Deck 1: Entrepreneurs

Question 1

Many entrepreneurs value independence because it gives them more flexibility in their personal lives.

Answer 1

True

Question 2

Entrepreneurs may be classified into three types: founders,general managers,and franchisees.

Answer 2

False

Question 3

More recently the over 50 age group has accounted for 30 percent of all new start-ups.

Answer 3

True

Question 4

Persons who leave their homeland and go into business for themselves in a new country have been described as immigrant entrepreneurs.

Question 5

Entrepreneurs expect a return that will not only compensate them for the time and money they invest but also reward them well for other risks and initiative they take in operating their own businesses.

Question 6

A lifestyle business is defined as a business that fits the employees' lifestyles and provides satisfaction to all employees.

Question 7

The term entrepreneur as understood in this textbook excludes salaried managers of larger corporations.

Question 8

Entrepreneurial independence translates into an easier life for the business owner.

Question 9

There are no hard and fast rules concerning the right age for starting a business.

Question 10

An entrepreneurial opportunity is economically attractive,timely,and creates value.

Question 11

Small business employs about 7.7 million Canadians in the private sector.

Question 12

A social entrepreneur specializes in developing business around social media.

Question 13

Entrepreneurship involves costs and drawbacks as well as rewards.

Question 14

An entrepreneurial team works for the entrepreneur because they are more comfortable in a corporate setting and would rather not become entrepreneurs.

Question 15

Statistics Canada,the Canada Revenue Agency,and the author of your textbook all use the same definition of a small business in Canada.

Question 16

Entrepreneurs are extreme risk takers.

Question 17

Microbusinesses provide only minimal profits to their owners.

Question 18

As of 2011 more than 3 million people were self-employed in Canada.

Question 19

An older person may avoid entrepreneurship as they have family,financial,and job commitments that make it appear too risky.

Question 20

Entrepreneurs experience the unpleasantness of emotional stress as well as the need to invest much of their own time and labour.

Question 21

Most successful entrepreneurs are described as being domineering managers.

Question 22

A corporate refugee is a person who tried entrepreneurship,failed,and sought refuge in corporate employment.

Question 23

An attractive small firm is specifically any small firm that provides substantial profits to it owner.

Question 24

A younger person may avoid entrepreneurship so they can build up a retirement program.

Question 25

Only those entrepreneurial firms that grow large can be called lifestyle businesses.

Question 26

Artisan entrepreneurs' education is limited to technical training and little business experience.

Question 27

Three primary rewards of entrepreneurship are thought to be profit,independence,and a satisfying way of life.

Question 28

A characteristic of artisan entrepreneurs is their strong communication skills.

Question 29

Over 98 percent of small businesses have fewer than 100 employees.

Question 30

Entrepreneurship is marked by diversity.

Question 31

Small business is most often financed by many investors which is one reason why they are so successful.

Question 32

Most successful entrepreneurs rarely need to work hard or be persistent.Events and people always tend to just fall in place for them.

Question 33

The possibility of failure for entrepreneurs is only a distant threat.

Question 34

The study by Thornhill and Amit suggests that reasons for failure are different in each phase of the business life.

Question 35

Business bankruptcies declined between 2000 and 2010.

Question 36

Successful entrepreneurs are creative and self-reliant but seek help to adapt to changes.

Question 37

Research shows that the highest percentage of start-ups is in the 25- to 35-year-old age group.

Question 38

Bankruptcies in Canada are an indication that the possibility of failure is very real.

Question 39

Between 2002 and 2012,small business accounted for 78 percent of all new jobs created.

Question 40

An opportunistic entrepreneur is a person who has no managerial or technical skills but rather starts the business relying on sheer luck.

Question 41

According to the textbook depiction of an entrepreneur,the definition of an entrepreneur is restricted to founders of business firms.

Question 42

Surjit,a marketing specialist,and Candice,an investment expert,create a company to sell financial planning services to the public.Which term best describes Surjit and Candice?

A) corporation
B) partnership
C) joint venture
D) entrepreneurial team

Question 43

Which cause for bankruptcy occurs most frequently?

A) lack of competitive advantage
B) uncontrolled costs
C) inadequate research and development
D) poorly developed marketing strategies

Question 44

Over the past decade Timothy has started seven companies,quickly made them profitable,and then sold them to other entrepreneurs.Which term best describes Timothy?

A) corporate refugee
B) social entrepreneur
C) immigrant entrepreneur
D) serial entrepreneur

Question 45

Rose runs a landscaping company primarily because she loves gardening.Which term best describes Rose's business?

A) high-potential venture
B) microbusiness
C) artisan business
D) lifestyle business

Question 46

In what age category does research show the highest percentage of business start-ups?

A) 18 to 24
B) 25 to 30
C) 31 to 49
D) 50 and over

Question 47

Jaclyn,inspired by her children's fondness for animals,developed a business bringing animals to children bedridden with diseases or injuries.What type of business person best describes Jaclyn?

A) artisan
B) philanthropist
C) mompreneur
D) opportunistic entrepreneur

Question 48

Associates attribute Kayla's business success to her "never give up attitude".Whether it is a problem in operations or selling to a reluctant customer,Kayla continues to work to solve the problem or close the sale.Which entrepreneurial success quality best describes Kayla?

A) commitment and determination
B) opportunity obsession
C) tolerance for risk,ambiguity,and uncertainty
D) motivation to excel

Question 49

What is an opportunistic entrepreneur expected to be?

A) superstitious
B) reluctant to delegate authority
C) unwilling to plan for future growth
D) well educated

Question 50

Entrepreneurs can tolerate risk but they need an environment of certainty to be productive and produce profits.

Question 51

Regina is an employee but she would like to have more control over her life and directly reap the rewards for her hard work.She would like to start her own business.What would likely have the strongest influence on Regina becoming an entrepreneur?

A) a satisfying lifestyle,independence,profit
B) a satisfying lifestyle,independence,love of country
C) a satisfying lifestyle,financial rewards,preserving the capitalistic system
D) a satisfying lifestyle,independence,love of country

Question 52

Kareem is finding it difficult to service his customers properly due to the wide variety tasks required to run his landscaping company.Which challenge is likely most difficult for Kareem?

A) communicating with non-English speaking markets
B) making decisions about how to invest excess cash balances
C) navigating government regulations and paperwork
D) collecting payments from customers

Question 53

Theresa enjoys being an entrepreneur mostly because she organizes the business the way she wants.Which reward of entrepreneurship does Theresa cherish most?

A) relationship-building
B) satisfying way of life
C) profits
D) independence

Question 54

|Most small businesses have between 150-200 employees.

Question 55

Understanding his weakness in presentation skills,Dylan joined a Toastmasters program.He now successfully presents his business and products to buyers and his sales continually increase.Which entrepreneurial success quality best describes Dylan?

A) commitment and determination
B) opportunity obsession
C) tolerance for risk,ambiguity,and uncertainty
D) motivation to excel

Question 56

Entrepreneurs are frequently thought to be individuals who discover market needs and launch new firms to meet those needs.

Question 57

A serial entrepreneur focuses on a single business to grow it into a multinational enterprise.

Question 58

The four primary routes to entrepreneurship are entering a family business,opening a franchised business,starting a new business,and buying an existing business.

Question 59

Juanita had to close her business after three years.The clothing she purchased from overseas manufacturers never caught on in Canada as she thought it would.Which of the following best describes Juanita's situation?

A) overestimated what one can do
B) lacked an understanding of the market
C) hired mediocre people
D) failed to be a team player

Question 60

Older firms often fail because they fail to adjust to competitive environments.

Question 61

Eleanor continues to work at her career business because of the joy she receives from helping young people find their true calling.What entrepreneurship reward does Eleanor value most?

A) personal fulfillment
B) profit
C) independence
D) risk-taking

Question 62

Ken Yip moved to Canada from Trinidad after getting financing for a company start-up with help from a program developed by the Minister of Citizenship.Which term best describes Ken?

A) corporate refugee
B) social entrepreneur
C) immigrant entrepreneur
D) serial entrepreneur

Question 63

Skyler is a song-writer who created a business to sell her songs to the recording industry.Which term best describes Skyler?

A) founder
B) general manager
C) franchisee
D) sales person

Question 64

Who comprises an entrepreneurial team?

A) individuals who work together in the same firm as entrepreneurs
B) the entrepreneur plus the firm's banker,chartered accountant,and lawyer
C) a firm's managers
D) government officials who provide counselling to aspiring entrepreneurs

Question 65

Reggie runs his landscaping company from April to October then closes it so he can travel the world to enjoy his love of skiing.Which entrepreneurial reward does Reggie value most?

A) personal fulfillment
B) profit
C) independence
D) risk-taking

Question 66

Michelle continually looks for new products and markets to expand her business.Which entrepreneurial success quality best describes Michelle?

A) commitment and determination
B) opportunity obsession
C) tolerance for risk,ambiguity,and uncertainty
D) motivation to excel

Question 67

Jonathan's business employs 70 people and generates sales of $400,000 selling medical supplies to dentists.What kind of business does Jonathan own?

A) small business
B) micro-business
C) lifestyle business
D) high-potential business

Question 68

Christopher has developed a new process to triple the speed of a computer processor.He is getting a lot of offers for financial backing.Which term best describes Christopher's opportunity?

A) opportunistic company
B) attractive small firm
C) high-potential venture
D) microbusiness

Question 69

What is an entrepreneur?

A) a salaried manager in a large corporation
B) a financial manager in a small firm
C) an owner-manager who buys out the founder of a firm
D) an innovative manager with a willingness to accept risk

Question 70

Vanessa has started a cyber-security business to take advantage of new laws requiring all medical organizations to secure their data.This new industry is forecasted to generate several billion in sales per year.What type of business does Vanessa own?

A) small business
B) micro business
C) lifestyle business
D) high-potential business

Question 71

When Tracee started her business she had three goals in mind: serve her customers well,make a profit,and donate a portion of profits to environmental preservation causes.Which term best describes Tracee?

A) corporate refugee
B) social entrepreneur
C) immigrant entrepreneur
D) serial entrepreneur

Question 72

Which of the following describes an opportunistic entrepreneur?

A) delegates authority in order to grow
B) has a long-term time orientation
C) avoids risks at all costs
D) is paternalistic

Question 73

Christine takes over the nursery business her aging parents started.Which term best describes Christine?

A) franchisee
B) mompreneur
C) mover and shaker
D) second-stage entrepreneur

Question 74

Joyce feels she is ready to start an interior decorating business.She has sufficient capital with her life savings and a small loan from her parents,but she is having some doubts about starting the business.What is the most likely cause for Joyce's second thoughts?

A) the routine and boring work
B) the requirement to pay a minimum wage to all employees
C) the need to participate in civic activities
D) the threat of business failure

Question 75

Judy,a mother of five children,developed a fastener to keep sock pairs together in the laundry and sells her invention on the Internet.What is Judy?

A) mompreneur
B) opportunistic entrepreneur
C) artisan entrepreneur
D) high-potential venture

Question 76

Balwant has several ideas for a new business and is learning about becoming an entrepreneur.What will Balwant most likely be concerned about?

A) acquiring financial resources
B) learning a new hobby
C) investing in a retirement program
D) spending time with friends

Question 77

Before making any decisions,Kyle gathers good information to help navigate through what often seems a complicated web of problems,challenges,and opportunities.Which entrepreneurial success quality best describes Kyle?

A) commitment and determination
B) opportunity obsession
C) tolerance for risk,ambiguity,and uncertainty
D) motivation to excel

Question 78

Patrick,tired of the politics at the company he works for,leaves to start his own accounting firm.Which term best describes Patrick?

A) energizer
B) risk taker
C) financier
D) refugee

Question 79

An individual flees the bureaucratic environment of big firms by going into business for herself.What term best describes this individual?

A) quitter
B) corporate refugee
C) foreign refugee
D) entrepreneurial team member

Question 80

Ken's insurance company continues to increase its profits even during a recent recession that caused several of his competitors to go bankrupt.Which term best describes Ken's company?

A) marginal firm
B) franchise
C) high-potential venture
D) attractive small firm