Question 1

Entrepreneurs realize that failure is a possibility, but are not paralyzed by that fear.

Accepted Answer

A) True 
 B)False

Question 2

Discuss the potential benefits and drawbacks of entrepreneurship.

Accepted Answer

Entrepreneurs benefit by controlling the

Question 3

________ percent of all U.S. businesses are family owned and managed.

Accepted Answer

A)  Twenty-five 
B)  Fifty 
C)  Seventy 
D)  Ninety 
A)  Twenty-five 
B)  Fifty 
C)  Seventy 
D)  Ninety

Question 4

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

Accepted Answer

A) True 
 B)False

Question 5

Potential drawbacks of entrepreneurship may include:

Accepted Answer

A)  uncertainty of income, risk, long hours, and high stress. 
B)  uncertainty of income, risk, easy hours, and frequent vacations. 
C)  uncertainty of income, risk, long hours, and the immediate accumulation of wealth. 
D)  certainty of income, risk, long hours, and high stress. 
A)  uncertainty of income, risk, long hours, and high stress. 
B)  uncertainty of income, risk, easy hours, and frequent vacations. 
C)  uncertainty of income, risk, long hours, and the immediate accumulation of wealth. 
D)  certainty of income, risk, long hours, and high stress.

Question 6

Research has isolated a set of characteristics that can predict who will succeed as an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)  optimistic; personal 
B)  optimistic; financial 
C)  pessimistic; financial 
D)  optimistic; professional 
A)  optimistic; personal 
B)  optimistic; financial 
C)  pessimistic; financial 
D)  optimistic; professional

Question 8

Which of the following was not identified as one of the suggestions for small business success?

Accepted Answer

A)  Develop a business plan as you grow your business. 
B)  Manage your financial resources and understand financial statements. 
C)  Know your business in depth. 
D)  Learn to manage people successfully. 
A)  Develop a business plan as you grow your business. 
B)  Manage your financial resources and understand financial statements. 
C)  Know your business in depth. 
D)  Learn to manage people successfully.

Question 9

Small businesses actually create more jobs than the number of jobs big businesses create.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

The 21st century has seen record numbers of entrepreneurs launching businesses on a global basis.

Accepted Answer

A) True 
 B)False

Question 12

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 13

The primary cause of small business failure is lack of capital.

Accepted Answer

A) True 
 B)False

Question 14

The shift to a service economy has not had a significant impact on entrepreneurial opportunities.

Accepted Answer

A) True 
 B)False

Question 15

In a large organization, an individual may be stifled and limited by a wide variety of factors. However, by owning one's own business, the only limits are one's own creativity, talent, and determination. In this sense, small business ownership offers the advantage of the:

Accepted Answer

A)  opportunity to reach one's full potential. 
B)  opportunity to reap unlimited profits. 
C)  chance to learn from other's mistakes. 
D)  ability to accumulate certain wealth. 
A)  opportunity to reach one's full potential. 
B)  opportunity to reap unlimited profits. 
C)  chance to learn from other's mistakes. 
D)  ability to accumulate certain wealth.

Question 16

The profile of an entrepreneur includes:

Accepted Answer

A)  a desire for responsibility and moderate risk. 
B)  confidence in the ability to succeed and determination. 
C)  a high level of energy, a desire for immediate feedback and a future orientation. 
D)  All the above 
A)  a desire for responsibility and moderate risk. 
B)  confidence in the ability to succeed and determination. 
C)  a high level of energy, a desire for immediate feedback and a future orientation. 
D)  All the above

Question 17

Social entrepreneurs use their skills to create profitable businesses and also achieve economic, social and environmental goals for the common good.

Accepted Answer

A) True 
 B)False

Question 18

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 19

Describe the factors that are driving the current entrepreneurial trend in the U.S. economy.

Accepted Answer

∙ A more positive attitude toward entrep

Question 20

Nearly ________ of entrepreneurs start their businesses between the ages of 25 and 44 and the number of Americans in that age range currently is ________ .

Accepted Answer

A)  one-half; 8.5 million 
B)  two-thirds; 85,000 
C)  two-thirds; 85 million 
D)  on-fourth; 85 million 
A)  one-half; 8.5 million 
B)  two-thirds; 85,000 
C)  two-thirds; 85 million 
D)  on-fourth; 85 million

Entrepreneurs realize that failure is a possibility, but are not paralyzed by that fear.

Discuss the potential benefits and drawbacks of entrepreneurship.

________ percent of all U.S. businesses are family owned and managed.

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

Potential drawbacks of entrepreneurship may include:

Research has isolated a set of characteristics that can predict who will succeed as an entrepreneur.

Entrepreneurs tend to be overly and commonly misjudge the requirements of going into business.

Which of the following was not identified as one of the suggestions for small business success?

Small businesses actually create more jobs than the number of jobs big businesses create.

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

The 21st century has seen record numbers of entrepreneurs launching businesses on a global basis.

Entrepreneurs are characterized by:

The primary cause of small business failure is lack of capital.

The shift to a service economy has not had a significant impact on entrepreneurial opportunities.

In a large organization, an individual may be stifled and limited by a wide variety of factors. However, by owning one's own business, the only limits are one's own creativity, talent, and determination. In this sense, small business ownership offers the advantage of the:

The profile of an entrepreneur includes:

Social entrepreneurs use their skills to create profitable businesses and also achieve economic, social and environmental goals for the common good.

Small companies:

Describe the factors that are driving the current entrepreneurial trend in the U.S. economy.

Nearly of entrepreneurs start their businesses between the ages of 25 and 44 and the number of Americans in that age range currently is .

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

Entrepreneurs realize that failure is a possibility, but are not paralyzed by that fear.

Discuss the potential benefits and drawbacks of entrepreneurship.

________ percent of all U.S. businesses are family owned and managed.

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

Potential drawbacks of entrepreneurship may include:

Research has isolated a set of characteristics that can predict who will succeed as an entrepreneur.

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

Which of the following was not identified as one of the suggestions for small business success?

Small businesses actually create more jobs than the number of jobs big businesses create.

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

The 21st century has seen record numbers of entrepreneurs launching businesses on a global basis.

Entrepreneurs are characterized by:

The primary cause of small business failure is lack of capital.

The shift to a service economy has not had a significant impact on entrepreneurial opportunities.

In a large organization, an individual may be stifled and limited by a wide variety of factors. However, by owning one's own business, the only limits are one's own creativity, talent, and determination. In this sense, small business ownership offers the advantage of the:

The profile of an entrepreneur includes:

Social entrepreneurs use their skills to create profitable businesses and also achieve economic, social and environmental goals for the common good.

Small companies:

Describe the factors that are driving the current entrepreneurial trend in the U.S. economy.

Nearly ________ of entrepreneurs start their businesses between the ages of 25 and 44 and the number of Americans in that age range currently is ________ .

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

Entrepreneurs tend to be overly and commonly misjudge the requirements of going into business.

Nearly of entrepreneurs start their businesses between the ages of 25 and 44 and the number of Americans in that age range currently is .