Deck 7: Entrepreneurship and Starting a Small Business

Question 1

Successful entrepreneurs rely on others for direction and support.

Answer 1

False

Question 2

An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

Answer 2

False

Question 3

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

Answer 3

True

Question 4

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Question 5

Entrepreneurs are less important now than in the past to the Canadian economy.

Question 6

Entrepreneurship involves accepting the risk of starting and running a business.

Question 7

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Question 8

Entrepreneurship is another name for management.

Question 9

Potential entrepreneurs would be well advised to ask questions.

Question 10

Successful entrepreneurs accept the risk of failure.

Question 11

Many business started by entrepreneurs have grown into major corporations employing thousands of workers.

Question 12

Entrepreneurs,like gamblers,enjoy taking risks.

Question 13

There are over 900,000 self-employed women in Canada as of 2008.

Question 14

Entrepreneurs are motivated by the desire to earn a profit.

Question 15

Most entrepreneurs prefer working for someone else.

Question 16

Most entrepreneurs are more interested in personal achievement than in organizational power.

Question 17

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Question 18

Entrepreneurs avoid risk and place a high priority on security.

Question 19

It is important for an entrepreneur to be highly energetic.

Question 20

Generation X people are not attracted to starting their own business.

Question 21

Society is much more accepting of home-based entrepreneurs than in the past.

Question 22

Micropreneurs are home-based business owners.

Question 23

The Internet provides an important opportunity for entrepreneurs.

Question 24

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Question 25

Micropreneurs are motivated by a desire to have both a satisfying family life and rewarding work.

Question 26

Opponents of home-based businesses successfully lobbied Parliament to reduce the tax deductions available for home offices.

Question 27

Advancements in computer technology put home-based businesses at a disadvantage.

Question 28

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Question 29

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Question 30

It is estimated that 46% of SMEs have some degree of female ownership.

Question 31

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Question 32

Small businesses have not significantly participated in web-based online sales.

Question 33

Micropreneurs are exempt from the local ordinances that restrict home-based businesses from operating in residential areas.

Question 34

The purpose of Industry Canada's SME Research and Statistics web site is to allow researchers to share data they have collected on small business in Canada.

Question 35

Successful entrepreneurial teams struggle to blend creative business skills with production and marketing skills.

Question 36

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

Question 37

Many micropreneurs operate home-based businesses in the service industry.

Question 38

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Question 39

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Question 40

Corporate downsizing reduces the opportunities for home-based businesses.

Question 41

There are over 1,400 business incubators in North America.

Question 42

Entrepreneurial spirit is unique to a small business environment.

Question 43

A small business must be independently owned and operated.

Question 44

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

Question 45

Web-based business is always a fast road to success.

Question 46

The Canadian government views entrepreneurship as a result of an individual's self-motivation.The government,therefore,can do very little to encourage an individual to become an entrepreneur.

Question 47

Large firms have a greater ability to provide personalized,fast response customer service than do small business organizations.

Question 48

Most small businesses are foreign-owned and managed.

Question 49

The management of a nonprofit organization is much the same as the management of small and large businesses.

Question 50

About 86% of Canadian exporters are small businesses.

Question 51

Small business employs 48 percent of the total private labour force.

Question 52

Creative people working as entrepreneurs within a large organization are called intrapreneurs.

Question 53

The principles of managing vary according to the size of the business.

Question 54

Medium-sized businesses have between 50-499 employees.

Question 55

Business incubators provide assistance to established companies attempting to generate foreign sales.

Question 56

Big businesses don't serve all the needs of the market.

Question 57

98% of businesses in Canada have fewer than 100 employees.

Question 58

To be classified as a small business,a firm must have no more than 100 employees.

Question 59

Small businesses employ about 1 million individuals in Canada.

Question 60

The goal of an incubator is only to ensure that the small business survives the start-up period.

Question 61

Maria has just completed her business degree.Her best job search strategy would be to concentrate on looking for work with a major corporation.

Question 62

Offering to manage an established business offers experience to a would-be entrepreneur.

Question 63

The easiest businesses to start also have the least growth potential and the greatest failure rate.

Question 64

Small businesses are not usually found in the farming sector.

Question 65

The most common small business failures occur in businesses that are the easiest to start.

Question 66

Small businesses often can provide more personalized customer service than bigger rivals.

Question 67

Corporate management has been the training ground for many new entrepreneurs.

Question 68

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Question 69

Traditionally small business statistics classified the retirement of an owner of a sole proprietorship as a business failure.

Question 70

Many entrepreneurs got the idea for their own business from their experience of working for others.

Question 71

About 50% of businesses that enter the marketplace survive for one full year.

Question 72

Small businesses can be found in the service sector.

Question 73

Many small businesses list managerial incompetence as one of their biggest causes of failure.

Question 74

Your brother,a family dentist,has opened a new office in your home town.As a business student you know that this type of business experiences both low failure and growth rates.

Question 75

Bad luck is the most often reported cause for small business failure.

Question 76

Individuals desiring to learn about small business operations would be well advised to learn from other entrepreneurs.

Question 77

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

Question 78

Since entrepreneurs are starting new businesses,experience gained from working for an established business isn't particularly helpful.

Question 79

The best way to learn about small business is to start your own.

Question 80

There is no better way to learn about small business operations than to work for a small business owner.