Question 1

Researchers who study entrepreneurs have discovered that:

Accepted Answer

Studies have found that entrepreneurs have a desire for responsibility and are willing to take moderate risks, rather than extreme risks. Additionally, there is no one set of traits that mark a successful entrepreneur, as success can come from a variety of backgrounds and personalities. While having an idea and resources are important for starting a business, a small management team is not necessarily a requirement for success.

Question 2

A significant benefit of starting your own company is:

Accepted Answer

Contributing to society and being recognized for your efforts is a significant benefit of starting your own company. As an entrepreneur, you have the opportunity to create something valuable and make a positive impact on the world, which can be a great source of personal fulfillment and recognition. Additionally, if your company succeeds, you may become well-known in your industry or even achieve national or international recognition for your achievements.

Question 3

Minorities cite which of the following as the primary barrier to their entrepreneurship?

Accepted Answer

Discrimination is a major barrier to entrepreneurship for minorities, as it can make it difficult for them to access capital, find customers, and build relationships with other businesses.

Question 4

Potential drawbacks of small business ownership include:

Accepted Answer

The answer of Potential drawbacks of small business ownership include:
...

Question 5

Dirk wants to be in control.He's tired of taking orders from others and wants to feel a sense of accountability for the outcome of his work.Dirk displays the entrepreneurial characteristic of:

Accepted Answer

The answer of Dirk wants to be in control.He's tired...

Question 6

Which of the following trends is feeding the growth of entrepreneurial activity?

Accepted Answer

The answer of Which of the following trends is feeding...

Question 7

Most of today's immigrant entrepreneurs come into the U.S.with:

Accepted Answer

Studies have shown that many immigrant entrepreneurs come into the U.S. with little education and financial resources but possess a strong desire to succeed and dedication towards their business goals. While some may receive financial support from family members in their home countries, it is not considered a significant factor for most immigrant entrepreneurs. Therefore, option C is the best choice.

Question 8

Companies started by women differ from companies started by men in that:

Accepted Answer

The answer of Companies started by women differ from companies...

Question 9

Mary and Ted are discussing starting a new business and are asking themselves a series of questions like;"What is the worst that could happen if we fail?" "How likely is that to happen?" They are assessing which potential drawback of small business ownership?

Accepted Answer

Mary and Ted are assessing the risk of losing their entire investment, which is a potential drawback of small business ownership. The other options (long hours and hard work, lower quality of life, and uncertainty of income) are also potential drawbacks, but they are not the specific one being discussed here.

Question 10

The growth of entrepreneurship is being fed by:

Accepted Answer

Technological advancements have provided new opportunities for entrepreneurs to launch businesses and bring innovative products and services to market. This has led to a growth in entrepreneurship in recent years. While the other options may play a role in some cases, they are not the primary drivers of the growth of entrepreneurship.

Question 11

More businesses are started by individuals between ________ than at any other age.

Accepted Answer

According to various studies and reports, including the Kauffman Foundation Index, the Global Entrepreneurship Monitor, and the Small Business Administration, individuals between the ages of 25-34 are more likely to start businesses compared to any other age group. This is often attributed to this age group's combination of experience, education, and entrepreneurial drive.

Question 12

Entrepreneurs seem to be characterized by:

Accepted Answer

While some entrepreneurs may have a desire for money or a need for control, a high energy level is a more universal trait among entrepreneurs. Successful entrepreneurs often work long hours and face many challenges, requiring a high level of energy and drive to overcome obstacles and achieve success.

Question 13

Surveys show that owners of small businesses believe that:

Accepted Answer

Surveys consistently show that small business owners believe they work harder than they would if they were employed by someone else. This is likely due to the fact that small business owners have a greater level of responsibility and often put in long hours to ensure the success of their business. However, small business owners also tend to report a higher level of satisfaction with their work, indicating that although they may work harder, they also feel a greater sense of fulfillment from owning and operating their own business. The other options (B, C, and D) are not supported by survey data.

Question 14

The nation is rapidly moving from:

Accepted Answer

There is a shift happening in the economy from an industrial-based economy to a knowledge-based economy. This shift is due to advancements in technology and the increasing value of intellectual property and information. Capitalism is still the dominant economic system, but it is not necessarily changing in terms of its basic principles.

Question 15

The international market:

Accepted Answer

The first sentence explicitly states that the international market has proven to be a tremendous opportunity for small business, indicating that it is a good option for small businesses to explore. The other choices are unsupported and/or contradictory to the statement above.

Question 16

Entrepreneurs start businesses for a number of reasons including:

Accepted Answer

While some entrepreneurs may be motivated by the potential for monetary gain or job security, many are driven by the chance to create something new and innovative that can make a positive impact on the world. This can be a more compelling reason to start a business than simply seeking financial gain or job security.

Question 17

Juan is able to work well in a constantly changing atmosphere and has little concern for what tomorrow will bring.Juan demonstrates which of the following characteristics of a typical entrepreneur?

Accepted Answer

Juan's ability to work well in a constantly changing atmosphere and his lack of concern for the future indicate a tolerance for ambiguity, which is a common characteristic of successful entrepreneurs. This doesn't necessarily indicate a willingness to take extreme risks or a desire for immediate feedback, nor does it suggest a future orientation.

Question 18

Which of the following corporate trends have contributed to the growth of entrepreneurship?

Accepted Answer

The answer of Which of the following corporate trends have...

Question 19

Kyoto has started an interior decoration business.Everything about the business,from its name to the color schemes used in the corporate letterhead,is an expression of her personality.She sees this business as her greatest personal achievement.Kyoto is experiencing the opportunity ________ of small business ownership.

Accepted Answer

The statement mentions that Kyoto sees this business as her greatest personal achievement, indicating that she is seeking an opportunity to reach her full potential. The other choices may also be goals of small business ownership, but they are not explicitly mentioned in the given information.

Question 20

Entrepreneurial education:

Accepted Answer

All of the choices are correct. Entrepreneurial education has become extremely popular and there is increasing demand for courses in entrepreneurship, which universities are beginning to meet by offering more courses in this field.

Quiz 1: Entrepreneurs: the Driving Force Behind Small Business