Question 1

Independence,challenge,and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.

Accepted Answer

This statement is true. Many entrepreneurs are driven by the desire for independence, the challenge of starting something new, and the potential opportunities for success and growth.

Question 2

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Accepted Answer

The position of the U.S. government is generally to welcome foreign entrepreneurs and provide them with opportunities to start and grow businesses in the country. While there may be some restrictions and regulations in place, the overall stance is one of openness and support for entrepreneurship from both domestic and international sources.

Question 3

Kylie is employed by Street Wheels,a large corporation that produces accessories for scooters,bicycles,and other children's vehicles.She is a creative force within the company and has helped create and launch several new successful products.Kylie is an example of an intrapreneur.

Accepted Answer

Kylie's ability to bring innovation and creativity to her job within a larger corporation makes her an intrapreneur.

Question 4

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

Accepted Answer

While self-motivation is an important factor in entrepreneurship, the government can provide resources, support, and incentives to encourage individuals to start their own businesses. The government can also create policies and programs that make it easier for entrepreneurs to access funding, navigate regulations, and tap into markets.

Question 5

A National Business Incubator Association study indicates that over 80 percent of incubator graduates remain in business.

Accepted Answer

The National Business Incubator Association study indicates that over 80 percent of incubator graduates remain in business, making the statement true.

Question 6

Ramsey is a dreamer rather than a doer.This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Accepted Answer

The answer of Ramsey is a dreamer rather than a...

Question 7

Enterprise zones offer lower tax rates and government assistance to attract private business investment.

Accepted Answer

Enterprise zones are designated geographic areas that offer tax incentives and government assistance to encourage economic growth and job creation through private investment.

Question 8

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Accepted Answer

While a detailed business plan can certainly help mitigate some risks associated with starting a business, it cannot completely eliminate all uncertainties and risks involved in entrepreneurship.

Question 9

Successful entrepreneurs are exclusively motivated by the desire to become rich.

Accepted Answer

While becoming wealthy may be a goal for many entrepreneurs, it is not the only motivation. Successful entrepreneurs are often driven by a passion for their product or service, a desire for creative fulfillment, a need to solve societal problems, or a combination of factors.

Question 10

Although corporate managers often exhibit the skills required of successful entrepreneurs,they seldom have the desire to give up the perks and fringe benefits of corporate life and start their own business.

Accepted Answer

The answer of Although corporate managers often exhibit the skills...

Question 11

State governments create new startup business organizations called enterprise zones that are later sold to private investors.

Accepted Answer

State governments do create enterprise zones, which are designated areas meant to encourage economic growth and development by offering incentives to businesses, but they are not created specifically to be sold to private investors. These zones are typically administered by public entities and are intended to benefit the local community.

Question 12

Juanita wants to operate her own business.Although she admits it would be nice to earn a healthy profit,her primary motivation is the excitement and challenge of starting and running a business.Juanita's attitude is different from most small business owners,who usually focus solely on the earnings potential of their ventures,as well as the opportunity to acquire power and prestige.

Accepted Answer

The answer of Juanita wants to operate her own business.Although...

Question 13

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home.Most likely Jon's letter was a work-at-home scam.

Accepted Answer

Letters promising high earnings for working from home with little effort are often a common characteristic of work-at-home scams.

Question 14

To be successful,entrepreneurs are dependent on the support of others for encouragement.

Accepted Answer

The answer of To be successful,entrepreneurs are dependent on the...

Question 15

The U.S.government offers "investor visas" to attract more entrepreneurs.

Accepted Answer

The U.S. government offers investor visas, also known as EB-5 visas, to attract foreign entrepreneurs who invest a significant amount of money in the U.S. economy and create jobs.

Question 16

Anthony is an employee of a textbook publisher.However,his desire is to establish a home-based business providing his services to a variety of publishers.Anthony's primary motivation is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself.Anthony is an example of a micropreneur.

Accepted Answer

A micropreneur is an individual who starts a small business venture, often from home, with the intention of making a living while maintaining a balance between work and personal life. Anthony's desire to establish a home-based business and work for himself reflects the characteristics of a micropreneur.

Question 17

The Connecting with Small Business box is testimonial to the fact that entrepreneurs are problem solvers.

Accepted Answer

The statement is true, as entrepreneurs often create businesses to solve a problem or meet a need in the market.

Question 18

Jason,Robin,and Ian currently work in the marketing department of a large corporation.They have similar backgrounds and training and are thinking about leaving their company to start their own business.Successful entrepreneurial teams are comprised of these types of people because similarities in knowledge and skill ensure harmony and consistency in their new business.

Accepted Answer

While it is important for entrepreneurial teams to have some similarities or complementary skills, having too much similarity can also lead to groupthink and a lack of diversity in perspectives. Therefore, a mix of similarities and diversity is ideal for successful entrepreneurial teams.

Question 19

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

Accepted Answer

Business incubators typically assist new startups, not established companies.

Question 20

Entrepreneurial teams increase the cooperation between marketing,production and other functional areas of a business venture.

Accepted Answer

Entrepreneurial teams bring together individuals with diverse skills and expertise to collaborate on a business venture, leading to increased cooperation and communication between different functional areas such as marketing, production, finance, and management.

Quiz 6: Entrepreneurship and Starting a Small Business