Question 1

A reasonable goal of an entrepreneur would be to "get rich slowly".

Accepted Answer

A) True 
 B)False

Question 2

Chris Mittelsdaedt states that "a healthy dose of worst-case-scenario thinking" helps his business succeed.

Accepted Answer

A) True 
 B)False

Question 3

A prospective entrepreneur is evaluating the suitability of his own characteristics for an entrepreneurial career. He realizes that he should be prepared to assume

Accepted Answer

A)   moderate risks.
B)   no risks-that is, he should plan to operate conservatively.
C)   risks similar to those a gambler assumes in Las Vegas.
D)   psychological risks but not financial risks.E) All of the above
F) A) and B)

Question 4

Identify and explain three major types of rewards for entrepreneurs.

Accepted Answer

The answer of Identify and explain three major types of...

Question 5

List and briefly explain the six categories of "desirable and acquirable attitudes and behaviors" found in Timmons and Spinelli's research on entrepreneurial characteristics.

Accepted Answer

The answer of List and briefly explain the six categories...

Question 6

An owner-manager is a person who founds a new business.

Accepted Answer

A) True 
 B)False

Question 7

What is the ideal age for starting a business, and what are the principal factors involved? Discuss.

Accepted Answer

The ideal time is that period of life be...

Question 8

Many entrepreneurs are innovators, individuals who are often better at taking inventions or innovations developed elsewhere and putting them into use.

Accepted Answer

A) True 
 B)False

Question 9

Using the textbook's criteria for defining a small business, Portland Ceramics isn't a small business if it

Accepted Answer

A)   is financed by one or only a few individuals.
B)   is considerably smaller than larger firms in the industry.
C)   is engaged in geographically dispersed operations.
D)   has fewer than 100 employees.E) C) and D)
F) A) and C)

Question 10

According to Bernard Rapoport, achieving your goals is the important thing - not how you achieve them.

Accepted Answer

A) True 
 B)False

Question 11

In terms of willingness to assume risks, entrepreneurs show

Accepted Answer

A)   low risk-taking propensity.
B)   moderate risk-taking propensity.
C)   high risk-taking propensity.
D)   extremely high risk-taking propensity.E) A) and B)
F) B) and C)

Question 12

In comparison to the general population, entrepreneurs have a

Accepted Answer

A)   higher internal locus of control.
B)   lower internal locus of control.
C)   higher external locus of control.
D)   similar locus of control.E) B) and C)
F) All of the above

Question 13

According to the text, quality is:

Accepted Answer

A)   only attainable in large corporations.
B)   applies only to manufacturing hard goods.
C)   independent of firm size.
D)   does not apply to service companies.E) A) and B)
F) All of the above

Question 14

Compared to large corporations, small businesses

Accepted Answer

A)   play just as important a part in the economy.
B)   attract more attention and make more headlines in the media.
C)   are not as important to the well-being of society.
D)   are highly visible.E) C) and D)
F) All of the above

Question 15

Lifestyle businesses are so called because they achieve all but which one of the following:

Accepted Answer

A)   promote an easy-going, unstressful lifestyle.
B)   permit an owner to follow a desired pattern of living.
C)   provide only modest financial returns.
D)   usually do not attract investors.E) A) and D)
F) All of the above

Question 16

Business opportunities exist for any size firm, as long as they can provide products or services that customers desire.

Accepted Answer

A) True 
 B)False

Question 17

Compared to the general population, entrepreneurs tend to have

Accepted Answer

A)   a passion for business.
B)   an external locus of control.
C)   an aversion to risk.
D)   a high need for affiliation.E) None of the above
F) B) and D)

Question 18

Potential advantages of small entrepreneurial firms include:

Accepted Answer

A)   Customer focus
B)   Quality performance
C)   Special niche
D)   All of theseE) A) and D)
F) None of the above

Question 19

How is the concept of personal fulfillment related to entrepreneurship?

Accepted Answer

Some people are drawn to entre...

Question 20

The Small Business Administration reports of small firms all of the following except:

Accepted Answer

A)   comprise 99.7 percent of all firms with employees.
B)   account for 75 percent of private payrolls.
C)   generated 60 to 80 percent of all new jobs over the past decade.
D)   represent 97.3 percent of all exporters.E) C) and D)
F) A) and D)

Exam 1: The Entrepreneurial Life

Many entrepreneurs are innovators, individuals who are often better at taking inventions or innovations developed elsewhere and putting them into use.

Correct AnswerverifiedShow Answer

An owner-manager is a person who founds a new business.

Correct AnswerverifiedShow Answer

Business opportunities exist for any size firm, as long as they can provide products or services that customers desire.

Correct AnswerverifiedShow Answer

Using the textbook's criteria for defining a small business, Portland Ceramics isn't a small business if it

Correct AnswerverifiedShow Answer

What is the ideal age for starting a business, and what are the principal factors involved? Discuss.

Correct AnswerverifiedThe ideal time is that period of life be...View AnswerShow Answer

According to Bernard Rapoport, achieving your goals is the important thing - not how you achieve them.

Correct AnswerverifiedShow Answer

In terms of willingness to assume risks, entrepreneurs show

Correct AnswerverifiedShow Answer

Compared to large corporations, small businesses

Correct AnswerverifiedShow Answer

Potential advantages of small entrepreneurial firms include:

Correct AnswerverifiedShow Answer

Chris Mittelsdaedt states that "a healthy dose of worst-case-scenario thinking" helps his business succeed.

Correct AnswerverifiedShow Answer

Identify and explain three major types of rewards for entrepreneurs.

Correct AnswerverifiedShow Answer

In comparison to the general population, entrepreneurs have a

Correct AnswerverifiedShow Answer

According to the text, quality is:

Correct AnswerverifiedShow Answer

A reasonable goal of an entrepreneur would be to "get rich slowly".

Correct AnswerverifiedShow Answer

List and briefly explain the six categories of "desirable and acquirable attitudes and behaviors" found in Timmons and Spinelli's research on entrepreneurial characteristics.

Correct AnswerverifiedShow Answer

The Small Business Administration reports of small firms all of the following except:

Correct AnswerverifiedShow Answer

A prospective entrepreneur is evaluating the suitability of his own characteristics for an entrepreneurial career. He realizes that he should be prepared to assume

Correct AnswerverifiedShow Answer

How is the concept of personal fulfillment related to entrepreneurship?

Correct AnswerverifiedSome people are drawn to entre...View AnswerShow Answer

Lifestyle businesses are so called because they achieve all but which one of the following:

Correct AnswerverifiedShow Answer

Compared to the general population, entrepreneurs tend to have

Correct AnswerverifiedShow Answer

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The ideal time is that period of life be...
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Some people are drawn to entre...
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