Question 1

Research has found that successful entrepreneurs possess a strong __________ which sets them apart from a majority of the population.

Accepted Answer

Successful entrepreneurs are often characterized by a strong need for achievement, which drives them to set and accomplish challenging goals, differentiating them from the broader population.

Question 2

Personal attributes of successful entrepreneurs include all of the following except a __________.

Accepted Answer

Entrepreneurs typically have a strong desire for independence, a high need for achievement, and a willingness to self-sacrifice to meet their goals. The need for affiliation, which refers to the desire for friendly and close interpersonal relationships, is not typically highlighted as a key attribute of successful entrepreneurs. Instead, their focus is more on achieving their business objectives rather than seeking social or interpersonal connections.

Question 3

What personal attribute did radio station entrepreneur Catherine Hughes show when she sold her rare pocket watch to help her business?

Accepted Answer

Catherine Hughes demonstrated self-sacrifice by selling her rare pocket watch to support her business, indicating her willingness to give up something of personal value for the success of her venture.

Question 4

Which of the following is not included in describing the entrepreneurial need for achievement?

Accepted Answer

The entrepreneurial need for achievement typically involves a drive for excellence, goal attainment, and a desire for immediate feedback, rather than a desire for recognition.

Question 5

Personal attributes of the entrepreneur include all of the following except __________.

Accepted Answer

The answer of Personal attributes of the entrepreneur include all...

Question 6

Amy Knape is a young woman who wants to own her own business. Part of the reason she believes that she would be successful is that she has always had a desire for excellence and succeeding in competitive situations. Knape has a __________.

Accepted Answer

Amy Knape's desire for excellence and success in competitive situations indicates a high need for achievement, which is characterized by a strong desire to accomplish difficult tasks and meet high standards of success.

Question 7

A person's desire either for excellence or to succeed in competitive situations is often referred to as a person's _________.

Accepted Answer

The correct term is "need for achievement," which describes a person's desire to achieve excellence and succeed in competitive situations.

Question 8

Research conducted by David McClelland and others indicates that a low percentage of the U.S. population is characterized by __________.

Accepted Answer

David McClelland's research suggests that a low percentage of the U.S. population is characterized by a high need for achievement, which is a key driver for entrepreneurial and economic success.

Question 9

Entrepreneurs are consistently strong with respect to a need for __________.

Accepted Answer

Entrepreneurs are known for having a high need for achievement, which drives them to set and accomplish challenging goals, take calculated risks, and persist in the face of obstacles.

Question 10

Which of the following is false concerning the role of self-confidence in entrepreneurship?

Accepted Answer

Self-confidence significantly affects an entrepreneur by enabling them to face challenges, take risks, and maintain a positive outlook, contrary to the minimal effect suggested in option B.

Question 11

Shawn Hitt has started his business and is putting in 13 hour days. When asked why he is working so hard, he replies that nothing worth having is free. This response suggests that Hitt has an attribute of ___________.

Accepted Answer

Shawn Hitt's response implies a willingness to endure hardship or give up personal time and comfort, which is indicative of self-sacrifice, to achieve something he values. This is not directly related to a desire for independence, a preference for small organizations, or a need for power.

Question 12

Key attributes needed to be a successful entrepreneur are __________.

Accepted Answer

Entrepreneurial skills, while they can be challenging to learn, are indeed valuable and can be developed with effort and dedication. This counters the notion that such skills are either easily acquired or solely innate.

Question 13

Regarding the effects of family interactions on entrepreneurs, research suggests that entrepreneurs tend to have __________.

Accepted Answer

Research indicates that entrepreneurs are more likely to have self-employed parents, suggesting that entrepreneurship can run in families and be influenced by the role models children see as they grow up.

Question 14

The challenges that faced Jay Goltz, founder of the Goltz Group, are best described as affecting the __________________ competency.

Accepted Answer

Jay Goltz's challenges primarily revolved around self-management issues, including time management, stress management, and maintaining a work-life balance.

Question 15

The Goltz Group consists of all of the following business' except:

Accepted Answer

Northbrook Travel is not part of the Goltz Group, which is known for its focus on art, framing, and home & garden businesses.

Question 16

The dimensions of the self-management competency illustrated through Jay Goltz, founder of the Goltz Group, include:

Accepted Answer

Jay Goltz's approach to self-management, as illustrated through his actions and decisions, encompasses all the listed dimensions: admitting mistakes, persevering through obstacles, and learning from both work and life experiences. These aspects are integral to effective self-management and personal growth.

Question 17

What is the relationship of the original business plan to long-term goal achievement?

Accepted Answer

A business plan is a living document that should evolve as circumstances change and new information becomes available. Flexibility in modifying the plan is crucial for adapting to market changes, overcoming challenges, and ultimately achieving long-term goals.

Question 18

As a result of unanticipated hardships in the early phases of Driesenga & Associates business, the founder says today,

Accepted Answer

The statement suggests that the business had to adapt and change its offerings due to unforeseen challenges, leading to revenue from services not initially planned.

Question 19

Administering a plan for a new business is extremely difficult. In the start-up phase, which of the following is not considered a primary concern?

Accepted Answer

Developing a five-year strategic plan is not considered a primary concern during the start-up phase of a new business. Initially, the focus is more on immediate survival and establishing the business rather than long-term strategic planning.

Question 20

Most successful entrepreneurs __________ put their business plans in writing. The time horizon is relatively __________. As the time frame grows even longer, the plans tend to become more __________.

Accepted Answer

The answer of Most successful entrepreneurs __________ put their business...

Quiz 6: Fostering Entrepreneurship