Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

Lance has set for his business the goal of increasing revenues by 20% and profits by 15% by the end of the year.Lance is likely high in:

Walter wanted to be able to make decisions about issues that directly affected his department but in his corporation,the managers made all the decisions.So Walter left the corporation and started his own firm.Walter was looking for:

Which of the following types of businesses makes up the largest sector of the US economy?​

Zelda worked for years in a medical clinic as a biller and coder.Now she operates her own billing service for several doctors.Zelda has a(n)___________ personality.

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -Very small loans,often provided to entrepreneurs in developing countries

Calvin knew his small local hardware could not compete on price with the big-box discounters so he began offering classes for new homeowners and found other ways to provide services the bigger stores don't.Calvin's competitive edge is:

A camera hobbyist starts a photographic supplies store.The most obvious reward for this entrepreneur is the opportunity to:

Xavier had many ideas about new products but no one in his corporation seemed interested.So Xavier left and founded his own company to create these new products.Xavier is a corporate refugee.

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -A personality that focuses on an already developed technical skill,wants to be left alone to get the job done,and is primarily concerned about the present

The primary motivation for starting a new business should be to make as much money as possible.

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -Two or more people who work together as entrepreneurs on one endeavor

Flora built her business from two employees to over 2,000 during her 30 years in business.She was able to endow a scholarship fund to the community college and to leave her children a perpetual income.We call this her:

The entrepreneur personality thinks in terms of opportunities rather than skills.

Good customer service can be provided by a business of any size but small entrepreneurial companies do it better.

Martina expected to build her direct sales business ot the point that she can quit her day job after six months.Five months later she barely has any customers.Martina:

Francesca convinced her aunt to invest in her day spa in exchange for a percentage of the profits.Francesca is:

Evelyn opened a small boutique catering to a very narrowly defined target market.Evelyn's competitive edge is:

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -A person who relentlessly pursues an opportunity,in either a new or an existing business

Natalie enjoyed yarn crafts so she opened a yarn and craft store in her small town.Sales have been dismal;few people visit her store.What mistake did Natalie make?

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -A knowledgeable person who can offer guidance based on experience in a given field