Exam 1: Introduction to Entrepreneurship

According to the results of the GEM 2013 survey, about 1 out of every 8 American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 1/2 years old.

Which of the following statements is correct regarding entrepreneurial activity and age ranges?

According to the opening feature on Pure Fix Cycles, one of the biggest challenges the startup now faces is an increasingly competitive marketplace.

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Pandora, the Internet streaming music company. The feature's main purpose is to illustrate the importance of ________ as a key characteristic of the founders and employees of entrepreneurial firms.

Describe the four main characteristics of successful entrepreneurs.

According to the textbook, entrepreneurs are ________.

According to a recent Gallop survey, about ________ percent of kids in grades 5-12 say they plan to start their own business.

Kasey Stevenson is starting a firm in the women's clothing industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money ________.

Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacturer a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

Jan Berry recently received a $500,000 inheritance from her maternal grandmother. Jan decided to use the money to start a business. According to the textbook, the inheritance that Jan received was the ________ that prompted her to start a business.

There has been ________ in the number of minority entrepreneurs in the United States over the past several years.

According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.

According to the textbook, there are three types of startup firms: ________.

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.

According to the textbook, entrepreneurship has historically had ________.