Question 1

Dealing with unexpected events is the norm for most entrepreneurs.

Accepted Answer

Entrepreneurs often face unexpected events like market downturns, supply chain disruptions, and unexpected competition. It is important for entrepreneurs to be adaptable and flexible in order to handle these situations.

Question 2

Growth in entrepreneurship is a worldwide phenomenon.

Accepted Answer

According to various studies and reports, entrepreneurship is on the rise globally, with many countries supporting and promoting entrepreneurship as a key driver of economic growth and job creation.

Question 3

The aging of the U.S.population has made it more difficult for entrepreneurs to find opportunities.

Accepted Answer

The aging of the U.S. population actually presents opportunities for entrepreneurs in industries such as healthcare and senior services. While certain industries may face challenges related to an aging population (such as pensions and healthcare costs), overall the impact on entrepreneurship is not necessarily negative.

Question 4

Today,there are fewer two-income households,making it more difficult for people to pursue entrepreneurship.

Accepted Answer

This statement is false. According to data from the U.S. Census Bureau, the percentage of households with two or more income earners has actually been increasing over the years, reaching around 60% in 2018. However, there are still barriers to entrepreneurship such as access to capital, market competition, and regulatory hurdles.

Question 5

Entrepreneurs are often easily discouraged by setbacks and failures.

Accepted Answer

Entrepreneurs are typically characterized by their resilience and ability to persevere through setbacks and failures, viewing them as opportunities for learning and growth.

Question 6

Overseas,workers have yet to discover the benefits of entrepreneurship compared to employment by big firms.

Accepted Answer

Entrepreneurship is recognized and pursued worldwide, including in overseas countries, as it offers benefits such as independence, financial rewards, and innovation opportunities, contrasting with the structure of employment by big firms.

Question 7

Many U.S.universities offer programs in entrepreneurship.

Accepted Answer

Many U.S. universities offer programs in entrepreneurship, ranging from undergraduates to postgraduate levels. These programs help students develop skills and knowledge required to start and run their businesses.

Question 8

A lifestyle entrepreneur is a person who starts a business to gain flexibility in work hours and control over his or her life.

Accepted Answer

A lifestyle entrepreneur is someone who places lifestyle first when designing their career. They usually start a business that balances their professional and personal life, and offers the flexibility to work from anywhere at any time. They prioritize freedom, flexibility, creativity, and personal fulfillment over financial gain.

Question 9

Truly successful entrepreneurs take responsibility for their mistakes.

Accepted Answer

Truly successful entrepreneurs understand that mistakes are inevitable in business and take responsibility for them rather than blaming others. They use their mistakes as learning opportunities and grow from them, which ultimately leads to greater success.

Question 10

Overall,in the United States the current outlook for becoming an entrepreneur is positive.

Accepted Answer

The United States has a strong culture of entrepreneurship, with various resources and support available for those looking to start their own businesses. Additionally, the economy has been growing and unemployment rates have been relatively low, creating a favorable environment for new businesses to thrive.

Question 11

Entrepreneurship is comparable to gambling.

Accepted Answer

Entrepreneurship involves calculated risks, strategic planning, and informed decision-making, whereas gambling relies on chance and luck without control over outcomes.

Question 12

Generally,entrepreneurs do not have a high energy level.

Accepted Answer

This statement is false. Entrepreneurs are often known for having high energy levels and being driven to pursue their goals and ideas.

Question 13

Entrepreneurs enjoy guaranteed job security because no one can fire them.

Accepted Answer

Entrepreneurs may face risks and uncertainties that can lead to business failure or financial losses, thus their job security is not guaranteed.

Question 14

The desire to work fewer hours is one of the main drives for those who choose to become entrepreneurs.

Accepted Answer

While the desire for greater flexibility and control over one's work schedule is a common motivation for becoming an entrepreneur, the reality is that starting and running a successful business often requires working longer and harder hours than a typical 9-5 job.

Question 15

Desire for improved quality of life is often a motivation for becoming an entrepreneur.

Accepted Answer

Many people become entrepreneurs in order to have more control over their work-life balance and to create a business that reflects their values and passions. Improving their quality of life is often a key driver in this decision.

Question 16

Nina started her own business because she was tired of worrying about corporate downsizing despite her highly positive annual reviews.This is a common motivation for becoming an entrepreneur.

Accepted Answer

This statement is true. Many people start their own businesses because they are either tired of job insecurity or want to take control of their own career path.

Question 17

As a rule,entrepreneurs believe in their ability to succeed.

Accepted Answer

Most entrepreneurs have a strong belief in their ability to succeed, which is one of the characteristics that helps them take risks and persevere through challenges.

Question 18

Countries whose economies are driven by innovation,like Italy and Japan,have lower established business ownership rates.

Accepted Answer

Countries with more innovative economies tend to have higher rates of entrepreneurship but lower rates of established business ownership because they have a higher turnover of new businesses. Italy and Japan are both known for their innovative economies but have relatively lower rates of established business ownership.

Question 19

Most entrepreneurs are skeptical of using social media to promote their businesses.

Accepted Answer

In recent years, social media has become a powerful tool for entrepreneurs to reach new customers and promote their businesses. Many entrepreneurs are embracing social media as an important element of their marketing strategy. However, there may still be some skepticism or uncertainty among some entrepreneurs about the effectiveness of social media for promoting their businesses.

Question 20

Entrepreneurs generally begin with a vision.

Accepted Answer

Entrepreneurs typically start with a vision or an idea for a business or product that they want to bring to life. They use this vision as a foundation for developing their business plan and strategy.

Quiz 6: Starting Your Own Business: the Entrepreneurship Alternative