HMGT 401 - Exam 1 || Certified A+.
Great Person Approach correct answers Views entrepreneurship as an inborn quality that cannot
be taught; highlights figures with extraordinary charisma or vision
Trait Approach correct answers Suggests that stable, measurable traits (e.g., conscientiousness)
predict entrepreneurial behavior; emphasizes personality assessment
What are the Big 5 Personality Traits? correct answers neurotism, extraversion, openness,
agreeableness, and conscientiousness
Neurotism correct answers Low neuroticism (emotional stability) helps entrepreneurs cope with
stress and uncertainty
Extraversion correct answers Outgoing, optimistic entrepreneurs build networks and inspire
teams effectively
Openness correct answers High openness supports creativity, innovation, and the willingness to
try new ideas
Agreeableness correct answers Empathetic and cooperative traits facilitate trust with
stakeholders
Conscientiousness correct answers Organization and persistence are critical for managing
complex ventures
What are the critiques of the trait approach? correct answers Overemphasis on personality
neglects environment, networks, andopportunities
Inconsistent methods across studies make results difficult to compare
Traits interact with demographics, context, and learning, not in isolation
What are the key entrepreneurial themes? correct answers Need for achievement, need for
autonomy, self-belief & locus of control, risk-taking, and self-efficacy
Need for Achievement correct answers Motivation to set and accomplish challenging goals
Need for Autonomy correct answers Desire to work independently and control decisions
Self-Belief & Locus of Control correct answers Entrepreneurs tend to believe outcomes are
shaped by their own actions, not external forces
Risk-Taking correct answers Comfort with calculated risks differentiates entrepreneurs from
non-entrepreneurs
Self-Efficacy correct answers Confidence in one's abilities increases persistence when facing
obstacles
, What are the entrepreneurial gender differences? correct answers Research finds men often rate
higher in confidence and goal orientation, while women emphasize flexibility and creativity;
both sets of traits can support entrepreneurship in different ways
What are the leadership styles? correct answers trait theory, behavioral theories, transactional vs.
transformational, situational/contingency, path-goal theory, LMX, servant leadership, authentic
leadership
Trait Theory correct answers Leaders possess inherent qualities that predict success
Behavioral Theories correct answers Effective leadership comes from learned behaviors (e.g.,
people- vs. task-oriented)
Transactional vs. Transformational correct answers Transactional emphasizes structure and
rewards; transformational focuses on vision and innovation
Situational/Contingency correct answers Effectiveness depends on the context and leader-
follower fit (not empirically proven nor has empirical evidence)
Path-Goal Theory correct answers Leaders adapt style to motivate employees by clarifying paths
to goals
LMX Theory correct answers Emphasizes strong leader-member relationships
Servant Leadership correct answers Focuses on serving employees' needs first
Authentic Leadership correct answers Stresses transparency, ethics, and values-driven action
What are the 3 core stages of entrepreneurship as a process? correct answers Opportunity
Identification, Opportunity Evaluation, Opportunity Exploitation
What are the opportunity identification factors? correct answers Prior Knowledge: Industry
experience helps entrepreneurs see gaps others miss.
Alertness: A mindset of scanning for opportunities enhances recognition.
Systematic Search: Structured research identifies patterns and needs.
Social Capital: Networks provide ideas, information, and resources.
Cognition: Mental models and reasoning influence recognition of opportunities
What are the tools used for entrepreneurship as a process? correct answers Market Research:
Surveys and data collection to understand demand.
Trend Monitoring: Spotting shifts in demographics, technology, or lifestyles.
Technology Adoption: Leveraging new tools for competitive advantage.
Feedback Loops: Using customer input to refine ideas
Great Person Approach correct answers Views entrepreneurship as an inborn quality that cannot
be taught; highlights figures with extraordinary charisma or vision
Trait Approach correct answers Suggests that stable, measurable traits (e.g., conscientiousness)
predict entrepreneurial behavior; emphasizes personality assessment
What are the Big 5 Personality Traits? correct answers neurotism, extraversion, openness,
agreeableness, and conscientiousness
Neurotism correct answers Low neuroticism (emotional stability) helps entrepreneurs cope with
stress and uncertainty
Extraversion correct answers Outgoing, optimistic entrepreneurs build networks and inspire
teams effectively
Openness correct answers High openness supports creativity, innovation, and the willingness to
try new ideas
Agreeableness correct answers Empathetic and cooperative traits facilitate trust with
stakeholders
Conscientiousness correct answers Organization and persistence are critical for managing
complex ventures
What are the critiques of the trait approach? correct answers Overemphasis on personality
neglects environment, networks, andopportunities
Inconsistent methods across studies make results difficult to compare
Traits interact with demographics, context, and learning, not in isolation
What are the key entrepreneurial themes? correct answers Need for achievement, need for
autonomy, self-belief & locus of control, risk-taking, and self-efficacy
Need for Achievement correct answers Motivation to set and accomplish challenging goals
Need for Autonomy correct answers Desire to work independently and control decisions
Self-Belief & Locus of Control correct answers Entrepreneurs tend to believe outcomes are
shaped by their own actions, not external forces
Risk-Taking correct answers Comfort with calculated risks differentiates entrepreneurs from
non-entrepreneurs
Self-Efficacy correct answers Confidence in one's abilities increases persistence when facing
obstacles
, What are the entrepreneurial gender differences? correct answers Research finds men often rate
higher in confidence and goal orientation, while women emphasize flexibility and creativity;
both sets of traits can support entrepreneurship in different ways
What are the leadership styles? correct answers trait theory, behavioral theories, transactional vs.
transformational, situational/contingency, path-goal theory, LMX, servant leadership, authentic
leadership
Trait Theory correct answers Leaders possess inherent qualities that predict success
Behavioral Theories correct answers Effective leadership comes from learned behaviors (e.g.,
people- vs. task-oriented)
Transactional vs. Transformational correct answers Transactional emphasizes structure and
rewards; transformational focuses on vision and innovation
Situational/Contingency correct answers Effectiveness depends on the context and leader-
follower fit (not empirically proven nor has empirical evidence)
Path-Goal Theory correct answers Leaders adapt style to motivate employees by clarifying paths
to goals
LMX Theory correct answers Emphasizes strong leader-member relationships
Servant Leadership correct answers Focuses on serving employees' needs first
Authentic Leadership correct answers Stresses transparency, ethics, and values-driven action
What are the 3 core stages of entrepreneurship as a process? correct answers Opportunity
Identification, Opportunity Evaluation, Opportunity Exploitation
What are the opportunity identification factors? correct answers Prior Knowledge: Industry
experience helps entrepreneurs see gaps others miss.
Alertness: A mindset of scanning for opportunities enhances recognition.
Systematic Search: Structured research identifies patterns and needs.
Social Capital: Networks provide ideas, information, and resources.
Cognition: Mental models and reasoning influence recognition of opportunities
What are the tools used for entrepreneurship as a process? correct answers Market Research:
Surveys and data collection to understand demand.
Trend Monitoring: Spotting shifts in demographics, technology, or lifestyles.
Technology Adoption: Leveraging new tools for competitive advantage.
Feedback Loops: Using customer input to refine ideas
