1.

Entrepreneurial behavior typically requires all of the following EXCEPT:

invention of something new.

Your
Answer:

2. _____ is the position of a firm on a continuum ranging from highly

conservative to highly entrepreneurial.

Correct Entrepreneurial intensity

Answer:

  See p. 6 for more information.

3. What is the most common reason given for why people choose to
become entrepreneurs?

Correct To be their own boss.

Answer:

  See p. 7 for more information.

4. Some entrepreneurs report that the financial rewards associated with

entrepreneurship can be bittersweet if they are accompanied by
________.

Correct losing control of the firm

Answer:

  See p. 9 for more information.

5. All of the following are characteristics shared by successful

entrepreneurs EXCEPT: 

Correct risk averse.

 Answer:

  See p. 9 for more information.

6. Which of the following is NOT a common myth about entrepreneurs?

Everyone has the potential to be an entrepreneur.

Your
Answer:

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?

Correct salary-substitute firm

Answer:

  See p. 18 for more information.

8. _____ of the 27.5 million businesses in the Unites States are owned by
women, minorities, seniors, and young people. 

A growing number
Your
Answer:

9. Influence on innovation and job creation best typifies entrepreneurial

firms' ________.

Correct economic impact

Answer:

  See p. 21 for more information.

10 The entrepreneurial process is comprised of each of the following steps

EXCEPT:
.
 Correct inventing a new product or process.
Answer:

  See p. 23 for more information.

11 In the United States, approximately one-third of new firms fail within

their first four years.
.
True
Your
Answer:

12 Entrepreneur and inventor mean essentially the same thing.

.

Correct False
Answer:

  See p. 6 for more information.

13 Entrepreneurship only pertains to starting new businesses, not existing

firms.
.

Correct False
Answer:

  See p. 6 for more information.

14 The average entrepreneur does NOT make more money than someone
with a similar amount of responsibility in a traditional job.
.
True
Your
Answer:
15 The number one characteristic shared by successful entrepreneurs is
creativity.
.

Correct False
Answer:

  See p. 9 for more information.

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.

True
Your
Answer:

17 According to research, most entrepreneurs are born, not made.

.

Correct False
Answer:

  See p. 15 for more information.

18 Only individuals that thrive on taking big risks have the right
personality to be an entrepreneur.
.

Correct False
Answer:

  See p. 16 for more information.

19 After winning a medal for diving in the Olympics, Cheryl starts a diving
instruction school. This is an example of a lifestyle firm.
.
True
Your
Answer:
20 In recent years, the fastest growing areas for women-owned firms have
been in cosmetology, fashion merchandising, and hair salons.
.

Correct False
Answer:

  See p. 19 for more information.

21 Discus entrepreneurship's importance to the economy and society as a

whole:
.

ECONOMY:
-Innovation
-Job creation
SOCIETY: 
-Improvements in healthcare
-Help people be more productive
  -Products and services that make our lives easier
-Products and services that entertain us
ASSIST LARGER FIRMS: 
-Provide Components
-Efficiency
-Partnering

22 What are the steps of the entrepreneurial process?

.

Step 1. Deciding to become an entrepreneur

Step 2. Developing successful business ideas
  Step 3. Moving from an idea to an entrepreneurial firm
Step 4. Managing and growing the entrepreneurial firm