Question 1

Forces driving the entrepreneurial trend in our economy include which of the following?

Accepted Answer

A) Technological advancement 
B) Shift to a service economy 
C) e-commerce 
D) All of the above 
A) Technological advancement 
B) Shift to a service economy 
C) e-commerce 
D) All of the above

Question 2

Entrepreneurial activity is culturally diverse.Discuss the role of women,minorities,and immigrant entrepreneurs in this activity,profiling their characteristics,their impact,and the specific barriers they need to overcome in their small business start-ups.

Accepted Answer

Virtually anyone has the potential to be

Question 3

Entrepreneurs are people who grow existing businesses by careful management of existing resources.

Accepted Answer

A) True 
 B)False

Question 4

U.S.economic structure is moving:

Accepted Answer

A) away from an agricultural economy to an industrial economy. 
B) away from an industrial economy to a knowledge-based one. 
C) back to an agricultural economy. 
D) away from an agricultural economy to a knowledge-based one. 
A) away from an agricultural economy to an industrial economy. 
B) away from an industrial economy to a knowledge-based one. 
C) back to an agricultural economy. 
D) away from an agricultural economy to a knowledge-based one.

Question 5

The flurry of corporate "pink slips" has slowed down a new population of entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true about avoiding business failure?

Accepted Answer

A) You must understand financial statements. 
B) You need to learn how to manage others. 
C) You must differentiate your product from the competition. 
D) You must do all of these. 
A) You must understand financial statements. 
B) You need to learn how to manage others. 
C) You must differentiate your product from the competition. 
D) You must do all of these.

Question 7

Entrepreneurs are noted for their ability to bounce back after a business failure.

Accepted Answer

A) True 
 B)False

Question 8

Advances in technology available to entrepreneurs permit them to move into manufacturing and compete directly with Fortune 500 companies.

Accepted Answer

A) True 
 B)False

Question 9

One key to success with a business startup is to begin with enough ________.

Accepted Answer

A) capital 
B) sales 
C) accounts payable 
D) suppliers 
A) capital 
B) sales 
C) accounts payable 
D) suppliers

Question 10

Part-time entrepreneurship has an additional advantage over starting up a company full-time in that:

Accepted Answer

A) it is a much lower risk for the entrepreneur. 
B) it doesn't require a business plan. 
C) the entrepreneur can change products and markets more easily. 
D) the entrepreneur doesn't need to know the industry as well. 
A) it is a much lower risk for the entrepreneur. 
B) it doesn't require a business plan. 
C) the entrepreneur can change products and markets more easily. 
D) the entrepreneur doesn't need to know the industry as well.

Question 11

What are the primary causes of small business failure in the United States?

Accepted Answer

Because they are building businesses in

Question 12

Entrepreneurs start businesses for a number of reasons including:

Accepted Answer

A) an opportunity to make a difference. 
B) having to deal with less government regulation than as an executive of a large company. 
C) a much lower risk of career failure due to layoff or acquisition than working for a large company. 
D) the opportunity to get rich much quicker than if they work for a large company. 
A) an opportunity to make a difference. 
B) having to deal with less government regulation than as an executive of a large company. 
C) a much lower risk of career failure due to layoff or acquisition than working for a large company. 
D) the opportunity to get rich much quicker than if they work for a large company.

Question 13

A significant benefit of starting your own company is:

Accepted Answer

A) more leisure time because there is less of a need to punch a time clock. 
B) contributing to society and being recognized for your efforts. 
C) to be able to choose who you work with or don't work with. 
D) more job security than working for a large corporation. 
A) more leisure time because there is less of a need to punch a time clock. 
B) contributing to society and being recognized for your efforts. 
C) to be able to choose who you work with or don't work with. 
D) more job security than working for a large corporation.

Question 14

The key ingredient-the crucial element-to avoiding the failure of a new business is:

Accepted Answer

A) the business plan. 
B) knowing the business. 
C) technical expertise regarding the product. 
D) differentiating the business and product from the competition. 
A) the business plan. 
B) knowing the business. 
C) technical expertise regarding the product. 
D) differentiating the business and product from the competition.

Question 15

Entrepreneurs seem to be characterized by:

Accepted Answer

A) a desire for money. 
B) an inability to organize but strong conceptual skills. 
C) a desire to work alone because of weak management skills and a need for control. 
D) a high energy level. 
A) a desire for money. 
B) an inability to organize but strong conceptual skills. 
C) a desire to work alone because of weak management skills and a need for control. 
D) a high energy level.

Question 16

Research shows that for "Copreneurship" to work,responsibilities must be divided by gender.

Accepted Answer

A) True 
 B)False

Question 17

More businesses fail because of ________ than for any other reason.

Accepted Answer

A) incompetent management 
B) theft by employees 
C) insufficient capital 
D) poor choice of location 
A) incompetent management 
B) theft by employees 
C) insufficient capital 
D) poor choice of location

Question 18

Minorities cite which of the following as the primary barrier to their entrepreneurship?

Accepted Answer

A) Skepticism 
B) Access to capital 
C) Discrimination 
D) Social pressure 
A) Skepticism 
B) Access to capital 
C) Discrimination 
D) Social pressure

Question 19

Money driven and wild risk takers are both:

Accepted Answer

A) common characteristics of entrepreneurs. 
B) entrepreneur's techniques to success. 
C) common misconceptions of entrepreneurs. 
D) None of the above 
A) common characteristics of entrepreneurs. 
B) entrepreneur's techniques to success. 
C) common misconceptions of entrepreneurs. 
D) None of the above

Question 20

One important characteristic of successful "copreneurs" is their ability to separate their business life from their personal life,so that one doesn't consume the other.

Accepted Answer

A) True 
 B)False

Exam 1: Entrepreneurs: the Driving Force Behind Small Business

Forces driving the entrepreneurial trend in our economy include which of the following?

Entrepreneurial activity is culturally diverse.Discuss the role of women,minorities,and immigrant entrepreneurs in this activity,profiling their characteristics,their impact,and the specific barriers they need to overcome in their small business start-ups.

Entrepreneurs are people who grow existing businesses by careful management of existing resources.

U.S.economic structure is moving:

The flurry of corporate "pink slips" has slowed down a new population of entrepreneurs.

Which of the following is true about avoiding business failure?

Entrepreneurs are noted for their ability to bounce back after a business failure.

Advances in technology available to entrepreneurs permit them to move into manufacturing and compete directly with Fortune 500 companies.

One key to success with a business startup is to begin with enough ________.

Part-time entrepreneurship has an additional advantage over starting up a company full-time in that:

What are the primary causes of small business failure in the United States?

Entrepreneurs start businesses for a number of reasons including:

A significant benefit of starting your own company is:

The key ingredient-the crucial element-to avoiding the failure of a new business is:

Entrepreneurs seem to be characterized by:

Research shows that for "Copreneurship" to work,responsibilities must be divided by gender.

More businesses fail because of ________ than for any other reason.

Minorities cite which of the following as the primary barrier to their entrepreneurship?

Money driven and wild risk takers are both:

One important characteristic of successful "copreneurs" is their ability to separate their business life from their personal life,so that one doesn't consume the other.

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Strategic Management and the Entrepreneur

Choosing a Form of Ownership

Franchising and the Entrepreneur

Buying an Existing Business

New Business Planning Process: Feasibility Analysis,business Modeling,

Building a Bootstrap Marketing Plan

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Creating a Solid Financial Plan

Managing Cash Flow

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Managing Inventory

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

The Legal Environment: Business Law and Government Regulation

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