Question 1

_____ of the fastest-growing small companies in the United States have international sales.

Accepted Answer

This means that 40% of the fastest-growing small companies in the United States have international sales.

Question 2

Syed and Mica come up with an idea for making sugar-free ice cream. They open their own small business to cater to the needs of those who are health conscious. Their products are distributed nationwide and their sales continue to increase. Syed and Mica are examples of _____.

Accepted Answer

The answer of Syed and Mica come up with an...

Question 3

After starting a web design company while still in college, Ricardo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Ricardo is an example of a(n):

Accepted Answer

Ricardo's multiple ventures and successful track record indicate that he is a serial entrepreneur, someone who starts and grows multiple businesses over time.

Question 4

What is intrapreneurship, and why is it important today?

Accepted Answer

The answer of What is intrapreneurship, and why is it...

Question 5

List the eight major characteristics of an entrepreneur.

Accepted Answer

The answer of List the eight major characteristics of an...

Question 6

Sophia is the CEO of a not-for-profit organization. She runs the organization to provide quality education for the underprivileged children. Sophia is most likely to be categorized as a:

Accepted Answer

Sophia is running a not-for-profit organization with a social mission to provide quality education to underprivileged children. This aligns with the definition of a social entrepreneur, who aims to create social and environmental impact through their ventures.

Question 7

Distinguish between venture capitalists and angel investors.

Accepted Answer

The answer of Distinguish between venture capitalists and angel investors....

Question 8

_____ focus on solving society's challenges through their businesses.

Accepted Answer

Social entrepreneurs are individuals who focus on solving societal challenges through their businesses. They prioritize social impact and community benefits over generating profits. Classic entrepreneurs and atypical entrepreneurs may not necessarily have a focus on social impact, while change agents could refer to individuals who create change within existing institutions rather than through starting their own businesses.

Question 9

Vaida is a single mother who is required to work evenings and weekends at a local retail store. She is thinking of starting a consulting business primarily so she can _____.

Accepted Answer

Starting a consulting business would provide Vaida with the opportunity to have more control over her schedule and work from home or choose her own clients, allowing her to have a higher quality of life and potentially spend more time with her family. While there is no guarantee of financial success or job security, it does give her more flexibility and potentially higher earning potential. Avoiding risks is not a primary reason for starting a business, as entrepreneurship inherently involves taking on some level of risk.

Question 10

Financial success _____.

Accepted Answer

Financial success is often seen as one of the main motivations for becoming an entrepreneur.

Question 11

Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required.

Accepted Answer

The answer of Explain how CEOs like George Buckley believe...

Question 12

Michelle works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Michelle is most likely to become an entrepreneur in order to _____.

Accepted Answer

Michelle's motivation to become an entrepreneur is to obtain job security, which is not guaranteed in her current employment due to the possibility of layoffs after the merger. This indicates that she is looking for a more stable career option where she can have control over her financial future. Choosing answer A, avoiding taking risks, is not consistent with the entrepreneurial mindset as it involves a certain level of risk-taking. Answer C, having employment as a cushion for failures, may not be Michelle's priority because her current job may not provide her with the job security she needs. Answer D, guarantee financial success, is an unrealistic expectation for any entrepreneurial endeavor, and success is not guaranteed.

Question 13

Unlike small-business owners, one of the major goals of entrepreneurs is:

Accepted Answer

While small-business owners may be content with maintaining their current size and profitability, entrepreneurs typically have a more ambitious vision for their ventures. They seek to grow and expand their businesses, often with a goal of creating disruptive innovation and changing the market.

Question 14

Which of the following has contributed the LEAST to the boom in entrepreneurship?

Accepted Answer

The answer of Which of the following has contributed the...

Question 15

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:

Accepted Answer

The primary reasons people become entrepreneurs typically include wanting to be their own boss, achieve financial success, and create their own job security. Avoiding taking risks is not typically a reason for someone to become an entrepreneur, as entrepreneurship inherently involves taking on risks and uncertainty.

Question 16

Zainab is opening her own bakery. Zainab is most likely to be categorized as a(n) ________.

Accepted Answer

Zainab is an entrepreneur as she is starting her own business. A manager is someone who oversees or supervises the operations of an existing business, while an angel broker and venture capitalist are both investors who provide funding to businesses but are not involved in day-to-day operations like Zainab.

Question 17

Explain the difference between debt financing and equity financing.

Accepted Answer

The answer of Explain the difference between debt financing and...

Question 18

An entrepreneur:

Accepted Answer

An entrepreneur is someone who starts a new business venture or takes risks in the private enterprise system. They often use their creativity and innovation to identify new opportunities and bring new products or services to the market. While there is always a level of risk involved, entrepreneurs are not simply gamblers and they understand that failures are a natural part of the process. Therefore, choice A) is the best answer.

Question 19

Which of the following statements regarding globalization and entrepreneurship is correct?

Accepted Answer

The answer of Which of the following statements regarding globalization...

Question 20

Victoria is an employee at Pegasys Inc., a consulting firm. She uses the resources of the firm to expand and diversify into related fields. Victoria is most likely to be classified as a(n) _____.

Accepted Answer

Victoria is using the resources of her firm to explore new business opportunities, which is a characteristic of an entrepreneur. A manager typically focuses on managing the daily operations of an established business, while stock brokers and venture capitalists are not relevant to this scenario.

Quiz 6: Starting Your Own Business: the Entrepreneurship Alternative