Question 1

People starting high-growth ventures need to know how to seek and obtain venture capital.

Accepted Answer

Venture capital is a common source of funding for high-growth ventures, so founders need to know how to pitch to investors and negotiate deal terms in order to secure financing.

Question 2

Public entrepreneurship is the form of entrepreneurship that involves revitalizing private agencies.

Accepted Answer

Public entrepreneurship involves creating and innovating public agencies, not private ones.

Question 3

Small business is the engine of job generation,but it is important for existing jobs,too.

Accepted Answer

Small businesses create new jobs, but they also help to support and maintain existing jobs in the local community. Small businesses often provide services and products that larger companies may not offer, which helps create demand, and in turn, supports the jobs of other workers in related industries. Additionally, many small businesses are family-owned and operated, providing opportunities for family members to work together and support each other's livelihoods.

Question 4

Truly entrepreneurial businesses are characterized by imitativeness in their products,services or business models.

Accepted Answer

Truly entrepreneurial businesses are characterized by innovation and creativity in their products, services, or business models, not imitativeness.

Question 5

About half of the adults in the U.S.think about owning their own business,but only one person in 50 who thinks about it actually starts a business.

Accepted Answer

The answer of About half of the adults in the...

Question 6

Imitative firms are defined as prepackaged businesses that are bought,rented,or leased from another company.

Accepted Answer

Imitative firms are those that copy or mimic the business models, products, or services of other companies, rather than being prepackaged businesses bought, rented, or leased.

Question 7

Nearly all entrepreneurs talk about three universally mentioned rewards: flexibility,fame,and fortune.

Accepted Answer

The answer of Nearly all entrepreneurs talk about three universally...

Question 8

The most frequently occurring element of the BRIE model is the intention.

Accepted Answer

The BRIE model consists of four components: Behavior, Relationship, Intention, and Environment. While all four components are important, intention is often considered the most critical element because it drives behavior and influences the other components. Therefore, the statement "the most frequently occurring element of the BRIE model is the intention" is true.

Question 9

Small businesses focus on effectiveness whereas high-growth ventures focus on efficiency.

Accepted Answer

High-growth ventures focus on both effectiveness and efficiency, while small businesses may prioritize effectiveness over efficiency due to limited resources.

Question 10

they must make something to make money.

Accepted Answer

In order to sustain a business or livelihood, some form of income or revenue must be generated through the production or provision of goods or services.

Question 11

Growth rewards are what people get from facing and beating challenges.

Accepted Answer

Growth rewards are the positive outcomes and benefits that individuals receive when they overcome challenges, such as increased confidence, knowledge, skills, and personal development.

Question 12

The BRIE model can help individuals with one of the biggest hurdles of starting a business,which are resources.

Accepted Answer

The answer of The BRIE model can help individuals with...

Question 13

The high-growth ventures and big businesses would not succeed without small businesses offering supporting services.

Accepted Answer

Small businesses provide a variety of supporting services to high-growth ventures and big businesses such as accounting, legal, marketing, and IT services. Without these services, it would be difficult for larger companies to operate efficiently and focus on their core business functions. Therefore, small businesses play a crucial role in supporting the growth and success of larger companies.

Question 14

More than 75 percent of the millionaires in the United States are entrepreneurs.

Accepted Answer

According to a study by Fidelity Investments, more than 75 percent of millionaires in the United States are self-made entrepreneurs.

Question 15

The U.S.government agency that helps people start businesses is the U.S.Department of Commerce.

Accepted Answer

The U.S. government agency that helps people start businesses is actually the Small Business Administration (SBA), not the Department of Commerce. The Department of Commerce focuses on promoting economic growth and job creation, but does not specifically assist with starting businesses.

Question 16

In order to start a business,you need four elements to come together: boundary,reason,idea,and exchange.

Accepted Answer

The four elements typically needed to start a business are idea, market, resources, and a business plan, not boundary, reason, idea, and exchange.

Question 17

In the BRIE model,exchange refers to moving resources,products,or services to others in exchange for money or other resources.

Accepted Answer

In the BRIE model, exchange involves transactions where resources, products, or services are exchanged for money or other resources with others.

Question 18

When thinking about owning their own business,one hurdle people need to overcome is taking the right action.

Accepted Answer

Taking action and the willingness to take risks are key factors in starting and owning a business. False beliefs or fear can hold entrepreneurs back from taking necessary steps towards building their own business.

Question 19

Flexibility rewards refer to the money made from owning your own business.

Accepted Answer

Flexibility rewards refer to the benefits of being able to work flexible hours and have control over your schedule, not the money made from owning a business.

Question 20

The four forms of entrepreneurship are public,independent,corporate,and social.

Accepted Answer

The statement is true, there are four forms of entrepreneurship: public, independent, corporate, and social.

Quiz 1: Small Business: Its Opportunities and Rewards