Question 1

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 2

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 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 above 
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 above

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

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. 
A) be willing to gamble. 
B) fail intelligently. 
C) overlook past successes. 
D) repeat the same mistake.

Question 7

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 8

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

Accepted Answer

A) True 
 B)False

Question 9

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. 
A) corporate castoffs and corporate dropouts. 
B) corporate dropouts and copreneurs. 
C) corporate castoffs and copreneurs. 
D) copreneurs and serial entrepreneurs.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Entrepreneurs are characterized by:

Accepted Answer

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

Question 12

About 20 percent of downsized corporate managers have become entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 13

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. 
A) confidence in his/her ability to succeed. 
B) value of money over achievement. 
C) desire for immediate feedback. 
D) a future orientation.

Question 14

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

Accepted Answer

Generally,it appears that Bill has a goo

Question 15

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 above 
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 above

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. 
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.

Question 17

Discuss the potential benefits and drawbacks of entrepreneurship.

Accepted Answer

Entrepreneurs benefit by controlling the

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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. 
A) growth of blue-chip corporations. 
B) development of Pacific Rim countries. 
C) entrepreneurial spirit. 
D) additional employment opportunities offered by government institutions.

Question 20

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

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

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.

The nation's small businesses:

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

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

One hallmark of successful entrepreneurs is the ability to:

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

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

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

Entrepreneurs are characterized by:

About 20 percent of downsized corporate managers have become entrepreneurs.

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

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

Entrepreneurs can increase their chances for success if they:

Small companies:

Discuss the potential benefits and drawbacks of entrepreneurship.

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

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

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

Inside the Entrepreneurial Mind: From Ideas to Reality

Designing a Competitive Business Model and Building a Solid Strategic Plan

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Forms of Business Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Building a Powerful Marketing Plan

E-Commerce and the Entrepreneur

Pricing Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters

Exam 1: The Foundations of Entrepreneurship

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

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.

The nation's small businesses:

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

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

One hallmark of successful entrepreneurs is the ability to:

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

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

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

Entrepreneurs are characterized by:

About 20 percent of downsized corporate managers have become entrepreneurs.

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

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

Entrepreneurs can increase their chances for success if they:

Small companies:

Discuss the potential benefits and drawbacks of entrepreneurship.

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

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

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

Inside the Entrepreneurial Mind: From Ideas to Reality

Designing a Competitive Business Model and Building a Solid Strategic Plan

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Forms of Business Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Building a Powerful Marketing Plan

E-Commerce and the Entrepreneur

Pricing Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters