Question 1

As a rule, entrepreneurs believe in their ability to succeed.

Accepted Answer

A) True 
 B)False

Question 2

A successful entrepreneur is visionary.

Accepted Answer

A) True 
 B)False

Question 3

Describe the differences between entrepreneurs and small-business managers.

Accepted Answer

Entrepreneurs seek a profitable opportun...

Question 4

______ are pioneers of innovations that benefit humanity.

Accepted Answer

A)   Classic entrepreneurs
B)   Change agents
C)   Atypical entrepreneurs
D)   Social entrepreneurs

Question 5

An entrepreneur

Accepted Answer

A)   owns controlling interest in a company.
B)   manages a business that operates in more than one country.
C)   accepts the risk of starting and running a business.
D)   manages a business for someone else.

Question 6

Complete the following using the terms listed below.
-______ is the process of promoting innovation within an established company.

Accepted Answer

A)  lifestyle entrepreneur.
B)  globalization
C)  angel investor
D)  enterprise zone
E)  debt financing.F) internal locus of control.G) debt financingH) classic entrepreneurI) social entrepreneur.J) seed capitalK) venture capitalistL) intrapreneurshipM) urban reserveN) information technology

Question 7

______ are specific geographic areas designated for economic revitalization.

Accepted Answer

A)   Economic stimulus zones
B)   Investor zones
C)   Enterprise zones
D)   Commerce areas

Question 8

Which of the following is a major consideration in selecting a business idea?

Accepted Answer

A)   Make sure no company is currently offering the product/service.
B)   Select something that appeals to people around the globe.
C)   Find something you love to do and are good at doing.
D)   Choose a product/service that is inexpensive to sell.

Question 9

Entrepreneurs are NOT easily discouraged from a setback or failure.

Accepted Answer

A) True 
 B)False

Question 10

Over twenty-five percent of large firms now set aside funds to support intrapreneurship.

Accepted Answer

A) True 
 B)False

Question 11

Desire for improved quality of life is often a motivation for becoming an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 12

Entrepreneurial environments created within companies can help firms retain valuable employees who might otherwise leave to start their own businesses.

Accepted Answer

A) True 
 B)False

Question 13

The success of entrepreneurship means meeting the needs of ______.

Accepted Answer

A)   employees
B)   customers
C)   shareholders
D)   all the above

Question 14

Successful entrepreneurs have a high need to achieve.

Accepted Answer

A) True 
 B)False

Question 15

Angel investors seek out successful businesses with established profits.

Accepted Answer

A) True 
 B)False

Question 16

______ are company-initiated projects that focus on a few products and technologies that 3M sees as having potential for success

Accepted Answer

A)   Self-directed projects
B)   Skunkworks
C)   Bottlelegging
D)   Pacing programs

Question 17

Venture capitalists take an equity stake in businesses in which they invest their funds.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements best describes how entrepreneurs view failure?

Accepted Answer

A)   They view failure as a learning experience.
B)   They don't worry about failing because something better always comes along.
C)   They enjoy risk and gambling.
D)   They worry that if they fail they'll never get another opportunity.

Question 19

Complete the following using the terms listed below.
-A(n)  ______ starts a business to gain flexibility in work hours and control over his or her life.

Accepted Answer

A)  lifestyle entrepreneur.
B)  globalization
C)  angel investor
D)  enterprise zone
E)  debt financing.F) internal locus of control.G) debt financingH) classic entrepreneurI) social entrepreneurJ) seed capitalK) venture capitalistL) intrapreneurshipM) urban reserveN) information technology

Question 20

Gary recently purchased a McDonald's franchise. He is a serial entrepreneur.

Accepted Answer

A) True 
 B)False

Exam 6: Starting Your Own Business: the Entrepreneurship Alternative

Which of the following is a major consideration in selecting a business idea?

Correct AnswerverifiedShow Answer

As a rule, entrepreneurs believe in their ability to succeed.

Correct AnswerverifiedShow Answer

______ are pioneers of innovations that benefit humanity.

Correct AnswerverifiedShow Answer

Venture capitalists take an equity stake in businesses in which they invest their funds.

Correct AnswerverifiedShow Answer

Complete the following using the terms listed below. -A(n) ______ starts a business to gain flexibility in work hours and control over his or her life.

Correct AnswerverifiedShow Answer

A successful entrepreneur is visionary.

Correct AnswerverifiedShow Answer

Desire for improved quality of life is often a motivation for becoming an entrepreneur.

Correct AnswerverifiedShow Answer

Successful entrepreneurs have a high need to achieve.

Correct AnswerverifiedShow Answer

Describe the differences between entrepreneurs and small-business managers.

Correct AnswerverifiedEntrepreneurs seek a profitable opportun...View AnswerShow Answer

Complete the following using the terms listed below. -______ is the process of promoting innovation within an established company.

Correct AnswerverifiedShow Answer

______ are company-initiated projects that focus on a few products and technologies that 3M sees as having potential for success

Correct AnswerverifiedShow Answer

Which of the following statements best describes how entrepreneurs view failure?

Correct AnswerverifiedShow Answer

An entrepreneur

Correct AnswerverifiedShow Answer

Entrepreneurial environments created within companies can help firms retain valuable employees who might otherwise leave to start their own businesses.

Correct AnswerverifiedShow Answer

Over twenty-five percent of large firms now set aside funds to support intrapreneurship.

Correct AnswerverifiedShow Answer

The success of entrepreneurship means meeting the needs of ______.

Correct AnswerverifiedShow Answer

Gary recently purchased a McDonald's franchise. He is a serial entrepreneur.

Correct AnswerverifiedShow Answer

Angel investors seek out successful businesses with established profits.

Correct AnswerverifiedShow Answer

Entrepreneurs are NOT easily discouraged from a setback or failure.

Correct AnswerverifiedShow Answer

______ are specific geographic areas designated for economic revitalization.

Correct AnswerverifiedShow Answer

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Entrepreneurs seek a profitable opportun...
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