Exam 1: The Foundations of Entrepreneurship

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Entrepreneurs that use their skills to create a profitable business that is designed to achieve social and environmental goals for the common good are known as:

(Multiple Choice)
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The lifeblood of the "brick and mortar" small business sales is influenced heavily by choice of location.

(True/False)
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In addition to the opportunity to create their own destiny and enjoy what they do,entrepreneurs also benefit from the ability to:

(Multiple Choice)
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Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs.

(Multiple Choice)
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Entrepreneurs tend to be overly ________ and commonly misjudge the ________ requirements of going into business.

(Multiple Choice)
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Which of the following statements is not true regarding the diversity of entrepreneurs?

(Multiple Choice)
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One advantage of being your own boss and owning a small business is that work hours are very flexible and leisure time is abundant.

(True/False)
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To boost sales,small businesses,especially start-ups,should grant credit to anyone who wants to buy their products or services.

(True/False)
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Approximately ________ percent of corporate managers who are "cast off" as companies downsize become entrepreneurs.

(Multiple Choice)
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Which of the following statements is true of Generation X?

(Multiple Choice)
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Although about 83 percent of women-owned companies are concentrated in the retailing and service sectors,female entrepreneurs are branching out rapidly into previously male-dominated industries.

(True/False)
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Family-owned and managed businesses account for 78 percent of all new jobs.

(True/False)
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Describe the small business failure rate.What are the primary causes of business failures,and what steps can an entrepreneur take to avoid becoming a business failure statistic?

(Essay)
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International opportunities are:

(Multiple Choice)
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As an entrepreneur,you are always working for someone else your customers.

(True/False)
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David Birch describes small companies growing at 20 percent or more per year with at least $100,000 in annual sales that create 70 percent of the net new jobs in the economy as:

(Multiple Choice)
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Large companies create significantly more innovations per research and development dollar spent than small firms.

(True/False)
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What percentage of companies in the U.S.are considered "small"?

(Multiple Choice)
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"Copreneurs" represent one of the fastest growing business sectors and are defined as:

(Multiple Choice)
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Members of Generation X no longer see launching a business as being a risky career path.

(True/False)
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