Exam 1: The Foundations of Entrepreneurship

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

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

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

The following lists the ten deadly mistakes of entrepreneurship. 1. Management mistakes 2. Lack of experience 3. Poor financial control 4. Weak marketing efforts 5. Failure to develop a strategic plan 6. Uncontrolled growth 7. Poor location 8. Improper inventory control 9. Incorrect pricing 10. Inability to make the entrepreneurial transition Select one of these deadly mistakes, describe what it may look like for the entrepreneur, and give an example.

Entrepreneurs who start businesses because they cannot find work any other way are:

Large companies create significantly more patents and other forms of innovations per research and development dollars spent than small firms.

"Copreneurs" are defined as:

The demographic attributes of successful entrepreneurs are:

According to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than:

Successful entrepreneurs recognize that their most valuable asset is their time, and they learn to manage it effectively to make themselves and their companies more productive; having passion about their businesses, products, and customers enables them to stay motivated.

Discuss the role that the following groups are playing in leading the ongoing surge in entrepreneurial activity: ∙ women ∙ minorities ∙ immigrants ∙ part-time entrepreneurs ∙ home-based entrepreneurs ∙ family businesses ∙ copreneurs ∙ corporate castoffs ∙ corporate dropouts

Because they have college degrees, a working knowledge of business, and years of management experience, both corporate castoffs and corporate dropouts who become entrepreneurs will most likely increase the small business survival rate.

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:

Increased entrepreneurial activity is a phenomenon unique to the U.S.

John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he:

One hallmark of successful entrepreneurs is the ability to:

One study conducted by the Global Entrepreneurship Monitor (GEM) reports that nearly one in eight people in the United states is working to start a business..

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

Entrepreneurs can increase their chances for success if they:

Increasing numbers of women are discovering that the best way to break the "glass ceiling" that prevents them from rising to the top of many organizations is to start their own companies.