Entrepreneurship: The Practice and Mindset 1st Edition Test Bank

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018Chapter 1:Entrepreneurship: A Global Social MovementTest BankMultiple Choice1.The authors defineentrepreneurshipas______.a.adiscipline that seeks to understand how opportunities are discovered, created, andexploited, by whom,and with what consequencesb.starting asmallbusinessby finding investors and launching a productc.developing a new marketby creating a product that does not currently existd.a mindsetthat compels people to start multiple ventures throughout a lifetime.Ans:ALearning Objective:1.1.Explain the importance of action and practice inentrepreneurship.Cognitive Domain:KnowledgeAnswer Location:Entrepreneurship Requires Action and PracticeDifficulty Level:MediumAACSB Standard:Reflective thinking2.______ aresmall, short-term loansoften associated with entrepreneurs in developingcountriesa.no-interest loansb.high-interest loansc.microloansd.miniloansAns:CLearning Objective:1.1.Explain the importance of action and practice inentrepreneurship.Cognitive Domain:KnowledgeAnswer Location:Entrepreneurship Requires Action and PracticeDifficulty Level:MediumAACSB Standard: Financialtheories, analysis, reporting and markets3. This is the discipline that seeks to understand how opportunities are discovered,created, and exploited, by whom, and with what consequences.a. imagineeringb. storyboardingc. social engineeringd. entrepreneurshipAns:DLearning Objective: 1.1. Explain the importance of action and practice inentrepreneurship.Cognitive Domain: Knowledge

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018Answer Location: Entrepreneurship Requires Action and PracticeDifficulty Level: MediumAACSB Standard: Reflective thinking4. Which of the following is NOT a truth about entrepreneurship?a. Entrepreneurship is reserved for startups.b. Entrepreneurship can be taught, as it is a method that requires practice.c. Entrepreneurs collaborate more than they compete.d. Entrepreneurship is a life skill.Ans: ALearning Objective: LO 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location: Debunking the Myths of EntrepreneurshipDifficulty Level: EasyAACSB Standard: Reflective thinking5. Themedia often cover themeteoric rise of entrepreneurs such as Bill Gates(Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook),Elon Musk (Tesla), and Travis Kalanick (Uber).According to the text, these stories:a.are inspirational but they do little to represent the reality of entrepreneurship.b.are highly relatable.c.have not captured the public imagination.d.are accurate depictions of the reality of entrepreneurship.Ans:ALearning Objective:1.2.List the seven lesser-known truths about entrepreneurship.Cognitive Domain: ComprehensionAnswer Location:Media Images of EntrepreneursDifficulty Level:MediumAACSB Standard: Contexts of organizations in a global society6. A temporary organization in search of a scalable business model is known as:a. a startup.b. a corporation.c. an LLC.d. an entrepreneur.Ans: ALearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #1: Entrepreneurship is not reserved for startupsDifficulty Level: MediumAACSB Standard: Financial theories, analysis, reporting and markets7. Effectuation is the theory that:a. businesses should have a positive impact on people’s lives.b. the effects of ideas can be studied over time.c. the future isunpredictable yet controllable.

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018d. emotions can influence decision-making.Ans:CLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #2: Entrepreneurs do not have a special set of personality traitsDifficulty Level: MediumAACSB Standard: Financial theories, analysis, reporting and markets8. Contemporary researchers focus on how entrepreneurs________a. think and actb. develop a desire for achievementc. build a tolerance for uncertaintyd. develop an affinity for taking risksAns: ALearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #2: Entrepreneurs do not have a special set of personality traitsDifficulty Level: MediumAACSB Standard: Financial theories, analysis, reporting and markets9. ______ are people who start several businesses, sometimes at the same time orsometimes one after the other.a. Social entrepreneursb. Serial entrepreneursc. High-risk entrepreneursd. Low-risk entrepreneursAns: BLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #2: Entrepreneurs do not have a special set ofpersonality traitsDifficulty Level: EasyAACSB Standard: Reflective thinking10. Which of the following is true abouteffectual entrepreneurs?a. They focus on creating a future rather than predicting itb.Theyfindmarkets ratherthanmakethem,c. They do notaccept failured. They rely on theinitiativeof stakeholdersto fulfill their visionof the futureAns: ALearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #2: Entrepreneurs do not have a special set of personality traitsDifficulty Level: EasyAACSB Standard: Reflective thinking11. According to the authors, what is the precursor to action?

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018a. a business processb.the right mindsetc. a business pland. the acquisition of resourcesAns: BLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location:Truth #2: Entrepreneurs do not have a special set of personality traitsDifficulty Level: EasyAACSB Standard: Reflective thinking12. The entrepreneurial method requires consistent practice so that ______ can becontinuously developed and applied to future endeavors.a. a strong business planb. education and applicationc. businessprocessesd. knowledge and expertiseAns: DLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location: Truth #3: Entrepreneurship can be taught (it’s a method that requirespractice)Difficulty Level: MediumAACSB Standard: Reflective thinking13. The risk component for entrepreneurs______.a.isunavoidable and entrepreneurship is ideal for extreme risk-takersb. can be reduced with a good business planc. can be reduced with diversificationd. can be managed with the cycle of act–learn–buildAns: DLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer Location: Truth #4: Entrepreneurs are not extreme risk-takersDifficulty Level: MediumAACSB Standard: Reflective thinking14. Successful entrepreneurs tend to follow this approach to collaboration:a. They do not collaborate and work in isolationb. They collaborate with potential customers, but not with competitorsc. They collaborate with both potential customers and competitorsd. They collaborate with competitors, but not with potential customersAns: CLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: Knowledge

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018AnswerLocation: Truth #5: Entrepreneurscollaborate more than they competeDifficulty Level: MediumAACSB Standard: Reflectivethinking15.Research revealedwhat percentage ofInc. 500 wrote formal business plans prior tolaunching their companies?a. More than 90%b. More than 75%c. Less than 50%d. Less than 10%Ans: CLearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswerLocation: Truth #6: Entrepreneurs act more than they planDifficulty Level: MediumAACSB Standard: Reflective thinking16.According to the text, which of the following is the least important when launching acompany?a. Creating a business planb. Connecting with customersc. Building a networkd. Generating buzzAns: ALearning Objective: 1.2. List the seven lesser-known truths about entrepreneurship.Cognitive Domain: KnowledgeAnswer location:Truth #6: Entrepreneurs act more than they planDifficulty Level: EasyAACSB Standard: Reflective thinking17. What invention came to symbolize the ingenuity of Colonial America?a. The spinning jennyb. The telegraphc.The lightning rodd. The light bulbAns: CLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: KnowledgeAnswer location:Emergence of the Self-MadeMan (Colonial America Before 1776)Difficulty Level: EasyAACSB Standard: Reflective thinking18.Which Founding Father is consideredone of history’sgreatest entrepreneurs?a. Thomas Jeffersonb. Benjamin Franklinc. George Washington

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018d. Alexander HamiltonAns: BLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: KnowledgeAnswer location:Emergence of the Self-MadeMan (Colonial America Before 1776)Difficulty Level: EasyAACSB Standard: Reflective thinking19.What factor(s) contributed to thegolden age of entrepreneurship?a. improved transportationb. growth in the economyc.increase in populationd. all of theseAns: DLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: KnowledgeAnswer location:Emergence of the Self-MadeMan (Colonial America Before 1776)Difficulty Level: EasyAACSB Standard: Reflective thinking20. A launching pad for creativity and innovation, the ______ providedpeople withtheright to private property, access to a banking system, and protection in the form ofpatent laws.a. Twelfth Amendmentb. Declaration of Independencec. Sixteenth Amendmentd. US ConstitutionAns: DLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: KnowledgeAnswer Location: An Entrepreneurial Nation (First Industrial Revolution 1776–1865)Difficulty Level: EasyAACSB Standard: Group and individual behaviors21.During the______, everyone had a fairly equal chance of being anentrepreneur;inventors became more commonplace, producing new products and services alongsidethe merchants and industrialists.a. First Industrial Revolution (1776–1865)b. Second Industrial Revolution (1865–1920)c. Interwar and Postwar America (1920–1975)d. Knowledge Economy (1975–present)Ans: ALearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: KnowledgeAnswer Location: An Entrepreneurial Nation (First Industrial Revolution 1776–1865)Difficulty Level: Easy

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018AACSB Standard: Reflective thinking22.During which periodwasentrepreneurship at its height?a.FirstIndustrial Revolution(1776–1865)b.SecondIndustrial Revolution(1865–1920)c.Interwar and Postwar America(1920–1975)d.Knowledge Economy(1975–present)Ans:BLearning Objective:1.3.Explain the history of entrepreneurship in the United States.Cognitive Domain:KnowledgeAnswer Location:The Pinnacle of Entrepreneurship(Second Industrial Revolution1865–1920)Difficulty Level: EasyAACSB Standard:Reflectivethinking23. In the Pinnacle of Entrepreneurship (Second Industrial Revolution), the entrepreneur______.a. was not well respectedb. wasconsidered“self-made”andwasglorified in novelsc.worked largely within large corporationsd. paid higher taxes than their neighbors working in the factoriesAns: BLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain: ComprehensionAnswer Location: The Pinnacle of Entrepreneurship (Second Industrial Revolution1865–1920)Difficulty Level: EasyAACSB Standard: Diverse and multicultural work environments24.During the period between 1920 and 1975, which of the followingdid NOTcontributetothedecline of the traditional entrepreneur?a.Anincrease in production due to theexpansion of the middle classb.The transition toward a knowledge-basedeconomy.c.The merger of small firms founded by entrepreneurswithlarger organizations.d.The Great DepressionAns: BLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain:ComprehensionAnswer location:Rise of Institutional America(Interwar and Postwar America 1920–1975)Difficulty Level: MediumAACSB Standard: Reflective thinking25. What erasignaled a shift from the traditional entrepreneur to the big corporation?a.First Industrial Revolution 1776–1865b.SecondIndustrial Revolution 1865–1920

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018c.Interwar and Postwar America 1920–1975d.Knowledge Economy 1.0, 1975–PresentAns: CLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain:ComprehensionAnswer location:Rise of Institutional America(Interwar and Postwar America 1920–1975)Difficulty Level: MediumAACSB Standard: Reflective thinking26.Which of the followingled toentrepreneurship regaining its popularityover the lastdecades of the 20th century?a.Changes in patent lawsb.Therise of information technologyc.Therise in venturecapital fundsd.All oftheseAns: DLearning Objective: 1.3. Explain thehistory of entrepreneurship in the United States.Cognitive Domain:ComprehensionAnswer location:Confined Re-Emergence(Knowledge Economy 1.0, 1975–Present)Difficulty Level: MediumAACSB Standard: Reflective thinking27. During which period of timewas the “tech entrepreneur” born?a.First Industrial Revolution 1776–1865b.SecondIndustrial Revolution 1865–1920c.Interwar and Postwar America 1920–1975d.Knowledge Economy 1.0, 1975–PresentAns: DLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain:KnowledgeAnswer location:Confined Re-Emergence(Knowledge Economy 1.0, 1975–Present)Difficulty Level: EasyAACSB Standard: Reflective thinking28. What generation is considered to bethe most exposed to entrepreneurshipeducation?a. Baby Boomersb.Generation Xc. Millennialsd. Generation ZAns: CLearning Objective: 1.3. Explain the history of entrepreneurship in the United States.Cognitive Domain:KnowledgeAnswer location:ConfinedRe-Emergence(Knowledge Economy 1.0, 1975–Present)Difficulty Level: Easy

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018AACSB Standard: Reflective thinking29.Marian Croak’sidea to usethe text messaging system she developed forthetelevision seriesAmerican Idolin disaster situations isan example of________.a.Corporate entrepreneurshipb.Entrepreneurs insidec. Social Entrepreneurshipd. Serial entrepreneurshipAns: ALearning Objective: 1.4.Compare and contrast the different forms ofentrepreneurshipin practice today.Cognitive Domain:ComprehensionAnswer Location:Corporate EntrepreneurshipDifficulty Level: MediumAACSB Standard: Reflective thinking30. According to the text, why would someorganizationsnot beenthusiastic aboutemployees acting entrepreneurially insideacompany?a. Fear that workers will prioritize their entrepreneurial efforts over their essential jobdutiesb. Fear that trade secrets will be accidentally released to the public.c. Fearthatthey will leave the company and start their ownbusiness.d. Fear that they will not seek approval fromsenior managersbefore starting work ontheir entrepreneurial initiatives.Ans:CLearning Objective: 1.4.Compare and contrast the different forms ofentrepreneurshipin practice today.Cognitive Domain:ComprehensionAnswer Location:Corporate EntrepreneurshipDifficulty Level: MediumAACSB Standard: Reflective thinking31. The launch of the “ingloriousvegetable”at the French SupermarketIntermarchéasa way of reducing food waste by selling imperfect vegetables at a30% discountis anexample of_____a. Corporate entrepreneurshipb. Entrepreneurs insidec. Social Entrepreneurshipd. Serial entrepreneurshipAns: BLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Entrepreneurs InsideDifficulty Level: MediumAACSB Standard: Analytical thinking

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 201832.Whatistheprocess of creating new products, ventures, processes, or renewalwithin large organizations?A. Entrepreneurs insideB. Tech entrepreneurshipC. Social entrepreneurshipD. IntrapreneurshipAns:DLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: KnowledgeAnswer Location: Corporate EntrepreneurshipDifficulty Level: MediumAACSB Standard: Systems and processes in organizations33. Tonyis a manager a company that builds solar panels. In hisposition as a manager,Tonyused the feedback from his team members to as the basis of a plan for thecompany to start installing the solar panels, as well, in order toenhance the company’scompetitive position and profitability. Tony is an example of ______.a. an entrepreneurb. a marketing professionalc. a corporate entrepreneurd. a strategistAns: CLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Corporate EntrepreneurshipDifficulty Level: MediumAACSB Standard: Interpersonal relations and teamwork34.Joseph is a sales manager for ETC Corporation. ETCis amanufacturer of high-endkitchen appliances for restaurants. Nicole has been lobbying her manager to allow herto design and sell aconsumer grade range of consumer-grade appliancesusingETC’sdesign and manufacturing resources.Josephis a(n) ______.A. corporate entrepreneurB. franchiseeC. entrepreneur insideD. social entrepreneurAns: CLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: AnalysisAnswer Location: Entrepreneurs InsideDifficulty Level:HardAACSB Standard: Application of knowledge

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 201835. Robert has a business that he wants to pass down to others in his family to run.Robert has ______.a. an entrepreneurshipb. a family enterprisec. a role as a an entrepreneur insided. interest in abenefit corporationAns: BLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location: Family EnterprisingDifficulty Level: MediumAACSB Standard: Application of knowledge36. The nonprofit“1001Fountains for Tomorrow”, whose goal is to providesafe drinkingwaterfor small rural villages in Cambodia, is an example of________a. Corporate entrepreneurshipb. Entrepreneurs insidec. Social Entrepreneurshipd. Serial entrepreneurshipAns:CLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Social EntrepreneurshipDifficulty Level: MediumAACSB Standard: Analytical thinking37. A benefit corporation (or B-Corp) is an organization certified by the nonprofit B Labto ensure strict standards of social and environmental performance, accountability, andtransparency are met. According to the book, which of thefollowing statements is true?a. Large non-profits are leaders in this movement.b. To host a telethon to raise money, the organization must be a B–Corp.c.“Buy One,Give One”promotions cangenerating saleswhile alsoraisingawarenessof social issues.d. all of theseAns: CLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location: Social EntrepreneurshipDifficulty Level: MediumAACSB Standard: Diverse and multicultural work environments

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 201838. Sam is tired of seeinginjustice and mistreatment of children in inner cities and hasan innovative idea to help them develop self-esteem. Sam is an example of a ______.a. social entrepreneurb. potential entrepreneurc. nascent entrepreneurd. benefit entrepreneurAns: ALearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location:Social EntrepreneurshipDifficulty Level: MediumAACSB Standard: Application of knowledge39.Richard Branson’s expansion ofVirginto includerailway, music, media,andbankingindustriesis an example of_______a.Globalentrepreneurshipb.Nascententrepreneurshipc. Social Entrepreneurshipd. Serial entrepreneurshipAns:DLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location:SerialEntrepreneurshipDifficulty Level: MediumAACSB Standard: Analytical thinking40. Michael is a franchise restaurant owner.Which of the following best describes hisfranchising costs?a.afranchise fee to start, a monthly royalty as a percentage of sales, and otheroperational costsb. a royalty to the franchisor calculated as a percentage ofnetincome plus otheroperational costsc. his costs are the same as any other restaurant ownerd.a franchise fee to start plus other operational costsAns: ALearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location: Buying a FranchiseDifficulty Level: MediumAACSB Standard: Application of knowledge41. Sally decided to look into buying a franchise as her entrance intoentrepreneurship.Which of the following is NOT a benefit of franchising?

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018a. A whole franchise network exists to reach out to for help and advice.b. potential competition from other franchise ownersc. Real estate resources exist to help source the best location for your franchise.d. In-house personnel and field reps are available to help you and your businesssucceed.Ans: BLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location: Buying a FranchiseDifficulty Level: MediumAACSB Standard: System and processes in organizations42. ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and hassince opened three successful restaurant concepts, “Old Carolina BBQ,” “Smoke: TheBurger Joint,” and “Baja West Coast Kitchen” with a dozen corporate-owned locations.They have begun to allow external entrepreneurs to purchase a license to operate theirown location(s). Entrepreneurs purchasing such a license are engaging in ______.A. corporate entrepreneurshipB. franchisingC. entrepreneurs insideD. social entrepreneurshipAns: BLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: AnalysisAnswer Location: Buying a franchiseDifficulty Level:HardAACSB Standard: Application of knowledge43.Socialentrepreneurs_______a. must rely on fundraising to keep theircompany economically stableb.can only be found inthe nonprofit sectorc.mustchoose between makingeithera socialor an economic impactd.seek innovativesolutions to social and environmental problemsAns: DLearning Objective: 1.4. Compare andcontrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Social EntrepreneurshipDifficulty Level: MediumAACSB Standard: Analytical thinking44.To be certified as abenefit corporation (orB-Corp), anorganizationis rated onallthe following except:a.how its employees are treated

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018b.its global missionc.how it benefits thecommunity in which it operatesd. its impact on the environmentAns: BLearning Objective: 1.4. Compare andcontrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Social EntrepreneurshipDifficulty Level: MediumAACSB Standard: Analytical thinking45. What is thesurvival rate of family businesses transitioningfrom the first to thesecond generation?a. less than 30%b. 40%c. 50%d. more than 75%Ans: ALearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain:ComprehensionAnswer location: Family EnterprisingDifficulty Level: MediumAACSB Standard: Analytical thinking46.What percentage ofUS businesses are family-owned or controlled by afamily?a.Less than 20%b.20% to 30%c.40% to 50%d.80% to 90%Ans:DLearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer location: Family EnterprisingDifficulty Level: MediumAACSB Standard: Analytical thinking47. Bill isthe paternal head of his family and the family enterprise. He is concernedabout the business and wants to ensure its survival for the long run. You, as aconsultant, advise him tofocus on______.a.selling the companyb.passing on an entrepreneurial mindset to his family membersc.writing a detailed business pland. establishinga trust for the businessAns: B

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Instructor ResourceNeck,EntrepreneurshipSAGE Publishing, 2018Learning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ComprehensionAnswer Location: Family EnterprisingDifficulty Level: MediumAACSB Standard: Interpersonal relations and teamwork48.Maria lost her job. Unable to find work in her chosen field, she decides tostartherown business. What type of entrepreneur isshe?a. necessity-based entrepreneurb. nascent entrepreneurc. established business ownerd. potential entrepreneurAns: ALearning Objective: 1.4. Compare and contrast the different forms of entrepreneurshipin practice today.Cognitive Domain: ApplicationAnswer Location: Global EntrepreneurshipDifficulty Level: MediumAACSB Standard: Application of knowledge49.According to the2015/16 Global Entrepreneurship Monitor report, it is estimatedthat there are ______ entrepreneurs worldwide.A.4 millionB.40millionC. 400 millionD.4billionAns:CLearning Objective: 1.5. Illustrate the global diversity of entrepreneurship and its impact.Cognitive Domain: KnowledgeAnswer Location: Global EntrepreneurshipDifficulty Level: EasyAACSB Standard: Contexts of organizations in a global society50. Individuals who believe they have the capacity and know-how to start a businesswithout beingburdened by the fear of failure areknown as_______a.venture capitalistsb.angel investorsc.potentialentrepreneursd.creative directorsAns:CLearning Objective: 1.5. Illustrate the global diversity of entrepreneurship and its impact.Cognitive Domain: comprehensionAnswer Location: Global EntrepreneurshipDifficulty Level: MediumAACSB Standard: Diverse and multicultural work environments

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