE Difficulty: Moderate Type: Knowledge 8. 13) MIT researcher David Birch found that while new and growing smaller firms could be regionally important.

Chapter 01 .The Global Entrepreneurial Revolution for a Flatter World 9. 2) Top-tier ventures that achieve a critical mass that can A. 18) Studies indicate that although smaller firms often generate twice as many innovations per R&D dollar spent as the established multinationals. small entrepreneurial firms have been responsible for half of all innovation and 95 percent of all radical innovation in the United States. 18) Research in the 1980s and 1990s found that since World War II. (p. All of the above Difficulty: Moderate Type: Knowledge 1-3 . Lift a community D. (p. TRUE Difficulty: Easy Type: Knowledge 10. the large firms still produce more innovations per R&D scientist than entrepreneurial companies. TRUE Difficulty: Easy Type: Knowledge Multiple Choice Questions 12. FALSE Difficulty: Moderate Type: Knowledge 11. Attract good people B. (p. 19) The world's first solar-powered motor—an innovation aimed at heading off the world's dangerous dependence on coal—was introduced in 1861. (p. Enhance the prospect of a harvest C.

Creating a more entrepreneurial-friendly regulatory and administrative framework Difficulty: Moderate Type: Knowledge 15.The Global Entrepreneurial Revolution for a Flatter World 13.Chapter 01 . All of the above are characteristics of new venture creation Difficulty: Easy Type: Knowledge 1-4 . Creates economic and social mobility D. Process mapping D. Privatizing state-controlled enterprises D. Fosters job creation B. 14) Which of the following is not a characteristic of new venture creation? A. Modularity C. (p. Improving the flow of finance B. (p. Rewards talent and performance C. (p. 2) What was the primary concept that entrepreneur Rick Adam applied from his years as a software engineer in order to develop two separate aircrafts—the A-500 and the A-700— while maintaining a time-to-market advantage over more entrenched competitors? A. Economies of scale B. Horizontal management structure Difficulty: Hard Type: Application 14. 6) A European Union action plan to boost entrepreneurship in the region included all the following except: A. Gearing entrepreneurs for growth and competitiveness C.

The Global Entrepreneurial Revolution for a Flatter World 16. (p. Government entrepreneurship programs B. Entrepreneurship education D. Innovation Difficulty: Moderate Type: Knowledge Fill in the Blank Questions 18. (p. Risk capital C. Federal Express D. 27) Entrepreneurship is a proven force of economic and social ________. 17) Which of the following was not a company that fostered the formation of a new industry? A. (p.Chapter 01 . Skype Difficulty: Moderate Type: Application 17. Philanthropy Difficulty: Easy Type: Knowledge 19. Jiffy Lube C. Google B. 13) Innovation + Entrepreneurship = Prosperity and ________. mobility Difficulty: Easy Type: Knowledge 1-5 . 19) What do the authors refer to as the 'rocket fuel' of America's entrepreneurial engine? A. (p. 14.

board and executive recruitment. (p. 5) Name three countries outside the US where entrepreneurship is affecting positive political. India. social and/or economic change. (p. 12) In America. athletic facilities.The Global Entrepreneurial Revolution for a Flatter World 20. and South Africa. classrooms. the former Soviet bloc. resilience Difficulty: Easy Type: Knowledge Short Answer Questions 22. investment and capital markets have been an integral part of the entrepreneurial revolution in the US. Korea. 21) When successful entrepreneurs get involved with non-profits directly by offering strategic assistance (like long-term planning.S. coaching. and leveraging relationships to identify additional resources and facilitate partnerships). this is referred to as ________ philanthropy.Chapter 01 . what type of individual is most common source of funding for new buildings. high engagement Difficulty: Moderate Type: Knowledge 21. China. (p. and endowed professorships at universities and colleges? A successful entrepreneur Difficulty: Easy Type: Knowledge 1-6 . 24) While the U. and Ireland Difficulty: Moderate Type: Knowledge 23. it is more important to recognize the long-term ________ of the system. (p. Mentioned in text. Mexico.

Difficulty: Hard Type: Knowledge 26. pest controllers. and sandblasting contractors. job training schools. planning. high-tech. Venture capitalists generally take a long-term view with their investing. citrus farming. consulting services. mentors. and don't look like most people's stereotype of millionaires. mobile home parks. 24) Describe the typical American entrepreneur. would rather be financially independent than display high social status. rather they have created and own mainstream businesses such as ambulance services. cafeteria services. meat processors.The Global Entrepreneurial Revolution for a Flatter World 24. 19) Explain why venture capital is a particularly appropriate funding source for industries with long gestation periods. American entrepreneurs typically accumulated their wealth through hard work. Difficulty: Moderate Type: Knowledge 1-7 . (p. rice farmers. Even with very fastpaced.Chapter 01 . Classic venture capitalists work as coaches. they understand that it can take many years and numerous rounds of patient capital before an investment can be expected to pay off. 31) What should always be done following an interview with an entrepreneur? Write a thank you note Difficulty: Easy Type: Knowledge Essay Questions 25. (p. and frugality—all very entrepreneurial virtues. newsletter publishers. janitorial services. self-discipline. and partners with entrepreneurs and innovators at a very early stage to help shape and accelerate the development of the company. Silicon Valley variety. They live below their means. (p. software and wireless communications. The vast majority (80 percent) are ordinary people who have accumulated their wealth in one generation. emerging technologies like biotechnology. They get rich slowly: The average millionaire is 57 years old. Their businesses are not the sexy. personal computers.

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