Exam 6: Managing Start-Ups and New Ventures

An entrepreneur recognizes a good idea for a business and carries it out. Write a short essay that defines entrepreneurship and compares and contrasts the characteristics and motivations of the five categories of entrepreneurs: idealists, sustainers, optimizers, jugglers, and hard workers. Be sure to explain what makes each type successful.

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Question 1

Correct Answer:

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Entrepreneurship is the process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards.
1. Idealists like the idea of working on something new, creative, or personally meaningful.
2. Optimizers are rewarded by the personal satisfaction of being business owners.
3. Sustainers like the chance to balance work and personal life and often don’t want the business to grow too large.
4. Hard workers enjoy putting in the long hours and dedication to build a larger, more profitable business.
5. Jugglers like the chance that a small business gives them to handle everything themselves; they are high-energy people who thrive on the pressure of paying bills, meeting deadlines, and making payroll.
Students’ essays will compare and contrast the five categories.

Small businesses represent _____ percent of U.S. exporters.

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(Multiple Choice)

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Question 2

Correct Answer:

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Which of the following refers to an unincorporated business owned by an individual for profit?

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(Multiple Choice)

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Question 3

Correct Answer:

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Name 5 of the 10 characteristics of a successful business plan.

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Question 4

Entrepreneurs are able to stay positive after long periods of sacrifice or struggle.

(True/False)

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Question 5

Globally, entrepreneurship has experienced a tremendous boost due to larger numbers of college graduates and the rapid expansion of the upper class in countries such as China and India.

(True/False)

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Question 6

The U.S. Census Bureau's Survey of Business Owners shows that the number of minority-owned companies in the United States increased from 5.8 million firms in 2007 to 8 million in 2012.

(True/False)

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Question 7

__________ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

(Multiple Choice)

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Question 8

The __________ means that entrepreneurs are motivated to excel and pick situations in which success is likely.

(Short Answer)

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Question 9

In 2012, which of the following countries had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business?

(Multiple Choice)

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Question 10

Entrepreneurs who aspire to start online businesses should implement all the following steps except:

(Multiple Choice)

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Question 11

What is the fundamental difference between debt and equity financing? Name two common sources of both debt and equity financing.

(Essay)

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Question 12

Borrowing money that has to be repaid at a later date in order to start a business is referred to as __________.

(Short Answer)

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Question 13

A successful business plan should be no more than:

(Multiple Choice)

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Question 14

A person's __________ defines whether he or she places the primary responsibility within the self or on outside forces.

(Short Answer)

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Question 15

Entrepreneurs who aspire to start an online or mobile business must follow different, more rigorous steps than is required to start a traditional business.

(True/False)

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Question 16

The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

(True/False)

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Question 17

An advantage of __________ is that there is a shorter start-up time and an existing track record.

(Multiple Choice)

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Question 18

A(n) __________ is an entrepreneurial leader who is committed to both good business and changing the world for the better.

(Short Answer)

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Question 19

A(n) __________ is a group of companies or individuals that invest money in new or expanding businesses for ownership and potential profits.

(Short Answer)

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Question 20

Showing 1 - 20 of 130

Small businesses represent _____ percent of U.S. exporters.

Which of the following refers to an unincorporated business owned by an individual for profit?

Name 5 of the 10 characteristics of a successful business plan.

Entrepreneurs are able to stay positive after long periods of sacrifice or struggle.

Globally, entrepreneurship has experienced a tremendous boost due to larger numbers of college graduates and the rapid expansion of the upper class in countries such as China and India.

The U.S. Census Bureau's Survey of Business Owners shows that the number of minority-owned companies in the United States increased from 5.8 million firms in 2007 to 8 million in 2012.

__________ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

The __________ means that entrepreneurs are motivated to excel and pick situations in which success is likely.

In 2012, which of the following countries had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business?

Entrepreneurs who aspire to start online businesses should implement all the following steps except:

What is the fundamental difference between debt and equity financing? Name two common sources of both debt and equity financing.

Borrowing money that has to be repaid at a later date in order to start a business is referred to as __________.

A successful business plan should be no more than:

A person's __________ defines whether he or she places the primary responsibility within the self or on outside forces.

Entrepreneurs who aspire to start an online or mobile business must follow different, more rigorous steps than is required to start a traditional business.

The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

An advantage of __________ is that there is a shorter start-up time and an existing track record.

A(n) __________ is an entrepreneurial leader who is committed to both good business and changing the world for the better.

A(n) __________ is a group of companies or individuals that invest money in new or expanding businesses for ownership and potential profits.

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