Question 1

One hallmark of successful entrepreneurs is the ability to:

Accepted Answer

A)  be willing to gamble.
B)  fail intelligently.
C)  overlook past successes.
D)  repeat the same mistake.E) A) and B)
F) None of the above

Question 2

The market need and the relatively low startup costs make service businesses popular with entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 3

The nation's small businesses:

Accepted Answer

A)  employ more than 51 percent of the nation's private sector workforce.
B)  create more jobs than do big businesses.
C)  account for 47 percent of business sales.
D)  All of the aboveE) None of the above
F) A) and C)

Question 4

Entrepreneurs can increase their chances for success if they:

Accepted Answer

A)  know their business in depth and develop a solid business plan.
B)  manage their financial resources and understand financial statements.
C)  learn to manage people and keep in touch with how they react to stress and balance their health needs with the needs of the business.
D)  All of the aboveE) All of the above
F) None of the above

Question 5

Current competitive conditions favor large companies over smaller ones because of their ability to use their size to achieve efficiency and economies of scale.

Accepted Answer

A) True 
 B)False

Question 6

Melinda and John Perez,both corporate attorneys in New York City,have grown tired of their lengthy daily commute,the stress of their jobs,and the overbearing policies of their employers.They have decided to leave their six-figure jobs and together open a guide service in Wyoming.Melinda and John are examples of:

Accepted Answer

A)  corporate castoffs and corporate dropouts.
B)  corporate dropouts and copreneurs.
C)  corporate castoffs and copreneurs.
D)  copreneurs and serial entrepreneurs.E) A) and D)
F) All of the above

Question 7

The faster a small company grows,the greater its appetite for cash.

Accepted Answer

A) True 
 B)False

Question 8

Minority-owned businesses have come a long way in the past decade,and their success rate is climbing.

Accepted Answer

A) True 
 B)False

Question 9

Discuss the potential benefits and drawbacks of entrepreneurship.

Accepted Answer

Entrepreneurs benefit by controlling the...

Question 10

About 20 percent of downsized corporate managers have become entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 11

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Accepted Answer

A) True 
 B)False

Question 12

Which entrepreneurial characteristics does Bill have that may be important to his success? Which characteristic could lead to his failure?

Accepted Answer

This case requires the student to compar...

Question 13

Entrepreneurs are characterized by:

Accepted Answer

A)  skill at organizing.
B)  desire for immediate feedback.
C)  high energy levels.
D)  All of the aboveE) A) and C)
F) All of the above

Question 14

All of the following are characteristics of the typical entrepreneur except:

Accepted Answer

A)  confidence in his/her ability to succeed.
B)  value of money over achievement.
C)  desire for immediate feedback.
D)  a future orientation.E) None of the above
F) B) and C)

Question 15

Surveys show that small business owners believe that,as entrepreneurs,they work harder,earn more money,and are happier than if they worked for a large company.

Accepted Answer

A) True 
 B)False

Question 16

Small companies:

Accepted Answer

A)  created fewer jobs than big companies in the last decade.
B)  are concentrated in the manufacturing and retail sectors.
C)  are the leaders in offering training and advancement opportunities to workers.
D)  account for approximately 10 percent of the nation's GDP and 25 percent of business sales.E) B) and C)
F) All of the above

Question 17

One of the most significant economic developments in recent business history relates to the:

Accepted Answer

A)  growth of blue-chip corporations.
B)  development of Pacific Rim countries.
C)  entrepreneurial spirit.
D)  additional employment opportunities offered by government institutions.E) None of the above
F) A) and B)

Question 18

The majority of new business owners work fewer than 40 hours per week.

Accepted Answer

A) True 
 B)False

Question 19

To most entrepreneurs,there is little difference between work and play; the two are synonymous.

Accepted Answer

A) True 
 B)False

Question 20

What steps should Bill take to avoid the pitfalls common to a small business?

Accepted Answer

Generally,it appears that Bill has a goo...

Exam 1: The Foundations of Entrepreneurship

Discuss the potential benefits and drawbacks of entrepreneurship.

Correct Answer
verified
Entrepreneurs benefit by controlling the...
View Answer

To most entrepreneurs,there is little difference between work and play; the two are synonymous.

Correct Answer
verified

The nation's small businesses:

Correct Answer
verified

Entrepreneurs can increase their chances for success if they:

Correct Answer
verified

Entrepreneurs are characterized by:

Correct Answer
verified

The faster a small company grows,the greater its appetite for cash.

Correct Answer
verified

One hallmark of successful entrepreneurs is the ability to:

Correct Answer
verified

Minority-owned businesses have come a long way in the past decade,and their success rate is climbing.

Correct Answer
verified

Current competitive conditions favor large companies over smaller ones because of their ability to use their size to achieve efficiency and economies of scale.

Correct Answer
verified

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Correct Answer
verified

What steps should Bill take to avoid the pitfalls common to a small business?

Correct Answer
verified
Generally,it appears that Bill has a goo...
View Answer

The market need and the relatively low startup costs make service businesses popular with entrepreneurs.

Correct Answer
verified

One of the most significant economic developments in recent business history relates to the:

Correct Answer
verified

Surveys show that small business owners believe that,as entrepreneurs,they work harder,earn more money,and are happier than if they worked for a large company.

Correct Answer
verified

Small companies:

Correct Answer
verified

All of the following are characteristics of the typical entrepreneur except:

Correct Answer
verified

About 20 percent of downsized corporate managers have become entrepreneurs.

Correct Answer
verified

Correct Answer
verified

The majority of new business owners work fewer than 40 hours per week.

Correct Answer
verified

Which entrepreneurial characteristics does Bill have that may be important to his success? Which characteristic could lead to his failure?

Correct Answer
verified
This case requires the student to compar...
View Answer

Exam 1: The Foundations of Entrepreneurship

Discuss the potential benefits and drawbacks of entrepreneurship.

Correct AnswerverifiedEntrepreneurs benefit by controlling the...View AnswerShow Answer

To most entrepreneurs,there is little difference between work and play; the two are synonymous.

Correct AnswerverifiedShow Answer

The nation's small businesses:

Correct AnswerverifiedShow Answer

Entrepreneurs can increase their chances for success if they:

Correct AnswerverifiedShow Answer

Entrepreneurs are characterized by:

Correct AnswerverifiedShow Answer

The faster a small company grows,the greater its appetite for cash.

Correct AnswerverifiedShow Answer

One hallmark of successful entrepreneurs is the ability to:

Correct AnswerverifiedShow Answer

Minority-owned businesses have come a long way in the past decade,and their success rate is climbing.

Correct AnswerverifiedShow Answer

Current competitive conditions favor large companies over smaller ones because of their ability to use their size to achieve efficiency and economies of scale.

Correct AnswerverifiedShow Answer

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Correct AnswerverifiedShow Answer

What steps should Bill take to avoid the pitfalls common to a small business?

Correct AnswerverifiedGenerally,it appears that Bill has a goo...View AnswerShow Answer

The market need and the relatively low startup costs make service businesses popular with entrepreneurs.

Correct AnswerverifiedShow Answer

One of the most significant economic developments in recent business history relates to the:

Correct AnswerverifiedShow Answer

Surveys show that small business owners believe that,as entrepreneurs,they work harder,earn more money,and are happier than if they worked for a large company.

Correct AnswerverifiedShow Answer

Small companies:

Correct AnswerverifiedShow Answer

All of the following are characteristics of the typical entrepreneur except:

Correct AnswerverifiedShow Answer

About 20 percent of downsized corporate managers have become entrepreneurs.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The majority of new business owners work fewer than 40 hours per week.

Correct AnswerverifiedShow Answer

Which entrepreneurial characteristics does Bill have that may be important to his success? Which characteristic could lead to his failure?

Correct AnswerverifiedThis case requires the student to compar...View AnswerShow Answer

Correct Answer
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Entrepreneurs benefit by controlling the...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Generally,it appears that Bill has a goo...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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This case requires the student to compar...
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