Question 1

Worldwide, approximately ______ of adults are starting or managing a new business.

Accepted Answer

Approximately 9 percent of adults worldwide are starting or managing a new business.

Question 2

After starting a web design company while still in college, Rodrigo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Rodrigo is an example of a(n)

Accepted Answer

Rodrigo's multiple business ventures and willingness to start new companies demonstrate that he is a serial entrepreneur, someone who starts and manages multiple businesses over their career.

Question 3

Collin works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Collin is most likely to become an entrepreneur in order to ______.

Accepted Answer

The answer of Collin works for a large bank that...

Question 4

Which of the following has contributed the least to the boom in entrepreneurship?

Accepted Answer

All of the options listed have contributed significantly to the growth in entrepreneurship, but the rise of service industries has had the least impact in comparison. Information technology has created new markets and opportunities for startups, demographic and economic trends have led to increased demand for innovative solutions, and education has provided entrepreneurs with the skills and resources they need to succeed. While the rise of service industries has created some new opportunities for entrepreneurship, it has not had the same transformative impact as the other factors listed.

Question 5

Entrepreneurs and small-business owners both have all of the following qualities EXCEPT

Accepted Answer

The growth of their company is not necessarily a universal quality of entrepreneurs and small-business owners. Some may be content with maintaining a certain size or level of success rather than constantly striving for growth.

Question 6

Saul is the CEO of Summertime, Inc. He uses the resources of the firm to expand and diversify into winter sports areas. Saul would be classified as a(n) ______.

Accepted Answer

The answer of Saul is the CEO of Summertime, Inc....

Question 7

Social entrepreneurs focus on what type of problems as a business opportunity?

Accepted Answer

Social entrepreneurs focus on solving human problems such as poverty, inequality, lack of access to healthcare, education, clean water, and other basic needs. They often see these challenges as business opportunities to create sustainable solutions that have a positive social impact.

Question 8

Dina is a single mother who is required to work evenings and weekends at a local retail store. She is thinking of starting a consulting business primarily so she can ______.

Accepted Answer

The answer of Dina is a single mother who is...

Question 9

Financial success ______.

Accepted Answer

Financial success is often seen as a key motivation for individuals to become entrepreneurs. While it is not guaranteed and does not always result from starting a business, the potential for financial gain is certainly a factor that attracts many people to entrepreneurship.

Question 10

Entrepreneurs who run small businesses from their homes are called ______.

Accepted Answer

Homepreneurs are entrepreneurs who operate their small businesses from their homes. They are also sometimes referred to as "home-based entrepreneurs" or "home-based businesses." A, B, and D are different types of entrepreneurs, but do not specifically refer to those who run small businesses from their homes.

Question 11

The success of entrepreneurship means meeting the needs of ______.

Accepted Answer

The success of entrepreneurship involves balancing and meeting the needs of employees, customers, and shareholders, as all are crucial stakeholders in a business.

Question 12

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT

Accepted Answer

While creating employment opportunities for others can be a result of entrepreneurship, it is not typically a primary reason why individuals choose to become entrepreneurs. The primary reasons usually focus on personal goals such as independence, financial success, and job security.

Question 13

Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ______.

Accepted Answer

Franz and Arlene fit the definition of classic entrepreneurs as they had an idea for a new product and struggled to open their own small business. They also worked towards expanding production and distribution, leading to nationwide distribution and increasing sales.

Question 14

______ are pioneers of innovations that benefit humanity.

Accepted Answer

Social entrepreneurs are pioneers of innovations that benefit humanity. They are driven by a mission to create positive social change, often addressing the root causes of problems in society. Unlike classic entrepreneurs who focus on profit, social entrepreneurs prioritize impact and sustainability. Change agents and atypical entrepreneurs may also contribute to social innovation, but social entrepreneurship specifically refers to those who create solutions to social problems through sustainable, market-based approaches.

Question 15

Lifestyle entrepreneurs are energized to set up businesses because of the need for ______.

Accepted Answer

Lifestyle entrepreneurs prioritize achieving a work-life balance and having flexibility in their work schedule. They are motivated to create a business that fits their personal lifestyle rather than just focusing on profit-making or investment opportunities.

Question 16

Which of the following countries has the highest level of total entrepreneurial activity?

Accepted Answer

Thailand has been reported to have a high level of total entrepreneurial activity compared to the other countries listed.

Question 17

Which of the following statements regarding globalization and entrepreneurship is correct?

Accepted Answer

According to global entrepreneurship data, approximately 9 percent of adults worldwide are starting or managing a new business. The statement in option A is incorrect as entrepreneurship is increasingly becoming a global phenomenon with many successful entrepreneurs coming from developing countries. Option C is not accurate as well as the United States doesn't lead in the percentage of adults engaged in entrepreneurship. Option D is also incorrect as entrepreneurship is thriving in Latin America and Asia, with many successful startups emerging from these regions.

Question 18

What makes entrepreneurs unique is their overwhelming desire to ______.

Accepted Answer

The answer of What makes entrepreneurs unique is their overwhelming...

Question 19

Which of the following resources are essential to the entrepreneur?

Accepted Answer

Human resources are necessary for any business, as they are the individuals who will be responsible for its development and success. Financial resources are crucial for startup capital and ongoing operations. Equipment and facilities are also essential resources needed to set up and run a business efficiently. Time, risk, machinery, education, and suppliers are all important factors in entrepreneurship, but they are not necessarily essential resources.

Question 20

James Smith analyzed the census data of Canada and realizes the population is growing faster than that of housing development. He initiates savings to invest in real estate in the next two years. James Smith can be classified under what category of entrepreneur

Accepted Answer

The answer of James Smith analyzed the census data of...

Quiz 6: Starting Your Own Business: the Entrepreneurship Alternative