Deck 1: Buying a Franchise

Question 1

Despite scoring high on the Entrepreneurial Quiz,your venture is unlikely to succeed if you fail to demonstrate:

A)People prowess
B)Technical savvy
C)Commitment,determination,and perseverance
D)Financial independence

Answer 1

C

Question 2

Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards.This makes them:

A)Profit-oriented
B)Goal-oriented
C)Success-oriented
D)Challenge-oriented

Answer 2

C

Question 3

One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that:

A)Those attributes can be learned.
B)Those attributes cannot be learned,an individual is either born with them or they are not.
C)Those attributes are always the same - confidence,determination,and perseverance are always at the top of the list.
D)There are no "common" set of attributes - each entrepreneurial success story is unique.

Answer 3

A

Question 4

These entrepreneurs go on to build larger companies through hiring and delegation of authority.

A)Team builders
B)Pattern multipliers
C)Independent innovators
D)Deal-to-dealers

Question 5

You can usually identify __________ by the fact that their companies grow by more than 30 percent annually.

A)Venture Capitalists
B)Freedom Fighters
C)Institutional Developers
D)Empire Builders

Question 6

Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?

A)Capital aggregators
B)Economy-of-scale exploiters
C)Pattern multipliers
D)Deal-to-dealers

Question 7

The higher your number of most desirable responses on the Entrepreneurial Quiz:

A)The less your responses agree with those of successful entrepreneurs.
B)The more your responses agree with those of successful entrepreneurs.
C)The less likely you are to become a successful entrepreneur.
D)The more likely you are to abort your attempts at an entrepreneurial venture because of stress.

Question 8

The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive environment in which they operate.This makes them _______ -oriented.

A)Success
B)Action
C)Goal
D)Reality

Question 9

Purchasing supplies and raw materials,controlling inventory,and managing the physical facilities are skills which fall under which of the following broad entrepreneurial skill sets?

A)Directing sales and marketing operations
B)Directing business operations
C)Managing people
D)Setting up a business

Question 10

Your credit rating is based on:

A)The value of your home equity.
B)Your employment income only.
C)Your prior history in borrowing and repaying money.
D)Your overall debt load,compared to your ability to generate income.

Question 11

All of the following are subscales in Robinson's EAO Model,except:

A)Achievement in business
B)Innovation in business
C)Desire for personal control
D)Desire for retribution

Question 12

Which of the following did Robinson et al.define as the predisposition of the individual to respond in a generally favourable or unfavourable manner with respect to innovation?

A)Character
B)Personality
C)Empathy
D)Attitude

Question 13

Most entrepreneurs are found to be ____ listeners and _____ learners.

A)Poor; quick
B)Good; quick
C)Poor; slow
D)Good; slow

Question 14

You are able to acquire many of the skills needed prior to considering an entrepreneurial career through all of the following means,except:

A)Job experience
B)Vacationing
C)Organizational (or club)activities
D)Managing a home

Question 15

These types of entrepreneurs prefer to identify themselves by their craft first,and as business owners as an afterthought only.

A)Freedom Fighters
B)Craftspeople
C)Lifestyle Business
D)Empire Building

Question 16

The personal net worth required to start a business is generally said to be:

A)$5,000-$10,000
B)$20,000-$50,000
C)$100,000-$500,000
D)Every business opportunity has its own unique capital requirements.

Question 17

The three types of reaction identified by Robinson et al.are:

A)Cognition,Affect,and Behaviour
B)Cognition,Intelligence,and Emotion
C)Empathy,Confusion,and Clarity
D)Passion,Avoidance,and Ignorance

Question 18

In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs,the three attributes and behaviours cited as the principal reasons for entrepreneurial success are:

A)Openness to change,personal initiative,and perseverance.
B)Commitment,dedication,and perseverance.
C)Positive attitude,social savvy,and intellectual intelligence.
D)Emotional intelligence,social intelligence,mathematical intelligence.

Question 19

Arranging financing,handling credit,and budgeting are all considered skills under which broad entrepreneurial skill set?

A)Managing people
B)Managing inventory
C)Managing capital
D)Managing money

Question 20

Successful entrepreneurs are _______ people; they want to start producing results immediately.

A)Success-oriented
B)Action-oriented
C)Goal-oriented
D)Challenge-oriented

Question 21

There is considerable evidence which suggests that the "right stuff" needed to become a successful entrepreneur can be learned.

Question 22

A code of ethics should be guided by all of the following areas of concern,except:

A)Citizenship
B)Responsibility
C)Integrity
D)Competition

Question 23

Agencies such as Equifax Canada Inc.assemble information about how you pay your bills and then enter this information into your credit file.An individual who is always late in paying their bills is given a rating of:

A)R1
B)R2
C)R3
D)R4

Question 24

List and describe the "not-so-learnable" traits of an entrepreneur.

Question 25

In addition to the proper background,attitude,and lifestyle,what else should be considered in assessing your potential for becoming a successful entrepreneur?

Question 26

Which of the following is not among the three questions to address when confronted with an ethical problem?

A)What will others think?
B)Is it balanced?
C)Is it legal?
D)How will it make you feel about yourself?

Question 27

Many small business owners experience an immediate increase in the level of personal income they can earn.

Question 28

Of the many attributes shared by successful entrepreneurs,which of those is believed to be the most critical to their success? Explain.

Question 29

Researchers are unable to identify a set of common attributes,attitudes,and experiences among entrepreneurs that appear to lead to success.

Question 30

A ________ should be a formal statement of a business's values concerning ethics and social issues.

A)Code of behaviour
B)Code of ethics
C)Mission statement
D)Vision statement

Question 31

Social entrepreneurship refers to the discovery,evaluation,and exploitation of opportunities for financial profit.

Question 32

Most entrepreneurs are self-confident,and with this confidence comes a strong ego.

Question 33

Social entrepreneurship seeks:

A)Social change
B)Financial profit
C)Welfare management
D)Social media business opportunities

Question 34

List and briefly describe the three entrepreneurial archetypes developed by John Warrillow.

Question 35

Outline the five steps in preparing a personal balance sheet.

Question 36

All of the following are included in the triple bottom line assessment,except:

A)Financial performance
B)Global equality
C)Environmental impact
D)Social well-being

Question 37

The "typical entrepreneur" is most closely associated with the Empire builder type of entrepreneur.

Question 38

Most entrepreneurs are described as having a high risk tolerance.Do you agree or disagree? Why?

Question 39

Well-known social entrepreneurs include all of the following,except:

A)Shannon Tessier and Zack Patterson
B)Craig and Mark Kielburger
C)Jeff Skoll
D)Kenneth Lay