Question 1

Entrepreneurs are not willing to give up a steady paycheck.

Accepted Answer

A) True 
 B)False

Question 2

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 3

Most family businesses survive to the fourth generation.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is a characteristic of copreneurs?

Accepted Answer

A)  Mutual respect 
B)  Complementary business skills 
C)  A clear division of roles and authority 
D)  All of the above 
A)  Mutual respect 
B)  Complementary business skills 
C)  A clear division of roles and authority 
D)  All of the above

Question 5

International opportunities are:

Accepted Answer

A)  clearly out of reach for entrepreneurial businesses. 
B)  now within the reach of entrepreneurial businesses and may present significant opportunities. 
C)  highly limited for entrepreneurs. 
D)  risky and do not merit serious consideration by the entrepreneur. 
A)  clearly out of reach for entrepreneurial businesses. 
B)  now within the reach of entrepreneurial businesses and may present significant opportunities. 
C)  highly limited for entrepreneurs. 
D)  risky and do not merit serious consideration by the entrepreneur.

Question 6

If an entrepreneur has a good enough product or service to sell, a business plan is not really necessary since the product or service will sell itself.

Accepted Answer

A) True 
 B)False

Question 7

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Accepted Answer

A)  3 
B)  5 
C)  10 
D)  13 
A)  3 
B)  5 
C)  10 
D)  13

Question 8

Which of the following technological forces is driving the entrepreneurial trend in our nation?

Accepted Answer

A)  Cloud computing 
B)  E-commerce 
C)  Technological advancements 
D)  All of the above 
A)  Cloud computing 
B)  E-commerce 
C)  Technological advancements 
D)  All of the above

Question 9

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:

Accepted Answer

A)  social entrepreneurs. 
B)  not-for-profit entrepreneurs. 
C)  copreneurs. 
D)  serial entrepreneurs. 
A)  social entrepreneurs. 
B)  not-for-profit entrepreneurs. 
C)  copreneurs. 
D)  serial entrepreneurs.

Question 10

There is concern over the future of entrepreneurship because so few high school and college students want to start their own companies.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Technology offers a significant advantage for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 13

An entrepreneur is one who:

Accepted Answer

A)  is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations. 
B)  understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept. 
C)  knows that the concept they are about to develop will result in a profitable business. 
D)  creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities. 
A)  is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations. 
B)  understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept. 
C)  knows that the concept they are about to develop will result in a profitable business. 
D)  creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities.

Question 14

Women play a minor role in the entrepreneurial arena.

Accepted Answer

A) True 
 B)False

Question 15

Entrepreneurs may find benefit from the Internet due to its potential:

Accepted Answer

A)  if the organization is willing to invest millions of dollars in this effort. 
B)  only if the entrepreneur has a high level of technical abilities. 
C)  as a relatively low-cost solution to expand its revenue-generating abilities. 
D)  to take all pressure off other attributes of the business venture. 
A)  if the organization is willing to invest millions of dollars in this effort. 
B)  only if the entrepreneur has a high level of technical abilities. 
C)  as a relatively low-cost solution to expand its revenue-generating abilities. 
D)  to take all pressure off other attributes of the business venture.

Question 16

Within five years, ________ percent of new businesses will fail.

Accepted Answer

A)  31 
B)  45 
C)  51 
D)  65 
A)  31 
B)  45 
C)  51 
D)  65

Question 17

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 18

Diversity may be considered a characteristic of entrepreneurs, as they don't fit any statistical norm.

Accepted Answer

A) True 
 B)False

Question 19

A major advantage of launching a business part-time is the lower risk it offers in case the business fails.

Accepted Answer

A) True 
 B)False

Question 20

The majority of new business owners work:

Accepted Answer

A)  fewer than 40 hours per week. 
B)  more than 40 hours per week. 
C)  more than 70 hours per week. 
D)  more than 80 hours per week. 
A)  fewer than 40 hours per week. 
B)  more than 40 hours per week. 
C)  more than 70 hours per week. 
D)  more than 80 hours per week.

Entrepreneurs are not willing to give up a steady paycheck.

The nation's small businesses:

Most family businesses survive to the fourth generation.

Which of the following is a characteristic of copreneurs?

International opportunities are:

If an entrepreneur has a good enough product or service to sell, a business plan is not really necessary since the product or service will sell itself.

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Which of the following technological forces is driving the entrepreneurial trend in our nation?

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:

There is concern over the future of entrepreneurship because so few high school and college students want to start their own companies.

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

Technology offers a significant advantage for entrepreneurs.

An entrepreneur is one who:

Women play a minor role in the entrepreneurial arena.

Entrepreneurs may find benefit from the Internet due to its potential:

Within five years, ________ percent of new businesses will fail.

Diversity may be considered a characteristic of entrepreneurs, as they don't fit any statistical norm.

A major advantage of launching a business part-time is the lower risk it offers in case the business fails.

The majority of new business owners work:

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 are not willing to give up a steady paycheck.

The nation's small businesses:

Most family businesses survive to the fourth generation.

Which of the following is a characteristic of copreneurs?

International opportunities are:

If an entrepreneur has a good enough product or service to sell, a business plan is not really necessary since the product or service will sell itself.

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Which of the following technological forces is driving the entrepreneurial trend in our nation?

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:

There is concern over the future of entrepreneurship because so few high school and college students want to start their own companies.

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

Technology offers a significant advantage for entrepreneurs.

An entrepreneur is one who:

Women play a minor role in the entrepreneurial arena.

Entrepreneurs may find benefit from the Internet due to its potential:

Within five years, ________ percent of new businesses will fail.

Diversity may be considered a characteristic of entrepreneurs, as they don't fit any statistical norm.

A major advantage of launching a business part-time is the lower risk it offers in case the business fails.

The majority of new business owners work:

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