Entrepreneurship Test 3: Chapters, 9, 11-15

Generally, businesses, failures can be traced to single reason

False

Business fails can actually increase the probability of future success

True

Which is common reason a startup may fail?

Miss using cash on hand

The blood testing start up the knowingly made false claims about its blood analysis system, which was illegal and unethical. Which type of failure is this considered on the failure spectrum

Deviance

Failures that occur when an entrepreneur takes unreasonable actions based on their lack of clarity about future events are based in ____.

Uncertainty

On the failure spectrum, inattention is a lack of the skillet needed to get the job done.

False

On the failure spectrum, ____ refers to entrepreneurs not having the needed knowledge or skills to get the job done

Lack of ability

For an entrepreneur, the most important part of failure is the lessons they can learn from it

True

According to the global entrepreneurship monitor (GEM) report, the region of the world with the highest rate of entrepreneurial intention is North America

False

Because failure is perceived in such a negative light, many people tend to avoid thinking about it rather than reflecting on it and learning from it

True

For many, considering starting a business, failure is highly associated with shame, which can make them ____.

Avoid lucrative opportunities

The emotions entrepreneurs experience after failure are similar to those associated with ____.

Grief

“Intentional iteration “ and “intelligible failure” are synonyms

False

Which is true about blame?

It is human nature to blame others for out mistakes

Learning can occur from all failures, so all failures are acceptable failures.

False

According to John Danner, author and Senior fellow at the Institute for business innovation at the university of California, Berkeley, failure and organization should be treated as a ____.

Strategic resource

The factors that support and develop resilience include prior experience, as well as emotional, social, and ____ factors

Cognitive

____ involves handling daily stressors in overcoming adversity, regardless of the goal

Resilience

Research has found that children who have more of a growth tend to have more grit

True

According to the work of Grace Walsh, what do entrepreneurs use to overcome the negative repercussions stigma related to past failures

Detachment

When spearheading a startup, entrepreneur should pay particular attention to ____ because problems in this area are one of the most common causes of startup failures

Financing

An entrepreneur‘s first product fails to work after only a few months of operation. Which action shows the entrepreneur is attempting to reframe this as an intelligent failure.

the entrepreneurs evaluate what went wrong so that they can apply the lesson leaned in the next iteration of the product.

Which is an example of social factor that may help you build entrepreneurial resilience

Building close relationships with your founding team

According to Amy C. Edmondson’s failure, spectrum, which of the following actions would be considered “blameworthy”?

An entrepreurs who classifies financial documents

A child’s parents were both very successful in their professions, and they always emphasize to the child that failure was shameful. It should be avoided. As an adult, the child is likely to ____.

Have a very high fear of failure

More then half of new ventures, cease operations within the first five years.

True

The global entrepreneurship monitor (GEM) report shows that fear a failure rates around the world are remarked really similar, even if people in different countries show different rates of perceived capabilities.

True

An entrepreneur managing a successful startup seized two other opportunities that seem too good to pass up. The entrepreneur decides to develop new ventures to address the two new opportunities and, juggling all of this, become slow to respond to text or call related to the first startup. And thinking about the failure, spectrum, the team form the first startup likely feels entrepreneur is guilty of which of the following?

Inattention

The key to a successful blame free environment is to be open to all types of conduct and approaches

False

An entrepreneur is beginning a company with a small founding team. Although they are faced with the common unseen dresses associated with starting new businesses, their entrepreneur has a supportive family in good relationship with the community. The entrepreneur feels they can overcome the obstacles. Which type of factor is contributing to the entrepreneurs resilience?

Social

An entrepreneur tries to manage many projects at once. Because their workload was too heavy, they missed some important deadlines. How would this be classified using the failed spectrum?

Inattention

The global entrepreneurial monitor (GEM) report measures fear of failure in terms of number of people who say that they have ____.

Not taking opportunities to start a business because of a feel of failure

An entrepreneur is mindful about their actions Affect employees. And they make a mistake, they openly admit it. They also asked for help from others on the team when a challenge require a or knowledge they don’t have. What is true about this entrepreneur?

They are focused on creating a blame free environment

According to psychologist Angela, Lee Duckworth, which attribute does grit as a trait incorporate?

Perseverance

Both big fails in small fails are devastating to a business

False

Mark Zuckerberg did not need outside legal help when he created Facebook

False

Why is it risky to use online legal resources?

Information may not be accurate for your type of startup

Vesting imposes equity foreititures on cofounders over a certain period of time

True

What is a group of two or more people who have decided to co-merge and share in the profits and losses of a business

General partnership

A benefit corporation as the same as a not for private entity

False

A person who owns a business and has support exposure to its liabilities is a ____

Sole proprietor

A ____ can be not for profit if it qualifies as a 501C under the tax code

Charitable organization

It is important to pick the proper legal entity to ____

Establish the right business structure and minimize risk

Copyright protection last forever

False

What describes intangible personal inventions created by human intelligence, such as ideas, logos, and trademarks?

Intellectual property

Any word, name, symbol, or device used in a business to identify and promote a product can be protected by a ____

trademark

Non-disclosure agreements are a good way to protect a company trade secrets

True

Which is true regarding patterns

They cannot be copied without permission

Intellectual property rights are not protected in the same way in every country

True

As long as a formal agreement has been reached, IP owner ownership is settled

True

A common mistake of investors that poses point protection issues occurs when they ____

Share the invention prior to boating the patent

Employers register within the state labor department to provide ____ for employees

Unemployment compensation

A business needs an employer, identification number (EIN) to ____

Appropriately report employee information to state agencies

Companies must provide a retirement plan for employees

False

What law protects employees from discrimination?

Equal employee opportunity

What is a grant of exclusive property rights on inventions through the US and other governments?

Patent

Which entity has protection from personal liability

S corporation

In order for any item to qualify for IP protection, it must be ____

Novel

What is the form I–9 used for?

Verifying employee eligibility to work in the United States

Two entrepreneurial college students want to start a business that chops and delivers firewood. They know little about how to set up the businesses as an entity. They have little startup money beyond getting their equipment. What is the best option for starting the business?

Contact law school or the SBA

What is a form of organization that is centered by the profit B lab, ensuring that strict standards of social and environmental performance, accountability, and transparency are met?

Benefit corporation

What is workers compensation meant to assist employees with?

Injuries that happen on the job

Which of the following is an example of intellectual property (IP) that would be patented?

Airplane design

When considering hiring legal experts for a startup, it is important to consider ____

Their experience with startups and the industry

What is an issue that comes up when multiple people are working on an innovation while employed at the same company together

Ownership

Employees must follow federal state labor laws

True

An entrepreneur wants to create a new entity that would limit their liability will allow past through taxation. Which would be the best structure option?

A limited liability company, LLC

What term describe describes confidential information that provides companies with a competitive edge and is not publicly known?

Trade secret

At the creation of a startup, entrepreneur, sign in informal agreement called a ____ agreement. This lays out their rules, relationships, and nature of the business.

Founders

Once IP is trademarked in the United States, the rights will be protected around the globe

False

Which is a component of the structural dimension of social capital?

How formal your relationships are

Which type of connection under the umbrella of social capital refers to the shared social identity in spite of people having different backgrounds or cultures

Bridges

Which of the following helps entrepreneurs collaborate, connect to resources, and navigate uncertainly

Networks

The network you build helps you in real estate orders, which can help bring revenues to life

True

A survey of 1000 entrepreneurs is found at 78% of startup benefited most from ____.

Informal networking

Three main advantages to networking our access to power, private information, and ____.

Diverse skillsets

When networking, enrolling some stakeholders and your idea is more important than selling the idea

True

Why do student often fail to take advantage of networking opportunities?

Lack of confidence

Social interaction and ____ our key to starting a business

Building relationships

What is a meet group?

A local get together for people with shared interests

What is a meet group?

A local get together for people with shared interests

The best way to work at a networking event is to collect business cards, and contact information

False

Before going to a networking event, it’s a good idea tot think about ____.

Who might be there that you want to meet?

Before going to a networking event, it’s a good idea tot think about ____.

Who might be there that you want to meet?

Accelerators offer existing startups ____ to help scales and grow their business

Tailored support

Teams, consisting of people with different background, backgrounds and skills are ____ team.

Heterogeneous

I grew up people with complementary skills and a shared sense of a commitment coming together to build and grow the company is known as _____ team.

Heterogeneous

I grew up people with complementary skills and a shared sense of a commitment coming together to build and grow the company is known as _____ team.

Founding

Most diversity is readily apparent because of the aspects such as ginger, age, and ethnicity

False

Healthy conflict is important to solve issues

True

When bonds are too strong, social capital can have a negative impact

True

I found a team needs an exact number of people to be the right size

False

Which does a personal network provide to entrepreneur?

Psychosocial support

Local groups that get together to share interest ranging from hiking to meditation are known as meetup groups

True

A group of people with the same or similar characteristics, such as age, gender, or ethnicity, is known as a ____ team.

Homogenous

Linkages our relationship relationships that involve both some commonality and some difference, such as connections between classmates or colleagues with different backgrounds

False

Which is true about implicit biases?

They can be changed

Which type of organization helps early stage entrepreneurs were fine an idea and offers guidance and developing their business model

Incubators

To create a core vision, the founding team must answer, which of the following questions

Why do we exist?

The two sources of differentiate us from other others or human capital incorporate capital

False