Question 1

Anthony wants to start a restaurant but needs help with learning about being an entrepreneur.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Entrepreneurship education is crucial for Anthony as it will provide him with the necessary knowledge and skills to understand the challenges and opportunities of being an entrepreneur, which is essential for starting and running a successful restaurant.

Question 2

Rahul, an immigrant from the Middle East, wants to start a spice business in the United States but wants a secure framework with experts in property rights, accounting, law, investment banking, and technology.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Rahul's requirements for property rights, accounting, law, investment banking, and technology fall under commercial and legal infrastructure. Therefore, he needs a secure framework with experts in this area to start his business. The other options, cultural and social norms, physical infrastructure, and entry regulation, are also important for the entrepreneurial ecosystem, but they are not directly related to Rahul's specific needs.

Question 3

Carlos wants to start an entrepreneurial nonprofit but needs help with funding.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Carlos needs financial resources to start his entrepreneurial nonprofit, so the condition of having access to funding is the most relevant in this case. While the other conditions listed may also be important for the overall entrepreneurial ecosystem, they may not directly address Carlos's immediate need for funding.

Question 4

Michael is a franchise restaurant owner.He has which of the following costs?

Accepted Answer

As a franchise restaurant owner, Michael has to pay a franchise fee to start and a monthly royalty as a percentage of sales to the franchisor. Additionally, he has to cover other operational costs such as rent, utilities, salaries, food, and supplies. Therefore, option A is the best choice. Option B is incorrect because franchise owners pay royalties based on their sales, not income. Option C is incorrect because franchise owners have to comply with certain standards and guidelines set by the franchisor that other restaurant owners do not have to follow. Option D is incorrect because costs cannot equal sales according to the matching principle from accounting, which states that expenses should be matched to the revenues they helped to generate.

Question 5

Bill is the paternal head of his family and the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You, as a consultant, advise him to ______.

Accepted Answer

Passing on the family's values and beliefs to the next generations is crucial for the long-term survival of a family business. It ensures that the family's legacy and culture are preserved, and the younger generation understands the family's vision and mission, which will guide their decisions as they take on leadership roles in the future. Hiring an advisor, developing a business plan, and establishing a trust are also essential steps, but they are not as critical as passing on the family's mindsets and philosophies.

Question 6

Angela wants to start a company developing apps.She needs access to R&D to be able to use the newest technologies.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

Accepted Answer

Angela needs access to research and development in order to use the newest technologies. Therefore, the condition that needs to be put in place for her is research and development transfer.

Question 7

Aaron has a new technology that he wants to launch into a business and needs the market to be open to his new technology.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

The answer of Aaron has a new technology that he...

Question 8

Cecilia has a business that is very new, less than three months, and she has not been able to pay herself a wage or salary.At this stage, she is a ______.

Accepted Answer

A nascent entrepreneur is someone who has just started their business and is still in the early stages of development. Cecilia's situation of not being able to pay herself a wage or salary indicates that her business is very new, hence she falls under the category of nascent entrepreneurs.

Question 9

Robert has a business that he wants to pass down to others in his family to run.Robert has ______.

Accepted Answer

Robert specifically wants to pass down his business to family members, indicating that he has a family enterprise. An entrepreneurship refers to the act of starting a business or taking on financial risks in order to make a profit. A role as an entrepreneur inside is not a commonly used term and may not accurately describe Robert's situation. Interest in a benefit corporation may indicate a desire to run a business with a social or environmental mission, but it is not clear from the given information whether Robert is interested in this specific type of business structure.

Question 10

Programs such as the Ernst and Young's EY Entrepreneurial Winning Women program and Springboard have helped to raise the profile of women entrepreneurs by supporting, training, and showcasing women entrepreneurs to the venture capital community through sponsored events and forums.This helps offset one of the findings from the 2014 Diana Project that suggests ______.

Accepted Answer

The article mentions that programs like EY Entrepreneurial Winning Women and Springboard are helping to raise the profile of women entrepreneurs by showcasing them to the venture capital community. This suggests that the venture capital model needs to be updated to keep up with the changing landscape of women's entrepreneurship, as mentioned in option B. Option A is not directly supported by the article, as it mentions support and training for women entrepreneurs, rather than skill development. Option C is not relevant to the article's discussion on programs for women entrepreneurs. Option D is not supported by the article and presents a stereotype that women are more homebound.

Question 11

Maria wants to start a landscaping business and needs tax incentives, lower interest rates on her business lines, and education.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

Accepted Answer

Support from the government provides tax incentives, lower interest rates, and education, which are all necessary for Maria to start her landscaping business.

Question 12

Sarah is an accountant with desires to open her own business.She is looking for office space at a reasonable rate along with Internet service.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

Accepted Answer

Physical infrastructure is necessary for Sarah as it includes office space and Internet service, which are essential for starting her business.

Question 13

Sources of funding of small amounts, for a very short time, available in developing countries are called ______.

Accepted Answer

Microloans are small amounts of funding, usually less than $50,000, that are provided to small businesses in developing countries. They are intended to help entrepreneurs and small business owners who lack access to traditional forms of financing, such as bank loans. These loans are usually given for a very short period of time, often just a few months, and are designed to help recipients grow their businesses or address short-term financial challenges. Charitable contributions and business loans are also sources of funding, but they may not be available in small amounts or for short durations. Miniloans is not a commonly used term in financial circles.

Question 14

Marcos wants to start a propane delivery and service business but needs help with tax incentives.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Marcos needs support from the government in the form of tax incentives. Therefore, option B is the best choice for the conditions that need to be put in place for the Entrepreneurial Ecosystem. While financial resources, entrepreneurship education, and research and development transfer may also be beneficial for Marcos's business, they are not specifically related to tax incentives.

Question 15

Who made the following statement: "You're the job creators, responsible for half of all private sector jobs.You're innovators, producing 13 times more patents per employee than large companies."?

Accepted Answer

The statement is a praise of small businesses, and it was made during the White House ceremony honoring National Small Business Week award winners, which suggests that the speaker is someone from the U.S. government, likely the President. Therefore, the best choice is B, President Barack Obama.

Question 16

Pierre, a farmer using vermiculture techniques, is very thankful that he has the freedom to have developed the confidence to choose to be an entrepreneurial farmer.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Cultural and social norms are essential for fostering an entrepreneurial ecosystem as they influence the acceptance and support of entrepreneurial activities within a community.

Question 17

Bill continues to be downsized from his employers but has good work ethics and strong marketable skills.He decides to start his own business.What type of entrepreneur is he?

Accepted Answer

Bill is a necessity-based entrepreneur because he is starting his own business due to being downsized from his previous employer, which is a necessity for his livelihood.

Question 18

Marlon wants to start a tree service business but needs help with understanding how to run a business.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

Accepted Answer

Marlon needs entrepreneurship education in order to learn how to run his tree service business. While financial resources may be helpful, and support from government and research and development transfer may be valuable in certain circumstances, entrepreneurship education specifically addresses the need for business knowledge and skills.

Question 19

Sam is tired of seeing the injustice and mistreatment of children in the inner cities and has an innovative idea to help them and help develop the self-esteem needed to succeed as adults.Sam is an example of a ______.

Accepted Answer

Sam's innovative idea to help children in inner cities addresses a social issue, and his focus on developing self-esteem suggests a desire to create sustainable, long-term impact. These qualities align with the characteristics of a social entrepreneur. The other options (B, C, and D) do not accurately capture Sam's dedication to creating social change.

Question 20

Sam loves opportunities and looks for one wherever he goes.He saw a need, developed a product, and did this on the side to increase his income.Sam is ______.

Accepted Answer

Sam's behavior of spotting a need and developing a product to increase his income shows characteristics of an opportunity-based entrepreneur. While he may be working two jobs, this is not the defining trait described in the scenario. It is also not mentioned whether he is a natural-born salesman or not.

Quiz 1: Entrepreneurship: a Global Social Movement