Professional Documents
Culture Documents
1. Entrepreneurial behavior typically requires all of the following EXCEPT:
Your Answer: invention of something new.
2. _____ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial.
Your Answer: Entrepreneurial intensity
3. What is the most common reason given for why people choose to become entrepreneurs?
Your Answer: To be their own boss.
4. Some entrepreneurs report that the financial rewards associated with entrepreneurship can be bittersweet if they are
accompanied by ________.
Your Answer: losing control of the firm
5. All of the following are characteristics shared by successful entrepreneurs EXCEPT:
Your Answer: risk averse.
6. Which of the following is NOT a common myth about entrepreneurs?
Your Answer: Everyone has the potential to be an entrepreneur.
7. What do you call small firms that yield a level of income for their owner that is similar to what they would earn when
working for an employer?
Your Answer: salarysubstitute firm
8. _____ of the 27.5 million businesses in the Unites States are owned by women, minorities, seniors, and young people.
Your Answer: A growing number
9. Influence on innovation and job creation best typifies entrepreneurial firms' ________.
Your Answer: economic impact
10. The entrepreneurial process is comprised of each of the following steps EXCEPT:
Your Answer: inventing a new product or process.
11. In the United States, approximately onethird of new firms fail within their first four years.
Your Answer: True
12. Entrepreneur and inventor mean essentially the same thing.
Your Answer: False
13. Entrepreneurship only pertains to starting new businesses, not existing firms.
Your Answer: False
14. The average entrepreneur does NOT make more money than someone with a similar amount of responsibility in a
traditional job.
Your Answer: False
Correct Answer: True
See p. 9 for more information.
15. The number one characteristic shared by successful entrepreneurs is creativity.
Your Answer: False
16. Execution intelligence refers to developing a business model, putting together a new venture team, raising money,
establishing partnerships, managing finances and leading and motivating employees.
Your Answer: True
17. According to research, most entrepreneurs are born, not made.
Your Answer: False
18. Only individuals that thrive on taking big risks have the right personality to be an entrepreneur.
Your Answer: False
19. After winning a medal for diving in the Olympics, Cheryl starts a diving instruction school. This is an example of a lifestyle
firm.
Your Answer: True
20. In recent years, the fastest growing areas for womenowned firms have been in cosmetology, fashion merchandising, and
hair salons.
Your Answer: False
21. Discus entrepreneurship's importance to the economy and society as a whole:
Your Answer:
(blank)
22. What are the steps of the entrepreneurial process?
Your Answer:
(blank)