Question 1

Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards. This makes them:

Accepted Answer

A)  Profit-oriented 
B)  Goal-oriented 
C)  Success-oriented 
D)  Challenge-oriented

Question 2

List and briefly describe the three entrepreneurial archetypes developed by John Warrillow.

Accepted Answer

The answer of List and briefly describe the three entrepreneurial...

Question 3

One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that:

Accepted Answer

A)  Those attributes can be learned. 
B)  Those attributes cannot be learned, an individual is either born with them or they are not. 
C)  Those attributes are always the same - confidence, determination, and perseverance are always at the top of the list. 
D)  There are no "common" set of attributes - each entrepreneurial success story is unique.

Question 4

The three types of reaction identified by Robinson et al. are:

Accepted Answer

A)  Cognition, Affect, and Behaviour 
B)  Cognition, Intelligence, and Emotion 
C)  Empathy, Confusion, and Clarity 
D)  Passion, Avoidance, and Ignorance

Question 5

Outline the five steps in preparing a personal balance sheet.

Accepted Answer

The answer of Outline the five steps in preparing a...

Question 6

Many small business owners experience an immediate increase in the level of personal income they can earn.

Accepted Answer

A) True 
 B)False

Question 7

Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set?

Accepted Answer

A)  Managing people 
B)  Managing inventory 
C)  Managing capital 
D)  Managing money

Question 8

You are able to acquire many of the skills needed prior to considering an entrepreneurial career through all of the following means, except:

Accepted Answer

A)  Job experience 
B)  Vacationing 
C)  Organizational (or club) activities 
D)  Managing a home

Question 9

The personal net worth required to start a business is generally thought to be in the range of:

Accepted Answer

A)  $5,000-$10,000 
B)  $20,000-$50,000 
C)  $100,000-$500,000 
D)  Every business opportunity has its own unique capital requirements.

Question 10

Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs that appear to lead to success.

Accepted Answer

A) True 
 B)False

Question 11

Well-known social entrepreneurs include all of the following, except:

Accepted Answer

A)  Shannon Tessier and Zack Patterson 
B)  Craig and Mark Kielburger 
C)  Jeff Skoll 
D)  Kenneth Lay

Question 12

Your credit rating is based on your income earning potential in a five year period.

Accepted Answer

A) True 
 B)False

Question 13

All of the following are included in the triple bottom line assessment, except:

Accepted Answer

A)  Financial performance 
B)  Global equality 
C)  Environmental impact 
D)  Social well-being

Question 14

High intelligence and conceptual ability are two of the most "learnable" attributes of successful entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following entrepreneurial types prefer to identify themselves by their craft first, and as business owners only as an afterthought?

Accepted Answer

A)  Freedom Fighters 
B)  Craftspeople 
C)  Lifestyle Business 
D)  Empire Building

Question 16

Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?

Accepted Answer

A)  Capital aggregators 
B)  Economy-of-scale exploiters 
C)  Pattern multipliers 
D)  Deal-to-dealers

Question 17

The "typical entrepreneur" is most closely associated with the Empire Builder type of entrepreneur.

Accepted Answer

A) True 
 B)False

Question 18

It is estimated that the principal reason for the failure of small firms is poor cash flow.

Accepted Answer

A) True 
 B)False

Question 19

High energy, good health, and emotional stability are thought to be some of the "not so learnable" qualities of successful entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 20

Equifax Canada Inc. is a venture capital firm headquartered in western Canada.

Accepted Answer

A) True 
 B)False

Exam 1: Assessing Your Potential for an Entrepreneurial Career

Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards. This makes them:

List and briefly describe the three entrepreneurial archetypes developed by John Warrillow.

One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that:

The three types of reaction identified by Robinson et al. are:

Outline the five steps in preparing a personal balance sheet.

Many small business owners experience an immediate increase in the level of personal income they can earn.

Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set?

You are able to acquire many of the skills needed prior to considering an entrepreneurial career through all of the following means, except:

The personal net worth required to start a business is generally thought to be in the range of:

Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs that appear to lead to success.

Well-known social entrepreneurs include all of the following, except:

Your credit rating is based on your income earning potential in a five year period.

All of the following are included in the triple bottom line assessment, except:

High intelligence and conceptual ability are two of the most "learnable" attributes of successful entrepreneurs.

Which of the following entrepreneurial types prefer to identify themselves by their craft first, and as business owners only as an afterthought?

Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?

The "typical entrepreneur" is most closely associated with the Empire Builder type of entrepreneur.

It is estimated that the principal reason for the failure of small firms is poor cash flow.

High energy, good health, and emotional stability are thought to be some of the "not so learnable" qualities of successful entrepreneurs.

Equifax Canada Inc. is a venture capital firm headquartered in western Canada.