Question 1

Approximately 600,000 new businesses are launched in the U.S. each year by entrepreneurs.

Accepted Answer

According to the Small Business Administration, there are approximately 600,000 new businesses launched in the U.S. each year.

Question 2

Immigrants are more likely to start small businesses than native-born Americans.

Accepted Answer

According to a report by the Small Business Administration, immigrants are 30% more likely to start a business than non-immigrants in the United States.

Question 3

Particularly in a turbulent environment, the three most important traits of successful entrepreneurs are realism, flexibility, and passion.

Accepted Answer

Realism helps entrepreneurs to accurately assess the situation, flexibility allows them to adjust their plans and strategies as needed, and passion provides the drive and persistence to overcome challenges and obstacles in a turbulent environment.

Question 4

Social entrepreneurship combines the creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for the better.

Accepted Answer

Social entrepreneurship is focused on creating positive social or environmental impact, alongside financial sustainability, through innovative business models and solutions.

Question 5

A document specifying the business details prepared by an entrepreneur prior to opening a new business is known as a business plan.

Accepted Answer

A business plan is a written document that outlines the details of a new business such as its objectives, strategies, marketing plans, financial projections, and management structure. It is usually prepared by an entrepreneur to attract investors and secure financing.

Question 6

The psychological characteristic that allows a person to be untroubled by disorder and uncertainty is called tolerance for ambiguity.

Accepted Answer

Tolerance for ambiguity refers to the ability to remain calm and untroubled when faced with situations that are complex, uncertain, or ambiguous.

Question 7

China is the most entrepreneurial country, with 24 percent of individuals age 18 to 64 starting a new business.

Accepted Answer

According to a report released by Global Entrepreneurship Monitor, China has the highest rate of new business ownership among individuals aged 18 to 64, with 24 percent of the population starting a new business.

Question 8

Small businesses, according to the Small Business Administration, employ more than 90 percent of the private workforce in the United States.

Accepted Answer

The answer of Small businesses, according to the Small Business...

Question 9

A need to achieve is a psychological characteristic that means people are motivated to excell and pick situations in which success is likely.

Accepted Answer

This is an accurate definition of the need to achieve.

Question 10

Entrepreneurs in the sustainer category are rewarded by the personal satisfaction of being business owners.

Accepted Answer

The answer of Entrepreneurs in the sustainer category are rewarded...

Question 11

Social entrepreneurs have a primary goal of improving society rather than maximizing profits.

Accepted Answer

Social entrepreneurship focuses on creating positive social impact or solving social problems, rather than just maximizing profits like traditional entrepreneurship.

Question 12

Entrepreneurship and small business in the United States is an engine for job creation and innovation.

Accepted Answer

Entrepreneurship and small businesses in the United States create millions of jobs and often drive innovation in various industries.

Question 13

The process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards refers to entrepreneurship.

Accepted Answer

This statement accurately describes the concept of entrepreneurship, which involves starting and managing a new business venture.

Question 14

The first step in pursuing an entrepreneurial dream is to come up with a viable idea.

Accepted Answer

It is important to have a viable idea that can potentially become a successful business venture.

Question 15

Sole proprietorships are one of the fastest growing segment of small business.

Accepted Answer

According to the Small Business Administration, sole proprietorships are the most common form of business ownership in the United States and have been growing steadily in recent years.

Question 16

Optimizers are rewarded by chance to work on something new and creative.

Accepted Answer

The answer of Optimizers are rewarded by chance to work...

Question 17

Social entrepreneurs are leaders who are committed to both good business and ensuring high profitability.

Accepted Answer

While social entrepreneurs are committed to creating social and/or environmental impact, their main goal is not necessarily high profitability. Rather, they prioritize using business as a means to create positive change.

Question 18

Entrepreneurs in the optimizer category are rewarded by the personal satisfaction of being business owners.

Accepted Answer

Optimizer entrepreneurs prioritize work-life balance and personal fulfillment over maximizing profits, and thus often find satisfaction in being business owners rather than solely focusing on financial gain.

Question 19

The most common source of new business ideas comes from in-depth understanding of an industry or profession.

Accepted Answer

Having a solid understanding of an industry or profession can help identify problems or gaps in the market, and create solutions to meet the needs of consumers. It can also provide insights into emerging trends and technologies that can be leveraged to start a new business or improve an existing one.

Question 20

Entrepreneurs in the sustainer category alike the chance to balance work and personal life and often don't want the business to grow too large.

Accepted Answer

Entrepreneurs in the sustainer category value work-life balance and may not necessarily seek rapid growth for their business.

Quiz 6: Managing Small Business Start Ups