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Practice Quiz
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1
Small businesses with fewer than 500 employees are a strong employment generator in the U.S.
A)True
B)False
2
Entrepreneurship refers to new value creation that can happen in family-owned businesses, non-profit organizations and established institutions, among others.
A)True
B)False
3
A breakthrough in which new ways are created to solve old problems is known as a pioneering new entry.
A)True
B)False
4
Because new ventures typically are large, they usually have low economies of scale relative to competitors.
A)True
B)False
5
Resource similarity is the extent to which rivals draw from different types of resources in order to compete.
A)True
B)False
6
Market commonality refers to the extent to which competitors go after different customers in a large number of common markets.
A)True
B)False
7
Large firms are slow to respond and are more predictable in their responses and therefore rely on strategies that have worked in the past in order to compete.
A)True
B)False
8
For new business start-ups, opportunities come from many sources including _________ experiences, _________ that grow into businesses or lead to inventions, suggestions by friends or family, or _____________ that makes an entrepreneur aware of an unmet need.
A)future work; habits; luck
B)future work; hobbies; a chance event
C)current or past work; hobbies; a chance event
D)current or past work; habits; luck
9
The process of identifying, selecting, and ___________ new venture opportunities is known as opportunity recognition.
A)eliminating
B)developing
C)categorizing
D)brainstorming
10
Intense rivalry involving actions and responses among ___________ vying for the same customers in a marketplace is known as __________.
A)dissimilar competitors; pioneering new entry
B)similar competitors; competitive dynamics
C)similar competitors; differentiation strategy
D)dissimilar competitors; competitive dynamics





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