,TESTBANK FOR Entrepreneurship Successfully
Launching New Ventures, 7th edition Bruce R.
Barringer
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Entrepreneurship, 7e (Barringer/Ireland)
Chapter 1 Introduction to Entrepreneurship
1) The Bee Corp in the Opening Profile of Chapter 1 received important early capital through a
grant from the ________.
A) U.S. Small Business Administration
B) Food and Drug Administration
C) Internal Revenue Service
D) U.S. Chamber of Commerce
E) Carnegie Foundation
Answer: A
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
2) Which of the following is an accurate characterization of interest in entrepreneurship?
A) There is minimal interest in entrepreneurship across the world.
B) There is minimal interest in entrepreneurship in North America and Europe, but significant
interest in Asia and Australia.
C) There is significant interest in entrepreneurship in North America and Europe, but minimal
interest in Asia and Australia.
D) While interest in entrepreneurship was once high, it is waning in popularity across the world.
E) There is tremendous interest in entrepreneurship across the world.
Answer: E
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
3) According to the Global Entrepreneurship Monitor (GEM) 2021/2022 survey, about ________
percent of adults in the United States are either starting a business or are running a business that
has been in existence for less than three-and-a-half years.
A) 3.8
B) 5.5
C) 7.6
D) 9.0
E) 16.5
Answer: E
Difficulty: Challenging
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
1
Copyright © 2025 Pearson Education, Inc.
,4) According to the Global Entrepreneurship Monitor (GEM) 2021/2022 study, the majority of
people in low-income countries are drawn to entrepreneurship ________.
A) to make a difference in the world
B) due to lack of career prospects
C) as a result of government incentives
D) because an important role model was an entrepreneur
E) to gain prestige
Answer: A
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
5) Which of the following statements regarding survival rates of entrepreneurial firms in the
United States is correct?
A) Over 50 percent after five years
B) Approximately 40 percent after five years
C) As high as 70 percent after 10 years
D) Approximately 50 percent after 10 years
E) As high as 90 percent after 10 years
Answer: A
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
6) Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company
makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes,
skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate
entrepreneurship. To achieve that goal, Cody's firm should be ________.
A) innovative, risk averse, and take a "wait and see" posture
B) taking a "wait and see" posture, innovative, and risk taking
C) proactive, not innovative, and risk taking
D) taking a "wait and see" posture, not innovative, and risk averse
E) proactive, innovative, and risk taking
Answer: E
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Analytical Thinking
Quest. Category: Analytical
2
Copyright © 2025 Pearson Education, Inc.
,7) Google is a firm that is proactive, innovative and risk-taking. From this description, we can
most accurately conclude that Google has a high level of ________.
A) enterprise focus
B) innovative intensity
C) entrepreneurial intensity
D) creative intensity
E) innovative concentration
Answer: C
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
8) Apple is an established firm that encourages and emphasizes entrepreneurial behavior
throughout its various divisions. According to the textbook, Apple practices ________
entrepreneurship.
A) tactical
B) corporate
C) strategic
D) business
E) enterprise
Answer: B
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
9) Entrepreneurship cannot occur in government agencies and nonprofit organizations.
Answer: FALSE
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
10) According to the results of the GEM 2021/2022 survey, about one out of every six American
adults is actively engaged in starting a business or is the owner/manager of a business that is less
than three-and-a-half- years old.
Answer: TRUE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
3
Copyright © 2025 Pearson Education, Inc.
,11) According to the Bureau of Labor Statistics, 9 out of 10 businesses fail in their first few
years of existence.
Answer: FALSE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
12) Entrepreneurship is the process by which individuals pursue opportunities within the
constraints of the resources they control.
Answer: FALSE
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
13) Established firms with an entrepreneurial emphasis are proactive, innovative, and risk taking.
Answer: TRUE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Analytical Thinking
Quest. Category: Analytical
14) What is entrepreneurship? What is the essence of entrepreneurial behavior?
Answer: Entrepreneurship is the process by which individuals pursue opportunities without
regard to the resources they currently control for the purpose of exploiting future goods and
services. The essence of entrepreneurial behavior is identifying opportunities and putting useful
ideas into practice.
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
4
Copyright © 2025 Pearson Education, Inc.
,15) The three primary reasons that people become entrepreneurs and start their own firms are to
________.
A) gain prestige, realize financial rewards, and eliminate risk in their lives
B) do what they were "born" to do, be their own boss, and gain prestige
C) take big risks, be their own boss, and do what they were "born" to do
D) be their own boss, pursue their own ideas, and pursue financial rewards
E) take advantage of government subsidies, pursue their own ideas, and realize financial rewards
Answer: D
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
16) According to the textbook, the reason people give most often for becoming entrepreneurs is
to ________.
A) realize financial rewards
B) gain prestige
C) be their own boss
D) continue a family tradition
E) pursue their own ideas
Answer: C
Difficulty: Easy
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
17) According to the textbook, starting a business to make a lot of money ________.
A) often fails to live up to its hype
B) is equally as satisfying as other reasons for starting a business
C) is the number one reason people start their own business
D) is the number two reason that people start their own business, right behind the lack of better
career prospects
E) does not rank among the top three reasons that people start their own business
Answer: A
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
18) Established firms seldom resist innovation.
Answer: FALSE
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
5
Copyright © 2025 Pearson Education, Inc.
,19) Describe the three primary reasons that people become entrepreneurs and start their own
firms.
Answer: The three primary reasons that people become entrepreneurs and start their own firms
are to (1) be their own boss, (2) pursue their own ideas, and (3) pursue financial rewards. Being
one's own boss-is the reason given most commonly. Many entrepreneurs want to be their own
boss because either they have had a long-time ambition to own their own firm or they have
become frustrated working in traditional jobs. The second reason people start their own firms is
to pursue their own ideas. Some people are naturally alert, and when they recognize ideas for
new products or services, they have a desire to see those ideas realized. The third reason people
start their own firms is to pursue financial rewards. This motivation, however, is typically
secondary to the first two.
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
20) The four characteristics of successful entrepreneurs cited in the textbook are ________.
A) passion for the business, on the cutting edge of technological change, very charismatic, and
tenacity despite failure
B) young and energetic, passion for the business, product/customer focus, and seeks recognition
C) passion for the business, tenacity despite failure, product/customer focus, and execution
intelligence
D) on the cutting edge of technological change, forward thinking, tenacity despite failure, and
product/customer focus
E) passion for the business, seeks recognition, young and energetic, and execution intelligence
Answer: C
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
21) The number one characteristic shared by successful entrepreneurs is ________.
A) a desire to achieve financial rewards
B) a passion for their business
C) a passion for creating employment for other people
D) a desire to fulfill a lifetime dream
E) a desire to revolutionize the market
Answer: B
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
6
Copyright © 2025 Pearson Education, Inc.
,22) According to the textbook, the primary motivator behind entrepreneurs of social enterprises
is to ________.
A) make a difference in people's lives
B) make a lot of money
C) increase their prestige
D) transition to a high-level job in the corporate sector
E) be their own boss and manage others
Answer: A
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
23) Which of the following was NOT identified in the textbook as one of the five primary
reasons passion is important for the launch of a successful entrepreneurial organization?
A) The ability to stick to a plan even when faced with evidence that changes are needed
B) A willingness to work hard for an extended period of time
C) The ability to overcome setbacks and "no's"
D) The ability to listen to feedback on the limitations of your organization and yourself
E) Perseverance and persistence when the going gets tough
Answer: A
Difficulty: Challenging
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
24) The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry
industry. According to the feature, Prim failed largely as a result of ________.
A) lack of product/customer focus
B) poor intellectual property protection
C) the individuals who started the firm were too young and inexperienced
D) poor execution intelligence
E) a lack of passion and resolve
Answer: E
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
7
Copyright © 2025 Pearson Education, Inc.
, 25) Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new
innovative food blender. Stacey's desire is to sell her food blender to as many people as possible
because she firmly believes in the merits of her product. Stacey's story best illustrates which of
the following characteristics, or attributes, of a successful entrepreneur?
A) Product/customer focus
B) Execution intelligence
C) Tenacity despite failure
D) A desire to please consumers
E) A desire to gain financial rewards
Answer: A
Difficulty: Easy
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
26) Alex and Patty Webb launched a firm several years ago and have been particularly
successful in introducing new products to the marketplace. One thing that Alex and Patty are
particularly good at is translating their thoughts, creativity, and imaginations into products that
reach the marketplace. The ability to make this happen is most closely related to which of the
following characteristics of successful entrepreneurs?
A) A passion for the business
B) Execution intelligence
C) Tenacity despite failure
D) Product/market focus
E) A desire for recognition
Answer: B
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
27) ________ are organizations that provide startups with shared operating space.
A) Incubators
B) Intrapreneurs
C) Accelerators
D) Capital markets
E) Banks
Answer: A
Difficulty: Challenging
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
8
Copyright © 2025 Pearson Education, Inc.
Launching New Ventures, 7th edition Bruce R.
Barringer
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Entrepreneurship, 7e (Barringer/Ireland)
Chapter 1 Introduction to Entrepreneurship
1) The Bee Corp in the Opening Profile of Chapter 1 received important early capital through a
grant from the ________.
A) U.S. Small Business Administration
B) Food and Drug Administration
C) Internal Revenue Service
D) U.S. Chamber of Commerce
E) Carnegie Foundation
Answer: A
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
2) Which of the following is an accurate characterization of interest in entrepreneurship?
A) There is minimal interest in entrepreneurship across the world.
B) There is minimal interest in entrepreneurship in North America and Europe, but significant
interest in Asia and Australia.
C) There is significant interest in entrepreneurship in North America and Europe, but minimal
interest in Asia and Australia.
D) While interest in entrepreneurship was once high, it is waning in popularity across the world.
E) There is tremendous interest in entrepreneurship across the world.
Answer: E
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
3) According to the Global Entrepreneurship Monitor (GEM) 2021/2022 survey, about ________
percent of adults in the United States are either starting a business or are running a business that
has been in existence for less than three-and-a-half years.
A) 3.8
B) 5.5
C) 7.6
D) 9.0
E) 16.5
Answer: E
Difficulty: Challenging
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
1
Copyright © 2025 Pearson Education, Inc.
,4) According to the Global Entrepreneurship Monitor (GEM) 2021/2022 study, the majority of
people in low-income countries are drawn to entrepreneurship ________.
A) to make a difference in the world
B) due to lack of career prospects
C) as a result of government incentives
D) because an important role model was an entrepreneur
E) to gain prestige
Answer: A
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
5) Which of the following statements regarding survival rates of entrepreneurial firms in the
United States is correct?
A) Over 50 percent after five years
B) Approximately 40 percent after five years
C) As high as 70 percent after 10 years
D) Approximately 50 percent after 10 years
E) As high as 90 percent after 10 years
Answer: A
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
6) Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company
makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes,
skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate
entrepreneurship. To achieve that goal, Cody's firm should be ________.
A) innovative, risk averse, and take a "wait and see" posture
B) taking a "wait and see" posture, innovative, and risk taking
C) proactive, not innovative, and risk taking
D) taking a "wait and see" posture, not innovative, and risk averse
E) proactive, innovative, and risk taking
Answer: E
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Analytical Thinking
Quest. Category: Analytical
2
Copyright © 2025 Pearson Education, Inc.
,7) Google is a firm that is proactive, innovative and risk-taking. From this description, we can
most accurately conclude that Google has a high level of ________.
A) enterprise focus
B) innovative intensity
C) entrepreneurial intensity
D) creative intensity
E) innovative concentration
Answer: C
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
8) Apple is an established firm that encourages and emphasizes entrepreneurial behavior
throughout its various divisions. According to the textbook, Apple practices ________
entrepreneurship.
A) tactical
B) corporate
C) strategic
D) business
E) enterprise
Answer: B
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
9) Entrepreneurship cannot occur in government agencies and nonprofit organizations.
Answer: FALSE
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
10) According to the results of the GEM 2021/2022 survey, about one out of every six American
adults is actively engaged in starting a business or is the owner/manager of a business that is less
than three-and-a-half- years old.
Answer: TRUE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Application of Knowledge
Quest. Category: Application
3
Copyright © 2025 Pearson Education, Inc.
,11) According to the Bureau of Labor Statistics, 9 out of 10 businesses fail in their first few
years of existence.
Answer: FALSE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
12) Entrepreneurship is the process by which individuals pursue opportunities within the
constraints of the resources they control.
Answer: FALSE
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
13) Established firms with an entrepreneurial emphasis are proactive, innovative, and risk taking.
Answer: TRUE
Difficulty: Moderate
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Analytical Thinking
Quest. Category: Analytical
14) What is entrepreneurship? What is the essence of entrepreneurial behavior?
Answer: Entrepreneurship is the process by which individuals pursue opportunities without
regard to the resources they currently control for the purpose of exploiting future goods and
services. The essence of entrepreneurial behavior is identifying opportunities and putting useful
ideas into practice.
Difficulty: Easy
LO: 1.1: Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
4
Copyright © 2025 Pearson Education, Inc.
,15) The three primary reasons that people become entrepreneurs and start their own firms are to
________.
A) gain prestige, realize financial rewards, and eliminate risk in their lives
B) do what they were "born" to do, be their own boss, and gain prestige
C) take big risks, be their own boss, and do what they were "born" to do
D) be their own boss, pursue their own ideas, and pursue financial rewards
E) take advantage of government subsidies, pursue their own ideas, and realize financial rewards
Answer: D
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
16) According to the textbook, the reason people give most often for becoming entrepreneurs is
to ________.
A) realize financial rewards
B) gain prestige
C) be their own boss
D) continue a family tradition
E) pursue their own ideas
Answer: C
Difficulty: Easy
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
17) According to the textbook, starting a business to make a lot of money ________.
A) often fails to live up to its hype
B) is equally as satisfying as other reasons for starting a business
C) is the number one reason people start their own business
D) is the number two reason that people start their own business, right behind the lack of better
career prospects
E) does not rank among the top three reasons that people start their own business
Answer: A
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
18) Established firms seldom resist innovation.
Answer: FALSE
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
5
Copyright © 2025 Pearson Education, Inc.
,19) Describe the three primary reasons that people become entrepreneurs and start their own
firms.
Answer: The three primary reasons that people become entrepreneurs and start their own firms
are to (1) be their own boss, (2) pursue their own ideas, and (3) pursue financial rewards. Being
one's own boss-is the reason given most commonly. Many entrepreneurs want to be their own
boss because either they have had a long-time ambition to own their own firm or they have
become frustrated working in traditional jobs. The second reason people start their own firms is
to pursue their own ideas. Some people are naturally alert, and when they recognize ideas for
new products or services, they have a desire to see those ideas realized. The third reason people
start their own firms is to pursue financial rewards. This motivation, however, is typically
secondary to the first two.
Difficulty: Moderate
LO: 1.2: Discuss three main reasons people decide to become entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
20) The four characteristics of successful entrepreneurs cited in the textbook are ________.
A) passion for the business, on the cutting edge of technological change, very charismatic, and
tenacity despite failure
B) young and energetic, passion for the business, product/customer focus, and seeks recognition
C) passion for the business, tenacity despite failure, product/customer focus, and execution
intelligence
D) on the cutting edge of technological change, forward thinking, tenacity despite failure, and
product/customer focus
E) passion for the business, seeks recognition, young and energetic, and execution intelligence
Answer: C
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
21) The number one characteristic shared by successful entrepreneurs is ________.
A) a desire to achieve financial rewards
B) a passion for their business
C) a passion for creating employment for other people
D) a desire to fulfill a lifetime dream
E) a desire to revolutionize the market
Answer: B
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
6
Copyright © 2025 Pearson Education, Inc.
,22) According to the textbook, the primary motivator behind entrepreneurs of social enterprises
is to ________.
A) make a difference in people's lives
B) make a lot of money
C) increase their prestige
D) transition to a high-level job in the corporate sector
E) be their own boss and manage others
Answer: A
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
23) Which of the following was NOT identified in the textbook as one of the five primary
reasons passion is important for the launch of a successful entrepreneurial organization?
A) The ability to stick to a plan even when faced with evidence that changes are needed
B) A willingness to work hard for an extended period of time
C) The ability to overcome setbacks and "no's"
D) The ability to listen to feedback on the limitations of your organization and yourself
E) Perseverance and persistence when the going gets tough
Answer: A
Difficulty: Challenging
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
24) The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry
industry. According to the feature, Prim failed largely as a result of ________.
A) lack of product/customer focus
B) poor intellectual property protection
C) the individuals who started the firm were too young and inexperienced
D) poor execution intelligence
E) a lack of passion and resolve
Answer: E
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
7
Copyright © 2025 Pearson Education, Inc.
, 25) Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new
innovative food blender. Stacey's desire is to sell her food blender to as many people as possible
because she firmly believes in the merits of her product. Stacey's story best illustrates which of
the following characteristics, or attributes, of a successful entrepreneur?
A) Product/customer focus
B) Execution intelligence
C) Tenacity despite failure
D) A desire to please consumers
E) A desire to gain financial rewards
Answer: A
Difficulty: Easy
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
26) Alex and Patty Webb launched a firm several years ago and have been particularly
successful in introducing new products to the marketplace. One thing that Alex and Patty are
particularly good at is translating their thoughts, creativity, and imaginations into products that
reach the marketplace. The ability to make this happen is most closely related to which of the
following characteristics of successful entrepreneurs?
A) A passion for the business
B) Execution intelligence
C) Tenacity despite failure
D) Product/market focus
E) A desire for recognition
Answer: B
Difficulty: Moderate
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Reflective Thinking
Quest. Category: Critical Thinking
27) ________ are organizations that provide startups with shared operating space.
A) Incubators
B) Intrapreneurs
C) Accelerators
D) Capital markets
E) Banks
Answer: A
Difficulty: Challenging
LO: 1.3: Identify four main characteristics of successful entrepreneurs.
AACSB: Analytical Thinking
Quest. Category: Analytical
8
Copyright © 2025 Pearson Education, Inc.
