Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

The primary motivation for owning your own business should be to make as much money as possible.

Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on providing results for customers. Ben has a(n) _____ personality.

Xavier believed his labor was only making others rich while he struggled from paycheck to paycheck. He started his own small business and now labors only for himself. Xavier's motivation is

Ursula works within a large corporation. Her job is to take ideas and turn them into profitable products for the business. Ursula is a(n)

Most entrepreneurs work shorter hours in their own businesses than they did when working for someone else because they have no boss to report to.

Match the term with its definition. -A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a small management team

Isabella overheard her customers discussing their desire for more baked treats suitable for diabetics. Immediately, she added sugar-free items to her inventory. Isabella has strong

Research departments of big businesses tend to focus on innovating and creating new products.

Entrepreneurs should avoid hiring mediocre people.

Using the criteria in the text to define a small business, Table Occasions will NOT be considered a small business once the company

A corporate manager chafes under red tape and bureaucratic regulations until finally deciding to start a separate business. The apparent reward he seeks is

According to Stephen Covey, if we want to make important changes in our lives, we need to change from the inside-out.

Match the term with its definition. -A specific group of customers with an identifiable but narrow range of product or service interests

Which of the following is NOT one of the four stages of the entrepreneurial process?

Explain the nature of and differences among microbusinesses, attractive small firms, and high-potential ventures.

Flora built her business from two employees to more than 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

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

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

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

Sabrina has figured out how to recycle clear plastic bottles into woven fabric and has launched a new business. Sabrina is