INTRO TO ENTR

INTRO TO ENTR - Chapter 1: Introduction to Entrepreneurism...

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Chapter 1: Introduction to Entrepreneurism MULTIPLE CHOICE 1. Identify the term that refers to the study, understanding, and practice of business as a process from the perspective of the chief executive officer. a. Entrepreneurism b. Business management c. Six sigma d. Business administration ANS: A Entrepreneurism refers to the study, understanding, and practice of business as a process from the perspective of the chief executive officer (CEO). REF: 1-1 2. ____ means looking at the big picture and understanding the fundamental processes by which businesses make profits. a. Strategic management b. Entrepreneurism c. Vision d. Business management ANS: B Entrepreneurism means looking at the big picture and understanding the fundamental processes by which businesses make profits. REF: 1-1 3. Which of the following is a career track that requires the knowledge of entrepreneurism? a. Business associates b. Entrepreneur c. Intrapreneur d. Recruitment ANS: C Other career tracks also require knowledge of entrepreneurism. One such track is that of the intrapreneur. REF: 1-1 4. A ____ is a person who works within a large corporation and applies the principles of entrepreneurism to facilitate innovation and growth for the large enterprise. a. Business associate b. Extrapreneur c. Business partner d. Intrapreneur ANS: D An intrapreneur is a person who works within a large corporation and who applies the principles of entrepreneurism to facilitate innovation and growth for the large enterprise. REF: 1-1
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5. What is the term used to define employees who support the organizational mission and who adopt an owner’s perspective of constantly seeking to advance the firm’s value, whether it is an entrepreneurial or traditional company? a. Intrapreneurs b. Entrepreneurs c. Business associates d. Shareholders ANS: A Intrapreneurs are defined as employees who support the organizational mission and who adopt an owner’s perspective of constantly seeking to advance the firm’s value whether it is an entrepreneurial or traditional company. REF: 1-1 6. In context to the history of business, identify the basic form(s) of management. a. Entrepreneurial management b. Small business management c. Traditional management d. All of the above ANS: D In the history of business, three basic forms of management have evolved: 1. Entrepreneurial management 2. Traditional management 3. Small business management REF: 1-2 7. ____ management focuses on growth and an exit strategy, while ____ management is focused on stability and maintaining a reliable customer base. a. Small business, entrepreneurial b. Entrepreneurial, small business c. Traditional, small business d. Small business, traditional ANS: B Entrepreneurial management is focused on growth and an exit strategy. Small business management is focused on stability and maintaining a reliable customer base. REF:
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INTRO TO ENTR - Chapter 1: Introduction to Entrepreneurism...

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