1. The Austrian Economist who coined the phrase "creative destruction" was

A. Joseph Schumpeter

B. Joseph Goebbels

C. Joseph Idraulico

D. Joseph Stalin

2. One important attribute of an "opportunity" is the fact that it is

A. the destruction of the existing economic order

B. a situation (i.e., dependent on context)

C. a new venture

3. Ann Xprt has identified an opportunity that is related to an industry that she has always wanted to work in. This condition satisfies the ____ test of opportunities

A. grounded in a product or service that delivers value to a customer group

B. timeliness

C. durability

D. attractiveness

4. Owen Banksalot has identified an opportunity that is based on an emerging fad that will likely soon fade away. This condition likely fails the ____ test of opportunities

A. attractiveness

B. grounded in a product or service that delivers value to a customer group

C. timeliness

D. durability

5. Even though people have tried to talk him out of it, Owen decides to pursue the fad-based opportunity. What should he do to exploit it in order to get the greatest return on his investment?

A. Collect as many pre-paid orders as quickly as possible before building and shipping them

B. Go to multiple trade show conferences to get retailers to agree to put his product on their shelves next year

C. Let people try the product on a trial basis before having to buy it

D. Open a shop in a retail mall to get traffic from mall customers

6. Entrepreneurial opportunities can exist when

A. goods, services, or raw materials can be sold at a price that is lower than their cost of production

B. an entrepreneur identifies a product or service that destroys value for a targeted customer market

C. information about the true value of goods is perfectly available and shared

D. different individuals have different beliefs about the relative value of resources based on the potential to transform them into different, value-creating uses

7. With regard to the "entrepreneur" in the four constructs of entrepreneurship, it's important to remember that

A. the quality of the initial idea is more important than the quality of the team

B. industry experience is an important indicator of likely success

C. industry experience tends to get in the way of innovative, disruptive ideas

D. investors are most likely to finance novice entrepreneur if they have a good Powerpoint

8. A would-be entrepreneur who assess how his skills and abilities "match up" with the opportunity he has recognized is assessing his entrepreneurial

A. balance

B. fit

C. alertness

D. propensity

9. While taking a personality survey, TaiPei Person discovers that she has a strong locus of control, a need for achievement, and a high level of tolerance for ambiguity. These attributes are most closely related to which phases of the model of the entrepreneurial process?

A. implementation of new venture routines and activities

B. triggering event and implementation of new venture routines and activities

C. innovation and growth of a new venture

D. innovation and triggering event

10. The opening and closing of "Windows of opportunity" are characterized by

A. increasing chances for success as markets mature

B. a zero percent chance of "missing the boat" if you do not act on the opportunity

C. a classic "S-shaped" curve

D. fewer opportunities as markets quickly grow