Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

Tatiana was laid off from her manufacturing job and, in desperation, launched a business providing transportation services for the nondrivers in her community. We would classify Tatiana as a

Match the term with its definition. -A small firm that provides substantial profits to its owner

Discuss similarities and differences of entrepreneurs and small business owners.

Lydia works as a senior network administrator and is dissatisfied with the stifling bureaucratic environment of her job. She is considering venturing out on her own as a consultant. If she carries through with her intentions, she would be considered a(n)

When a Fortune 500 business lays off workers, some displaced employees may decide to start their own businesses. They are best described as

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

Match the term with its definition. -A process within an existing corporation involving an employee who assumes the responsibility for taking a new idea and converting it into a profitable product, service, or a process

Calvin knew his small local hardware store 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

Match the term with its definition. -A change in how we fundamentally see a situation

Which of the following is an almost certain way to fail as an entrepreneur?

Raold operates a fast-food restaurant. He is under contract to the organization under whose name he does business. The contract limits what Raold can do with his business. Raold is a

The starting point of any competitive advantage is having a commitment to integrity.

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.

Sally, a single mother, opened a florist shop to support her family after losing her job in a corporate layoff. She is a(n)

An entrepreneurial team consists of the owner, the financier, and one key employee.

Match the term with its definition. -A person who becomes an entrepreneur because of some severe hardship

The entrepreneur personality examines why a business does what it does.

Match the term with its definition. -A small firm that has great prospects for growth

Match the term with its definition. -A person willing to create value, in either a new or an existing business, while assuming both the risks and the reward for his or her efforts

Match the term with its definition. -A person who becomes an entrepreneur to escape an undesirable job situation