Entrepreneurship: Introductory Concepts Test 1

12 Questions | Total Attempts: 759

SettingsSettingsSettings
Please wait...
Entrepreneurship Quizzes & Trivia

The objective portion of this test is designed to assess a student's applied understanding of the key characteristics and models employed by entrepreneurs.


Questions and Answers
  • 1. 
    Nick and Omar were invited to "pitch" a spin-off venture to the Shark Tank. They were offered $250,000 but refused it.  Explain why.  Be certain to elaborate on how their decision is supported by the entrepreneurial traits you've researched.
  • 2. 
    How does the concept of social entrepreneurship apply to the idea of "Think Globally; Act Locally." Be certain to defined the concept and provide supporting examples from the "New Heroes" and the Providence Journal article, "The vast potential of social enterprise."
  • 3. 
    The term entrepreneur means:
    • A. 

      One who organizes, manages and assumes the risks of a business or enterprise.

    • B. 

      An individual who provides angel funding to support a start-up venture

    • C. 

      A business owner who is considering going public with his company

  • 4. 
    What is the general criteria used to determine if a business qualifies as a small business under the Small Business Administration (SBA) guidelines
    • A. 

      Size of the facility and number of customers

    • B. 

      Revenues and employee count

    • C. 

      The SBA defers to the criteria set by the state in which the business operates

  • 5. 
    IRobot designs and builds robots that make a difference in people's lives. They market their cleaning robots as providing faster, smarter ways to get dirty jobs done.  This is an example of which general business model:
    • A. 

      Capitalizing on strengths

    • B. 

      Market-First Method

    • C. 

      Problem and Solution Method

  • 6. 
    The product and services provided by the Manpack.com entrepreneurial team integrate which of the following models: 
    • A. 

      Market-first method

    • B. 

      Problem and solution method

    • C. 

      The personal strength method

    • D. 

      Both A and B

    • E. 

      All of the above

  • 7. 
    To be successful, entrepreneurs need to have a DREAM.  However, a dream is more than a fleeting wonderful idea. Each of the letters of this acronym take on a specific meaning which is...
    • A. 

      Diversification, Revenue Stream, Effort, Attitude and Marketing

    • B. 

      Differentiation, Realistic, Entrepreneurial, Awareness and Mindshare

    • C. 

      Design, Release, Educate, Analyze and Market

  • 8. 
    The F3 in capital refers to angel investors who are willing to provide between $750,000 and $1 million in funding.
    • A. 

      True

    • B. 

      False

  • 9. 
    This group of investors is looking to receive a return of 5 times their capital infusion within a 7 year period:
    • A. 

      Seed investors

    • B. 

      Venture capitalists

    • C. 

      Angel investors

  • 10. 
    What is the purpose of mezzanine financing:
    • A. 

      To provide gap funding for a company that may not be ready or willing to go public

    • B. 

      To provide a middle tier of funding between seed and angel

    • C. 

      To help a company fund an initial public offering

  • 11. 
    The concept of connectivity as it relates to an entrepreneurial venture is critical because it ensures your network systems are integrating properly.
    • A. 

      True

    • B. 

      False

  • 12. 
    Omar Soliman's classroom behavior was, from his perspective, misunderstood.  Not surprising, his parents received a note stating, "Omar spends all of his class time speaking with the people next him...and he doesn't own the proper calculator or appear to have a book."  In retrospect, Omar's behavior to could be reframed to illustrate his demonstration of which of the following entrepreneurial knowledge, skills and/or abilities.
    • A. 

      Connectivity and credibility

    • B. 

      Connectivity and leveraging resources

    • C. 

      Confidence and commitment

Back to Top Back to top