Question 1

Which of these means that people are motivated to excel and pick situations in which success is likely?
A) External locus of control
B) Tolerance for Ambiguity
C) Awareness of passing time
D) Internal locus of control
E) Need to achieve

Accepted Answer

The need to achieve is a personality trait that refers to the motivation to excel and pick situations in which success is likely.

Question 2

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?
A) Idealist
B) Sustainer
C) Optimizer
D) Juggler
E) Hard worker

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 3

Which of the following are high-energy people who enjoy handling every detail of their own businesses?
A) Jugglers
B) Idealists
C) Sustainers
D) Optimizers
E) Hard workers

Accepted Answer

Jugglers are known for their ability to multitask and handle every detail of their businesses in a high-energy manner. Idealists are more focused on their vision and goals, while Sustainers and Optimizers may delegate more and focus on efficiency rather than personal involvement. Hard workers may not necessarily enjoy handling every detail and may prefer to focus on specific tasks.

Question 4

The Small Business Association (SBA) reports that small businesses create at least _____ percent of America's new jobs.
A) 30
B) 32
C) 46
D) 64
E) 82

Accepted Answer

The Small Business Association (SBA) reports that small businesses create at least 64 percent of America's new jobs.

Question 5

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 a(n) _____.
A) entrepreneurship
B) intrapreneurship
C) useless idea
D) large business
E) partnership

Accepted Answer

Jose's activities involve identifying a business opportunity, developing a new product, and starting a small business to market it. This is the definition of entrepreneurship. Intrapreneurship refers to entrepreneurship within an existing organization. The option of a useless idea does not make sense in this context. The options of a large business or partnership do not fit the description of Jose's current activities as they imply a larger scale and involve different types of business structures.

Question 6

What percentage of women entrepreneurs have employees?
A) Five
B) Ten
C) Twenty
D) Fifty
E) Eighty

Accepted Answer

According to a report by American Express, about 20% of women entrepreneurs have employees.

Question 7

An entrepreneur:
A) assumes the risks of the business.
B) reaps the rewards of the business.
C) assumes the financial and legal risks of ownership.
D) recognizes a viable idea for a business product or service and carries it out.
E) all of these.

Accepted Answer

An entrepreneur assumes the risks of the business, reaps the rewards of the business, assumes the financial and legal risks of ownership, and recognizes a viable idea for a business product or service and carries it out. Therefore, all of these options are correct.

Question 8

Today, inspired by the growth of companies such as Amazon.com, entrepreneurs are flocking to the _____ to start new businesses.
A) Small Business Administration
B) Internet
C) bookstore
D) mall
E) Internal Revenue Service

Accepted Answer

The reference to Amazon.com suggests that entrepreneurs are using the internet to start new businesses. Option A is a government agency that provides support to small businesses, but it is not relevant to the growth of Amazon and online entrepreneurship. Option C refers to a specific type of retail establishment and is too narrow in scope. Option D is too general and does not reflect the trend towards online entrepreneurship. Option E is a government agency responsible for taxation and is also not directly relevant to the growth of online businesses.

Question 9

Which of the following demographic factors distinguish entrepreneurs from others?
A) They are likely the youngest child in their family.
B) Most entrepreneurs launch their businesses between the ages of 35 and 55.
C) Their parents likely worked for large companies.
D) They are likely the children of immigrants.
E) All of these.

Accepted Answer

The answer of Which of the following demographic factors distinguish...

Question 10

In 2012, which country had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business?
A) China
B) Peru
C) Columbia
D) Angola
E) Dominican Republic

Accepted Answer

China had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business in 2012.

Question 11

A(n) _____ is someone who recognizes a viable idea for a business product or service and carries it out.
A) intrapreneur
B) entrepreneur
C) manager
D) leader
E) introvert

Accepted Answer

An entrepreneur is someone who recognizes a viable idea for a business product or service and carries it out. Entrepreneurs are known for their innovation, risk-taking, and drive to succeed in their ventures. In contrast, an intrapreneur is someone who applies these same principles within an existing organization, while a manager and leader may oversee the operations of a business but may not necessarily be the ones who came up with the initial idea. An introvert, while they may have the skills to be an entrepreneur, refers to someone who is more reserved and introspective in their approach to life.

Question 12

If a small business owner enjoys the chance to balance work and personal life, he would be considered a(n) _____.
A) idealist
B) optimizer
C) hard worker
D) juggler
E) sustainer

Accepted Answer

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

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?
A) Optimizers
B) Idealists
C) Hard workers
D) Sustainers
E) Jugglers

Accepted Answer

Tracy's Trikes exemplifies the category of Idealists, who prioritize personal fulfillment and creativity in their business ventures.

Question 14

Small firms that file for patents typically produce _____ more patents per employee than large patenting firms.
A) twice
B) 3 to 4 times
C) 6 to 7 times
D) 9 to 10 times
E) 13 to 14 times

Accepted Answer

The answer of Small firms that file for patents typically...

Question 15

In the United States, minorities own _____ firms.
A) 5.8 million
B) 1.3 billion
C) 872,000
D) 8.9 million
E) 2.9 million

Accepted Answer

According to the U.S. Census Bureau's Survey of Business Owners, minorities own approximately 5.8 million firms in the United States.

Question 16

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 personality trait of entrepreneurs?
A) Need to achieve
B) Impatience
C) Tolerance for ambiguity
D) High energy level
E) Self-confidence

Accepted Answer

The description of Andrew feeling confident in his abilities relates to the personality trait of self-confidence.

Question 17

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. These examples most closely relate to which personality trait of entrepreneurs?
A) Need to achieve
B) Patience
C) Tolerance for ambiguity
D) High energy level
E) Self-confidence

Accepted Answer

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

Question 18

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?
A) Intrapreneurship
B) Entrepreneurship
C) Small business administration
D) Venture capital
E) Equity financing

Accepted Answer

Entrepreneurship is the process of starting a business venture, organizing the resources, and taking the risks. Intrapreneurship refers to innovation within an established organization, whereas small business administration, venture capital, and equity financing are all related to supporting or funding entrepreneurship.

Question 19

Which of the following is the type of business that most entrepreneurs start?
A) Retail
B) Manufacturing
C) Service
D) All of these
E) Retail and manufacturing only

Accepted Answer

Most entrepreneurs start service businesses because they require less capital and can be started more quickly than other types of businesses.

Question 20

Small businesses represent _____ percent of all firms and employ about half of all private sector employees.
A) 87
B) 22
C) 98
D) 54
E) 72

Accepted Answer

Small businesses make up a significant portion of the economy, representing approximately 98% of all firms and employing about half of all private sector employees.

Quiz 6: Managing Start Ups and New Ventures

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

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?

Which of the following are high-energy people who enjoy handling every detail of their own businesses?

The Small Business Association (SBA) reports that small businesses create at least _____ percent of America's new jobs.

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 a(n) _____.

What percentage of women entrepreneurs have employees?

An entrepreneur:

Today, inspired by the growth of companies such as Amazon.com, entrepreneurs are flocking to the _____ to start new businesses.

Which of the following demographic factors distinguish entrepreneurs from others?

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

A(n) _____ is someone who recognizes a viable idea for a business product or service and carries it out.

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

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?

Small firms that file for patents typically produce _____ more patents per employee than large patenting firms.

In the United States, minorities own _____ firms.

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 personality trait of entrepreneurs?

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. These examples most closely relate to which personality trait of entrepreneurs?

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

Which of the following is the type of business that most entrepreneurs start?

Small businesses represent _____ percent of all firms and employ about half of all private sector employees.