Question 1

Identifying "poor management" as the cause of a small business failure likely covers a variety of problems.

Accepted Answer

A) True 
 B)False

Question 2

Not everyone dreams of owning their own business.Identify and describe at least three attributes of successful entrepreneurs.

Accepted Answer

While students will likely identify mana...

Question 3

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Accepted Answer

A)  market
B)  consumer co-operative
C)  consumer collective
D)  buyer's co-operativeE) None of the above
F) B) and C)

Question 4

Society is much more accepting of home-based entrepreneurs than in the past.

Accepted Answer

A) True 
 B)False

Question 5

________ are private individuals who invest their own money in potentially hot new companies before these firms sell stock publicly.

Accepted Answer

A)  Leveraged buyout specialists
B)  Angel investors
C)  Venture investors
D)  Corporate raider investorsE) C) and D)
F) All of the above

Question 6

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Accepted Answer

A)  Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses.
B)  Intrapreneurs are practical while entrepreneurs are creative.
C)  Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business.
D)  Intrapreneurs limit their efforts to financial investments,while entrepreneurs are involved in the management of all areas of a business.E) B) and C)
F) A) and C)

Question 7

The purpose of Industry Canada's SME Research and Statistics web site is to allow researchers to share data they have collected on small business in Canada.

Accepted Answer

A) True 
 B)False

Question 8

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Accepted Answer

A) True 
 B)False

Question 9

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Accepted Answer

A) True 
 B)False

Question 10

There is no better way to learn about small business operations than to work for a small business owner.

Accepted Answer

A) True 
 B)False

Question 11

One of the reasons people are willing to take the challenge of starting their own business is for independence.Give some examples why.

Accepted Answer

Some employees who have imagination and ...

Question 12

A review of small business successes and failures indicates that the:

Accepted Answer

A)  businesses that are easiest to start offer the greatest potential for long term growth and profits.
B)  restaurant industry offers the least risk for entrepreneurs.
C)  businesses with the potential of high profit levels tend to be difficult to start and hard to keep going.
D)  reason the service sector is rapidly growing is that these firms are easy to start and keep going,and offer high levels of security and growth potential.E) A) and B)
F) B) and C)

Question 13

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dentist's office.One advantage of this type of business is the:

Accepted Answer

A)  above average opportunity to borrow funds at a high interest rate.
B)  nearly unlimited growth potential.
C)  low failure rate.
D)  very low startup costs.E) None of the above
F) A) and B)

Question 14

Creative people working as entrepreneurs within a large organization are called intrapreneurs.

Accepted Answer

A) True 
 B)False

Question 15

After considering several opportunities,Gene chose to put his entrepreneurial talents to work by starting a new manufacturing firm.This decision shows that Gene is:

Accepted Answer

A)  more interested in earning high profits than achieving security.
B)  motivated by his desire to quickly begin operations with a minimum amount of effort.
C)  not a self-motivated individual.
D)  afraid to get into a risky type of business.E) C) and D)
F) None of the above

Question 16

Small businesses can be found in the service sector.

Accepted Answer

A) True 
 B)False

Question 17

Entrepreneurial spirit is unique to a small business environment.

Accepted Answer

A) True 
 B)False

Question 18

When comparing small businesses to their larger competitors,it is clear that:

Accepted Answer

A)  bigger is always better.
B)  small firms can always outperform big firms on a level playing field.
C)  small firms often can offer more personalized customer services than big firms.
D)  small firms are slower to respond to opportunities than are large firms.E) All of the above
F) A) and C)

Question 19

Small business employees:

Accepted Answer

A)  usually dislike their jobs and look forward to finding employment with major corporations.
B)  don't find their jobs as challenging as in large corporations.
C)  are usually paid higher wages than workers in large corporations.
D)  are often more satisfied with their jobs than are their counterparts in big business.E) All of the above
F) A) and C)

Question 20

Many small businesses list managerial incompetence as one of their biggest causes of failure.

Accepted Answer

A) True 
 B)False

Exam 7: Entrepreneurship and Starting a Small Business

Not everyone dreams of owning their own business.Identify and describe at least three attributes of successful entrepreneurs.

Correct AnswerverifiedWhile students will likely identify mana...View AnswerShow Answer

There is no better way to learn about small business operations than to work for a small business owner.

Correct AnswerverifiedShow Answer

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Correct AnswerverifiedShow Answer

________ are private individuals who invest their own money in potentially hot new companies before these firms sell stock publicly.

Correct AnswerverifiedShow Answer

The purpose of Industry Canada's SME Research and Statistics web site is to allow researchers to share data they have collected on small business in Canada.

Correct AnswerverifiedShow Answer

Identifying "poor management" as the cause of a small business failure likely covers a variety of problems.

Correct AnswerverifiedShow Answer

Entrepreneurial spirit is unique to a small business environment.

Correct AnswerverifiedShow Answer

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Correct AnswerverifiedShow Answer

When comparing small businesses to their larger competitors,it is clear that:

Correct AnswerverifiedShow Answer

Small business employees:

Correct AnswerverifiedShow Answer

Small businesses can be found in the service sector.

Correct AnswerverifiedShow Answer

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Correct AnswerverifiedShow Answer

Many small businesses list managerial incompetence as one of their biggest causes of failure.

Correct AnswerverifiedShow Answer

Creative people working as entrepreneurs within a large organization are called intrapreneurs.

Correct AnswerverifiedShow Answer

After considering several opportunities,Gene chose to put his entrepreneurial talents to work by starting a new manufacturing firm.This decision shows that Gene is:

Correct AnswerverifiedShow Answer

A review of small business successes and failures indicates that the:

Correct AnswerverifiedShow Answer

One of the reasons people are willing to take the challenge of starting their own business is for independence.Give some examples why.

Correct AnswerverifiedSome employees who have imagination and ...View AnswerShow Answer

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dentist's office.One advantage of this type of business is the:

Correct AnswerverifiedShow Answer

Society is much more accepting of home-based entrepreneurs than in the past.

Correct AnswerverifiedShow Answer

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Correct AnswerverifiedShow Answer

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While students will likely identify mana...
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Some employees who have imagination and ...
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