Question 1

Small businesses represent _____ percent of U.S. exporters.

Accepted Answer

Small businesses represent 98 percent of U.S. exporters, highlighting the significant role they play in the country's export economy.

Question 2

One area of great growth and opportunity for women-owned businesses is:

Accepted Answer

The answer of One area of great growth and opportunity...

Question 3

Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as:

Accepted Answer

Jose's activities of coming up with an idea, trying different programs, and marketing the service to neighbors and businesses show that he is a self-starter who is creating a new business venture. This aligns with the definition of entrepreneurship which involves identifying an opportunity in the market and creating a business to capitalize on it.

Question 4

A(n) __________ is someone who recognizes a viable idea for a business product or service and carries it out by finding and assembling the necessary resources to undertake the business venture.

Accepted Answer

An entrepreneur is someone who recognizes a viable idea for a business product or service and carries it out by finding and assembling the necessary resources to undertake the business venture.

Question 5

If a small-business owner enjoys the chance to balance work and personal life, he would be considered a(n):

Accepted Answer

The answer of If a small-business owner enjoys the chance...

Question 6

The U.S. Census Bureau's Survey of Business Owners shows that the number of minority-owned companies in the United States was __________ in 2012.

Accepted Answer

In 2012, the U.S. Census Bureau's Survey of Business Owners reported that there were approximately 5.8 million minority-owned companies in the United States.

Question 7

Which of the following is the process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards?

Accepted Answer

Entrepreneurship is the process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards. Intrapreneurship refers to entrepreneurial activity within an existing organization, while small business administration, venture capital, and equity financing are related but distinct concepts in the realm of entrepreneurship.

Question 8

In the United States, entrepreneurship and small business are the engines behind __________ and __________.

Accepted Answer

Entrepreneurship and small business are known for their ability to create jobs by offering employment opportunities. In addition, these businesses are known for their innovative solutions, services, and products. As a result, entrepreneurship and small business are the engines behind job creation and innovation in the United States.

Question 9

__________ reflects an entrepreneur's desire to make their own decisions about their business.

Accepted Answer

Autonomy refers to an individual's desire to have control over their own decisions and actions. It is a key characteristic of entrepreneurship, as entrepreneurs have a strong desire to be their own bosses and make their own decisions about their businesses. Self-confidence, an internal locus of control, and high energy are also important traits for entrepreneurs, but they do not specifically relate to the desire for autonomy. Entrepreneurial sacrifice is not a trait, but rather a willingness to give up personal resources in order to pursue entrepreneurial opportunities.

Question 10

Only about _____ percent of women-owned businesses have employees.

Accepted Answer

Only about 10 percent of women-owned businesses have employees, indicating that the majority are sole proprietorships or have no additional staff.

Question 11

Which of the following are high-energy people who like the chance that a small business gives them to handle everything themselves?

Accepted Answer

Jugglers are often high-energy people who enjoy the challenge and excitement of handling multiple tasks and responsibilities at a small business. They thrive in dynamic environments and enjoy the chance to wear many different hats in their work. Idealists may also be drawn to small business ownership, but their motivations are typically more focused on values and social impact than on personal energy and autonomy. Sustainers and optimizers may appreciate the stability and potential for growth that small businesses offer, but they are less likely to be motivated by the high-energy, hands-on approach that characterizes many small business owners. Hard workers may have the work ethic and dedication required for small business success, but they may not necessarily be drawn to the unique challenges and rewards of small business ownership.

Question 12

The U.S. Small Business Association (SBA) reports that small firms accounted for _____ percent of net new jobs created between 1993 and 2011.

Accepted Answer

The U.S. Small Business Association (SBA) reports that small firms accounted for 64 percent of net new jobs created between 1993 and 2011, highlighting the significant role small businesses play in economic growth and job creation.

Question 13

Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small-business owners?

Accepted Answer

Tracy's Trikes exemplifies an Idealist type of small-business owner who values pursuing creative and meaningful work.

Question 14

Andrew, a young entrepreneur, feels sure about his ability to win customers through his people skills. He is comfortable with his ability to handle technical details and feels that he is able to keep his business moving. This most closely relates to which characteristic of entrepreneurs?

Accepted Answer

Andrew's self-confidence in his people skills and ability to handle technical details suggests that he has a high level of self-confidence, which is a characteristic commonly associated with successful entrepreneurs.

Question 15

Which of the following means that people are motivated to excel and pick situations in which success is likely?

Accepted Answer

The need to achieve is the motivation to excel and pick situations in which success is likely.

Question 16

Which of the following is not a form of debt financing?

Accepted Answer

Crowdfunding is a form of equity financing, not debt financing. In debt financing, a business borrows money and agrees to pay it back, typically with interest. With equity financing, the business sells shares of ownership in exchange for funding. A, C, D, and E are all examples of debt financing.

Question 17

Connie, a single mother and home-business entrepreneur, enjoys running her own business. However, because she is busy balancing work and family, she does not foresee her home business growing significantly in the near future. Connie can best be described as what type of entrepreneur?

Accepted Answer

Connie can best be described as a "Sustainer" entrepreneur who enjoys running her own business but doesn't foresee significant growth in the near future due to the busy life of balancing work and family.

Question 18

Entrepreneurs who aspire to start an online or mobile business:

Accepted Answer

Starting an online or mobile business requires all of the listed qualities. Entrepreneurs should follow the usual steps required to start a traditional business, such as creating a business plan, securing funding, and conducting market research. Additionally, they need to be savvy with technology and adapt to changes quickly. They must know when to pivot their business model, change direction, and make necessary adjustments to stay competitive.

Question 19

Celine has an unwavering belief in her new start-up company. She possesses intense focus and takes unconventional risks to make her new company successful. She has a strong work ethic and often works more than 60 hours a week. These examples most closely relate to which characteristic of entrepreneurs?

Accepted Answer

The answer of Celine has an unwavering belief in her...

Question 20

In 2012, which of the following countries had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business?

Accepted Answer

In 2012, Senegal had the highest percentage of individuals aged 18 to 64 who were actively starting or managing a business, according to the Global Entrepreneurship Monitor (GEM) report. This reflects the vibrant entrepreneurial culture in many African countries, where entrepreneurship is often driven by necessity as well as opportunity.

Quiz 6: Managing Start-Ups and New Ventures