Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Idealists make up the largest group amongst different entrepreneurial personalities.

Accepted Answer

A) True 
 B)False

Question 3

The growth of entrepreneurship is being fed by:

Accepted Answer

A)  the return to a manufacturing-based economy.
B)  technological advancements.
C)  diminished opportunities in overseas markets for larger corporations.
D)  the vilifying of large corporations in society.E) None of the above
F) A) and D)

Question 4

Launching and running a business can be an extremely rewarding experience,but it also can:

Accepted Answer

A)  be highly fun.
B)  bring a steady paycheck.
C)  be stressful.
D)  not be rewarding at all.E) B) and C)
F) A) and D)

Question 5

Successful copreneurs are marked by which of the following characteristics?

Accepted Answer

A)  Distinct and different business and life goals
B)  A clear delineation of who is the superior partner and who is the subordinate partner
C)  A blending of responsibilities,roles,and authority
D)  Mutual respect for each other's talentsE) A) and D)
F) None of the above

Question 6

"Copreneurs" are marked by:

Accepted Answer

A)  a division of labor by expertise.
B)  their similarity to the traditional mom-and-pop operation.
C)  a decline in the number of businesses.
D)  a greater success at raising venture capital than sole proprietorship-type businesses.E) A) and B)
F) None of the above

Question 7

Entrepreneurs tend to have a low tolerance for ambiguity.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true about home-based businesses?

Accepted Answer

A)  Over 2/3 of all home-based businesses are owned by minority males.
B)  Home-based businesses tend to focus on blue-collar,lower skill industries.
C)  The growth of technology has significantly slowed the growth of home-based businesses.
D)  The success rate is nearly 70 percent for at least three years.E) B) and D)
F) A) and B)

Question 9

Which of the following corporate trends have contributed to the growth of entrepreneurship?

Accepted Answer

A)  The acquisition and merging of mega corporations
B)  The idea that "small is beautiful" in large companies,resulting in less hierarchy and layers of management
C)  The flood of venture capital being made available to small businesses
D)  The downturn in international markets forcing a focus on the domestic marketE) B) and D)
F) B) and C)

Question 10

Small businesses are those that employ:

Accepted Answer

A)  more than 100 employees.
B)  fewer than 20 employees.
C)  fewer than 100 employees.
D)  Number doesn't matter.E) None of the above
F) B) and C)

Question 11

Entrepreneurship has become mainstream.

Accepted Answer

A) True 
 B)False

Question 12

The average small business owner works ________ hours per week.

Accepted Answer

A)  39.5
B)  54
C)  40
D)  80E) B) and D)
F) A) and C) B

Question 13

Entrepreneurs tend to create thorough,well thought out business plans prior to implementing new businesses.

Accepted Answer

A) True 
 B)False

Question 14

Dirk wants to be in control.He's tired of taking orders from others and wants to feel a sense of accountability for the outcome of his work.Dirk displays the entrepreneurial characteristic of:

Accepted Answer

A)  the desire for immediate feedback.
B)  a desire for responsibility.
C)  confidence in his ability to succeed.
D)  a high energy level.E) B) and C)
F) A) and D) A

Question 15

The following is true regarding entrepreneurial education:

Accepted Answer

A)  entrepreneurship has become an extremely popular course.
B)  universities are not able to meet the demand for courses in entrepreneurship.
C)  more courses are being offered in entrepreneurship.
D)  All of the aboveE) A) and B)
F) A) and C)

Question 16

Entrepreneurs can outsource many of the operations of their companies.

Accepted Answer

A) True 
 B)False

Question 17

Although it is a lower risk way to start,very few entrepreneurs start part-time.Most prefer to cut all ties and "dive" into their business full-time,right from the start.

Accepted Answer

A) True 
 B)False  False

Question 18

Researchers who study entrepreneurs have discovered that:

Accepted Answer

A)  successful entrepreneurs start with an idea,resources,and a small management team.
B)  there is one key set of traits that mark a successful entrepreneur.
C)  entrepreneurs desire responsibility and are willing to take moderate risks.
D)  the most successful entrepreneurs are willing to take extreme risks and bet the farm in order to succeed.E) All of the above
F) A) and B)

Question 19

Successful entrepreneurs recognize that their most valuable resource is their ________.

Accepted Answer

A)  time
B)  energy
C)  vision
D)  ageE) All of the above
F) None of the above

Question 20

Potential drawbacks of small business ownership include:

Accepted Answer

A)  a relatively low guaranteed income.
B)  a significantly freer personal schedule but less personal income and assets with which to enjoy the more relaxed schedule.
C)  a high likelihood of a lower quality of life while starting and establishing the small business.
D)  relatively limited potential for further personal development.E) C) and D)
F) B) and C)

Exam 1: Entrepreneurs: the Driving Force Behind Small Business

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

Correct AnswerverifiedShow Answer

Idealists make up the largest group amongst different entrepreneurial personalities.

Correct AnswerverifiedShow Answer

The growth of entrepreneurship is being fed by:

Correct AnswerverifiedShow Answer

Launching and running a business can be an extremely rewarding experience,but it also can:

Correct AnswerverifiedShow Answer

Successful copreneurs are marked by which of the following characteristics?

Correct AnswerverifiedShow Answer

"Copreneurs" are marked by:

Correct AnswerverifiedShow Answer

Entrepreneurs tend to have a low tolerance for ambiguity.

Correct AnswerverifiedShow Answer

Which of the following is true about home-based businesses?

Correct AnswerverifiedShow Answer

Which of the following corporate trends have contributed to the growth of entrepreneurship?

Correct AnswerverifiedShow Answer

Small businesses are those that employ:

Correct AnswerverifiedShow Answer

Entrepreneurship has become mainstream.

Correct AnswerverifiedShow Answer

The average small business owner works ________ hours per week.

Correct AnswerverifiedB

Entrepreneurs tend to create thorough,well thought out business plans prior to implementing new businesses.

Correct AnswerverifiedShow Answer

Dirk wants to be in control.He's tired of taking orders from others and wants to feel a sense of accountability for the outcome of his work.Dirk displays the entrepreneurial characteristic of:

Correct AnswerverifiedA

The following is true regarding entrepreneurial education:

Correct AnswerverifiedShow Answer

Entrepreneurs can outsource many of the operations of their companies.

Correct AnswerverifiedShow Answer

Although it is a lower risk way to start,very few entrepreneurs start part-time.Most prefer to cut all ties and "dive" into their business full-time,right from the start.

Correct AnswerverifiedFalse

Researchers who study entrepreneurs have discovered that:

Correct AnswerverifiedShow Answer

Successful entrepreneurs recognize that their most valuable resource is their ________.

Correct AnswerverifiedShow Answer

Potential drawbacks of small business ownership include:

Correct AnswerverifiedShow Answer

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B

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A

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False

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