Question 1

Hong Kong is the most entrepreneurial country, with 47.4 percent of individuals age 18 to 64 starting a new business.

Accepted Answer

Hong Kong is not the most entrepreneurial country by this metric; other countries have higher percentages of individuals starting new businesses.

Question 2

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

Accepted Answer

Studies have shown that immigrants are more likely to start businesses than their native-born counterparts. According to the Kauffman Index of Entrepreneurial Activity, immigrants were twice as likely to start businesses as native-born Americans in 2017. This is likely due to a combination of factors, including a strong work ethic, desire for financial independence, and limited job opportunities in their chosen fields.

Question 3

The fastest growing segment of small business in both the U.S. and Canada is partnerships.

Accepted Answer

The fastest growing segment of small business in both the U.S. and Canada is typically sole proprietorships, not partnerships.

Question 4

Small businesses, according to the Small Business Administration, employ more than 90 percent of the private workforce in the United States and are responsible for 85 percent of all business innovations.

Accepted Answer

According to the Small Business Administration, small businesses employ about 47% of the private workforce, not more than 90%, and they are not responsible for 85% of all business innovations.

Question 5

The primary focus of most entrepreneurs is retail, manufacturing and/or service type of businesses.

Accepted Answer

Yes, the primary focus of most entrepreneurs is retail, manufacturing, and/or service type of businesses. These are the most common types of businesses that entrepreneurs start as they are relatively easy to set up and have potential for profit.

Question 6

Idealists, who are rewarded by chance to work on something new and creative, consist of 15% of small business owners.

Accepted Answer

There is no specific data or statistic universally stating that 15% of small business owners are idealists rewarded by chance to work on something new and creative.

Question 7

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 8

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

Accepted Answer

Entrepreneurship and small business in the United States have been credited with creating jobs and driving innovation throughout the country. They are seen as crucial components of the economy, contributing to economic growth and development.

Question 9

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 process and definition of entrepreneurship.

Question 10

Sole proprietorships are the fastest growing segment of small business.

Accepted Answer

According to the Small Business Administration (SBA), sole proprietorships are the most common form of business ownership in the US and have been growing steadily in recent years. Therefore, the statement is true.

Question 11

People who have high achievement needs like to set their own goals, which are moderately difficult.

Accepted Answer

People with high achievement needs typically prefer to set their own goals, rather than having them imposed by others. Additionally, they tend to choose goals that are moderately challenging, as this provides them with a sense of accomplishment when they succeed.

Question 12

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

The statement correctly describes the characteristics of entrepreneurs in the sustainer category. They prioritize work-life balance and prefer to keep their business growth moderate, rather than expanding rapidly.

Question 13

Hard workers, who thrive on the challenge of building a larger more profitable business, consist of 20% of small business owners.

Accepted Answer

This statement is stating a fact about small business owners, and the statement is true. Therefore, the answer is A.

Question 14

Entrepreneurs are in more control of their environment, generally speaking, and can be expected to have an external locus of control.

Accepted Answer

Entrepreneurs typically have an internal locus of control, believing they can influence their environment and outcomes through their actions and decisions.

Question 15

According to a survey, majority of entrepreneurs work approximately 80 hours or more per week.

Accepted Answer

Most surveys indicate that while entrepreneurs often work long hours, the majority do not consistently work 80 hours or more per week. The average tends to be lower, often around 50-60 hours.

Question 16

Small businesses represent 68 percent of all firms and employ about three quarters of all private sector employees.

Accepted Answer

Small businesses represent a significant portion of firms and employment, but the specific percentages can vary. According to the U.S. Small Business Administration, small businesses make up about 99.9% of all U.S. businesses and employ about 47.1% of the private workforce, not three quarters.

Question 17

Sole proprietorships are the fastest growing segment of small business in both the U.S. and Canada.

Accepted Answer

According to the Small Business Administration, sole proprietorships are the most common type of small business and have been consistently growing in numbers in recent years. This trend is also observed in Canada, where sole proprietorships account for over 60% of businesses.

Question 18

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

Accepted Answer

Entrepreneurs in the optimizer category are focused on achieving work-life balance and personal fulfillment, so the personal satisfaction of being a business owner is a major reward for them.

Question 19

Every time Tina Faye does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

Accepted Answer

Tina Faye is attributing her poor performance to an external factor, which indicates an external locus of control.

Question 20

Women and minorities who have found their opportunities limited in the corporate world are seeing intrapreneurship as the only way to go.

Accepted Answer

The answer of Women and minorities who have found their...

Quiz 20: Managing Small Business Start-Ups