Ch.6 Exam Prep Entrepreneurship And Starting A Business 150 - Contemporary Business 19e | Practice Test Bank by Louis E. Boone. DOCX document preview.
Package Title: Chapter 6, Testbank
Course Title: Boone, Contemporary Business, 19th Edition
Chapter Number: 6
Question type: Multiple Choice
1) A person who identifies a business opportunity and allocates available resources to tap that market is a(n) _____.
a) angel investor
b) venture capitalist
c) social entrepreneur
d) classic entrepreneur
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
2) A(n)_____ recognizes a societal problem and uses business principles to develop innovative solutions.
a) angel investor
b) venture capitalist
c) social entrepreneur
d) lifestyle entrepreneur
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
3) A(n) _____ starts a business to gain flexibility in work hours and control over his or her life.
a) venture capitalist
b) social entrepreneur
c) classic entrepreneur
d) lifestyle entrepreneur
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
4) _____ helps entrepreneurs work quickly and efficiently, provide attentive customer service, and increase sales.
a) Seed capital
b) Information technology
c) Internal locus of control
d) Equity funds
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
5) _____ refers to the characteristic of entrepreneurs believing that they control their own destiny.
a) Venture capitalist
b) Social entrepreneur
c) Lifestyle entrepreneur
d) Internal locus of control
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
6) _____ is the initial funding used to launch a company.
a) Seed capital
b) Debt financing
c) Equity financing
d) Equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
7) Loans from banks are a source of _____.
a) seed capital
b) debt financing
c) equity financing
d) equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
8) When entrepreneurs use _____, they borrow money from banks, finance companies, credit card companies, and family or friends that must be repaid.
a) seed capital
b) debt financing
c) equity financing
d) equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
9) A(n) _____ is a business organization or group of private individuals who invest early-stage, high-potential growth companies.
a) angel investor
b) venture capitalist
c) social entrepreneur
d) skunkworks
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
10) A(n) _____ is an individual who invests money directly in new ventures in exchange for equity.
a) angel investor
b) venture capitalist
c) social entrepreneur
d) lifestyle entrepreneur
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
11) Entrepreneurs exchange a share of ownership in their company for money supplied by one or more investors to secure _____.
a) seed capital
b) debt financing
c) equity financing
d) equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
12) _____ is the process of promoting innovation within the structure of an existing organization.
a) Venture capitalism
b) Classic entrepreneurship
c) Skunkworks
d) Intrapreneurship
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
13) A(n) _____ project is initiated by an employee who conceives an idea, convinces top management of a company of its potential, and then recruits human and other resources from within the company to turn that idea into a commercial project.
a) venture capitalism
b) lifestyle entrepreneurship
c) skunkworks
d) intrapreneurship
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
14) In contrast to a venture capitalist, a(n) _____ focuses primarily on new ventures.
a) angel investor
b) entrepreneurial capitalist
c) debt financiar
d) lifestyle entrepreneur
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
15) A(n) _____ is typically known to back companies in high-technology industries such as biotechnology.
a) angel investor
b) venture capitalist
c) debt financiar
d) lifestyle entrepreneur
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
16) _____ enables entrepreneurs to take responsibility for their successes or failures.
a) Seed capital
b) Debt financing
c) Intrapreneurship
d) Internal locus of control
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
17) A(n) _____ is a form of intrapreneurship.
a) social entrepreneur
b) classic entrepreneur
c) lifestyle entrepreneur
d) skunkworks
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
18) Loans from credit card companies are an example of entrepreneurs using _____.
a) seed capital
b) debt financing
c) equity financing
d) equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
19) An entrepreneur does not have to repay _____.
a) seed capital
b) debt financing
c) equity financing
d) equity funds
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
20) Who is an entrepreneur?
a) An entrepreneur is a risk taker in the private enterprise system.
b) An entrepreneur is a gambler in the private enterprise system.
c) An entrepreneur does not tolerate ambiguity.
d) An entrepreneur does not tolerate failures.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
21) Jennifer Hyman, the founder of Rent the Runway (rents high ends clothes and accessories), exemplifies the concept of _____.
a) serial entrepreneurship
b) classic entrepreneurship
c) skunk workers
d) intrapreneurship
Difficulty: Medium
earning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
22) Arcadia is opening her own bakery. Arcadia is most likely to be categorized as a(n) _____.
a) manager
b) entrepreneur
c) angel broker
d) venture capitalist
Difficulty: Medium
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
23) A personality trait that is common to entrepreneurs is _____.
a) desire to succeed instantly
b) desire to change the world
c) willingness to take risks in a new venture
d) willingness to share ownership of a new venture
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
24) Unlike small-business owners, one of the major goals of entrepreneurs is _____.
a) the desire to succeed
b) to possess creative energy
c) expansion and growth
d) to seek a profitable opportunity
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
25) Cleopatra is an employee at Pegasys Inc., a consulting firm. She uses the resources of the firm to expand and diversify into related fields. Cleopatra is most likely to be classified as a(n) _____.
a) small business owner
b) entrepreneur
c) stock broker
d) venture capitalist
Difficulty: Medium
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
26) ________ identify business opportunities and allocate available resources to tap those markets.
a) Serial entrepreneurs
b) Classic entrepreneurs
c) Change agents
d) Social entrepreneurs
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
27) Which of the following start one business, run it, and then start and run additional businesses in succession?
a) Serial entrepreneurs
b) Classic entrepreneurs
c) Change agents
d) Social entrepreneurs
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
28) ________ recognize a societal problem and use business principles to develop innovative solutions.
a) Serial entrepreneurs
b) Classic entrepreneurs
c) Change agents
d) Social entrepreneurs
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
29) Atif and Sanya come up with an idea for making sugar-free ice cream. They open their own small business to cater to the needs of those who are health conscious. Their products are distributed nationwide and their sales continue to increase. Atif and Sanya are examples of _____.
a) serial entrepreneurs
b) classic entrepreneurs
c) change agents
d) social entrepreneurs
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
30) Serial entrepreneurship involves _____.
a) launching and running a business, and then starting and running additional businesses in succession
b) recognizing societal problems and using business principles to develop innovative solutions
c) starting a new company by identifying a business opportunity and allocating resources to tap a new market
d) conceiving an idea, convincing top management of the idea’s potential, and then recruiting human and other resources from within the company to turn the idea into a commercial project
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
31) After starting a web design company while still in college, Alejandro 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. Alejandro is an example of a(n) _____.
a) serial entrepreneur
b) social entrepreneur
c) lifestyle entrepreneur
d) classic entrepreneur
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
32) Which of these focus on solving society’s challenges through their businesses?
a) Classic entrepreneurs
b) Change agents
c) Atypical entrepreneurs
d) Social entrepreneurs
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
33) Agatha is the CEO of a not-for-profit organization. She runs the organization to provide quality education for the underprivileged children. Agatha is most likely to be categorized as a _____.
a) serial entrepreneur
b) social entrepreneur
c) lifestyle entrepreneur
d) classic entrepreneur
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
34) Which of the following is NOT one of the primary reasons why people become entrepreneurs?
a) To be one’s own boss
b) To achieve financial success
c) To avoid taking risks
d) To create one’s own job security
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
35) Financial success _____.
a) rarely results from starting a business
b) is part of the appeal of becoming an entrepreneur
c) plays little role in motivating people to become entrepreneurs
d) is virtually guaranteed if people work hard enough starting their own businesses
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
36) Riya works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Riya is most likely to become an entrepreneur in order to _____.
a) avoid taking risks
b) obtain job security
c) have employment as a cushion for failures
d) guarantee financial success
Difficulty: Medium
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
37) Daphne 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 _____.
a) have guaranteed job security
b) avoid taking risks
c) have guaranteed financial success
d) enjoy a higher quality of life
Difficulty: Medium
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
38) Which of these is TRUE about successful entrepreneurs?
a) They believe they will achieve their greatest success by working for others.
b) They have a very low tolerance for failure.
c) They are often likely to have had parents who were entrepreneurs.
d) They rarely fit into one specific job title, career path, or industry.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
39) All of the following are identified as responsibilities of entrepreneurs EXCEPT _____.
a) upsizing their organizations in response to declining revenues
b) formulating policies
c) managing finances, human resources, and materials
d) problem solving
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
40) Tim Ferriss, best-selling author of the 4-Hour self-help series, is considered by many to be a(n) _____.
a) lifestyle entrepreneur
b) serial entrepreneur
c) social entrepreneur
d) intrapreneur
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
41) A(n) ______ is a person who starts a business to gain flexibility in work hours and control over his or her life.
a) lifestyle entrepreneur
b) serial entrepreneur
c) social entrepreneur
d) intrapreneur
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
42) _____ of the fastest-growing small companies in the United States have international sales.
a) Two of every five
b) Three of every five
c) Four of every five
d) Five of every six
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
43) Which of the following statements about globalization and entrepreneurship is correct?
a) The business ownership rate is highest in economies that compete based on unskilled labor and natural resources.
b) Most entrepreneurs are from countries whose economies are driven by innovation.
c) Entrepreneurship is least common in Latin America, Sub-Saharan Africa, and the Caribbean.
d) The United States leads in the percentage of adults engaged in entrepreneurship.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
44) ______ is an example of an innovation-driven economy.
a) India
b) Nigeria
c) Italy
d) Mexico
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
45) Which of the following has contributed the LEAST to the boom in entrepreneurship?
a) Information technology
b) Demographic and economic trends
c) Education
d) Economies driven by innovation
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
46) Which of these statement is NOT correct concerning education and entrepreneurs?
a) Today, many U.S. universities offer full-fledged majors in entrepreneurship.
b) A number of schools offer opportunities to intern with a start-up.
c) One needs to have an entrepreneurship major in order to launch a start-up.
d) Highly motivated self-starters are often found in an entrepreneurship major.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
47) Studies suggest that more than _____percent of successful companies now use at least one social media tool.
a) 30
b) 10
c) 60
d) 90
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
48) Information technology can help entrepreneurs in all of the following ways EXCEPT _____.
a) provide improved customer service
b) guarantee financial success
c) work quickly and efficiently
d) increase sales
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
49) Which of the following demographic/economic trends has increased the opportunities for entrepreneurs?
a) Stagnating wages
b) Steady interest rates
c) Aging population
d) Increase in wages
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
50) Which of these refers to an overall idea for how to convert a business idea into a success?
a) Creativity
b) Internal locus of control
c) Vision
d) Tolerance for ambiguity
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
51) ______ is LEAST likely to become an entrepreneur.
a) A person with tolerance for ambiguity
b) A person with internal locus of control
c) A person with a competitive drive
d) A person with low energy level
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
52) Studies indicate that most entrepreneurs spend _____ on their new business.
a) less than 30 hours a week
b) about 40 hours a week
c) at least 70 hours a week
d) weekends only
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
53) Which of the following individuals is most likely to succeed as an entrepreneur?
a) Marcel who cannot tolerate failures
b) Philip who has an aversion for taking risks
c) Fiona who blames others for her failures
d) Gina who is driven by the need to excel
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
54) Entrepreneurs possess all of the following traits EXCEPT _____.
a) tolerance for ambiguity
b) creativity
c) low self-confidence
d) vision
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
55) All of the following are important characteristics of entrepreneurs EXCEPT _____.
a) tolerance for failure
b) internal locus of control
c) creativity
d) dependence on others
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
56) Netflix continues to offer DVDs by mail to 3.7 million U.S. subscribers in addition to its streaming services because of its _____.
a) tolerance for failure
b) internal locus of control
c) creativity
d) tolerance for ambiguity
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
57) When Sarah, as an entrepreneur, continues to work on an idea in spite of physical or technical hindrances and succeeds in turning that idea into reality, she is exemplifying the entrepreneurial characteristic _____.
a) vision
b) internal locus of control
c) creativity
d) tolerance for ambiguity
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
58) Valerie wants to start a business. She takes a personality test and discovers she possesses a trait that may reduce the likelihood of her success. Which of the following is that trait?
a) Creativity
b) Low tolerance for ambiguity
c) Vision
d) Internal locus of control
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
59) Rodrigues routinely bids on contracts even though most of the other bidders are extremely large firms. Rodrigues believes his company offers better service at lower prices. Which of the following personality traits, common in entrepreneurs, does Rodrigues exhibit?
a) Creativity
b) Tolerance for failure
c) High energy level
d) Self-confidence
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
60) Which of the following statements best describes how entrepreneurs view failure?
a) They enjoy risk and gambling.
b) They are easily discouraged when things don’t go as planned.
c) They view failure as a learning experience.
d) They worry that if they fail they’ll never get another opportunity.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
61) Kassandra is a successful entrepreneur. She stays close to her customers and is constantly looking for effective strategies. She is also willing to make adjustments when necessary. Kassandra is demonstrating _____.
a) internal locus of control
b) creativity
c) vision
d) tolerance for ambiguity
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
62) Felipe is an entrepreneur who takes personal responsibility for the success or failure of his actions rather than believing in luck or fate. Which characteristic best describes Felipe’s entrepreneurial philosophy?
a) Internal locus of control
b) Need to achieve
c) Tolerance for failure
d) Tolerance for ambiguity
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
63) Which of the following is one of the most important considerations in selecting a business idea?
a) Making sure no company is currently offering the product/service
b) Ensuring that the idea solely appeals to a niche market
c) Finding something one loves to do and is good at doing
d) Choosing a product/service that is inexpensive to sell
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
64) All of the following are major advantages of buying an existing business over starting a new business EXCEPT _____.
a) obtaining financing is often easier
b) less risk is involved
c) product or service is not known in the marketplace
d) existing suppliers and employees are in place
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
65) The business start-up PK Clean, launched by Priyanka Bakaya in Salt Lake, Utah, can be identified as an example of _____.
a) intrapreneurship
b) skunkworks
c) social entrepreneurship
d) serial entrepreneurship
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
66) Natsuki is opening a home health care business that she knows will do well in her community. She makes this assumption based on prior research. Although she must repay borrowed funds, Natsuki chooses _____ to maintain complete control over the business without having to answer to investors or partners.
a) debt financing
b) funding from venture capitalists
c) funding from angel investors
d) equity financing
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
67) Identify a recommendation, in the context of financing, made by the Small Business Administration (SBA) to entrepreneurs.
a) Finding less expensive credit
b) Charging business expenses to personal credit cards
c) Establishing a business credit history
d) Showing a profit on rising revenues
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
68) Cheng is in the process of using debt financing to fund his new venture. In this case, he is most likely to _____.
a) borrow loans from banks
b) obtain funding from venture capitalists
c) secure funding from angel investors
d) exchange a share of ownership in his company for money
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
69) Aliya invests in her new venture along with the fund supplied by Deccan Corp., the co-owner of her start-up. This type of funding is known as _____.
a) equity financing
b) debt financing
c) social venture capital funding
d) focused funding
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
70) Abbas wants to start a new business, but his bank will not lend him the money he needs. Abbas saw an advertisement sponsored by a business organization that provides financing for early-stage, high-potential growth companies. The organization sponsoring the advertisement would be considered a(n) _____.
a) franchisor
b) franchisee
c) mortgage lender
d) venture capitalist
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
71) Which of these are business organizations or groups of private individuals who invest in early-stage, high-potential growth companies?
a) Angel investors
b) Share brokers
c) Intrapreneurs
d) Venture capitalists
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
72) Denzel is a wealthy person who focuses on investing in new ventures. He is looking to invest money directly into a new consulting business in return for equity in the company. Denzel is a(n) _____.
a) franchisor
b) stock broker
c) angel investor
d) franchisee
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
73) Aaliyah is trying to start a new business. A women’s business network puts her in touch with a wealthy investor who is willing to invest in her company in exchange for an equity stake. This investor is most likely to be a(n) _____.
a) angel investor
b) franchisor
c) stock broker
d) mortgage lender
Difficulty: Medium
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
74) Which of the following are specific geographic areas designated for economic revitalization?
a) Economic stimulus zones
b) Enterprise zones
c) Commerce areas
d) Investor zones
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
75) A(n) _____ is another form of intrapreneurship initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits human and other resources from within the company to turn that idea into a commercial project.
a) wealth creation
b) angel investor
c) skunkworks
d) debenture
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
76) Abigail works as an artist for a major textile company and created an instrument for producing designs. The company will implement Abigail’s idea as part of its _____ strategy.
a) skunkworks
b) angel investment
c) seed capital
d) entrepreneurship
Difficulty: Medium
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
77) Which of the following instances best represents a skunkworks project?
a) Fathima obtains funding from a venture capitalist to start her new venture.
b) Frank obtains funding from an angel investor who also helps him with launching his business.
c) Laila obtains funding from the company she works for to turn her idea into a commercial project.
d) Janet obtains funding through bank loans and finance companies that she must repay.
Difficulty: Medium
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
78) A(n) _____ is an event where computer programmers and software developers intensively collaborate on new developments.
a) crowdfunding platform
b) enterprise zone
c) skunkworks
d) hackathon
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
79) Former CEO George Buckley believes that the key to supporting intrapreneurship is the willingness to _____.
a) categorize targeted employment area
b) allocate time and money
c) appoint dedicated personnel
d) pursue a degree in business management
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
Question type: True/False
80) Entrepreneurs take necessary risks to set up and operate a business.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
81) By definition, owning a business, means that you are an entrepreneur.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
82) Entrepreneurs may also perform a managerial role, but their overriding responsibility is to use the resources of their organizations to accomplish their goals.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
83) According to research, the personality traits common to entrepreneurs are very similar to those required for managerial success.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
84) Classic entrepreneurs start one business, run it, and then start and run additional businesses in succession.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
85) A classic entrepreneur starts a new company by identifying a business opportunity and allocating resources to tap a new market; serial entrepreneurs start one business, run it, and then start and run additional businesses in succession.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
86) Social entrepreneurs recognize a societal problem and use business principles to develop innovative solutions.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
87) Classic entrepreneurs are pioneers of innovations that benefit humanity.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
88) Elon Musk, founder of PayPal, and CEO of Tesla Motors, Solar City, and SpaceX, is a serial entrepreneur.
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
89) Jose began a furniture company and ran it for five years. Afterward, he started another company for selling home appliances, and then an interior designing company. Jose is a social entrepreneur.
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
90) Social entrepreneurs recognize a societal problem and use business principles to develop innovative solutions.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
91) Outside the US, workers have yet to discover the benefits of entrepreneurship.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
92) One of the main drivers for those who choose to become entrepreneurs is the desire to work fewer hours.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
93) Entrepreneurs enjoy guaranteed job security because no one can fire them.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
94) Lilly 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.
Difficulty: Medium
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
95) A person who starts a business to gain flexibility in work hours and control over his or her life is a lifestyle entrepreneur.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
96) A serial entrepreneur is a person who starts a business to gain flexibility in work hours and control over his or her life.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
97) A motivation for becoming an entrepreneur is the desire for improved quality of life.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
98) The economy does not have an impact on entrepreneurs finding opportunities.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
99) Growth in entrepreneurship is a worldwide phenomenon.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
100) Countries whose economies are driven by innovation, like Italy and Japan, have lower established business ownership rates.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
101) Many U.S. universities offer programs in entrepreneurship.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
102) Unfortunately, most entrepreneurs are skeptical of using social media to promote their businesses.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
103) According to research, the aging of the U.S. population has made it more difficult for entrepreneurs to find opportunities.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
104) Today, there are fewer two-income households, making it more difficult for entrepreneurs to find opportunities.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
105) Entrepreneurs generally begin with a vision.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
106) Entrepreneurs, generally, do not have a high energy level.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
107) Entrepreneurs, as a rule, believe in their ability to succeed.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
108) Entrepreneurs are often easily discouraged by setbacks and failures.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
109) Truly successful entrepreneurs take responsibility for their mistakes.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
110) Dealing with unexpected events is the norm for most entrepreneurs.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
111) Entrepreneurs do not have strong competitive drive.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
112) The personal belief that one controls his or her own destiny refers to the internal locus of control.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
113) Entrepreneurs have an external locus of control, which means they believe that they control their own destinies.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
114) Obtaining financing for an existing business is easier than it is for most start-up companies.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
115) A less risky way to begin a business than starting an entirely new firm is buying a franchise.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
116) Most entrepreneurs, in the past, started their ventures without creating formal business plans.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
117) The Small Business Administration (SBA) recommends avoiding the use of personal credit cards for business expenses.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
118) Unfortunately, banks cannot research an entrepreneur’s personal credit history when making lending decisions.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
119) Equity financing may benefit an entrepreneur who possesses good ideas and skills, but has little or no money.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
120) Venture capitalists take an equity stake in businesses in which they invest their funds.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
121) Entrepreneurs must repay the money sourced through angel investors.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
Question type: Essay
122) What are the differences between entrepreneurs and small-business owners and managers? Explain.
Difficulty: Easy
Learning Objective 1: 06-01: Define entrepreneur.
Section Reference 1: What Is an Entrepreneur?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
123) Differentiate between classic entrepreneurs, serial entrepreneurs, and social entrepreneurs.
Difficulty: Easy
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
124) Founded by Kristin Richmond and Kirsten Tobey, Revolution Foods, is categorized as social entrepreneurship. Each day, the Oakland, California-based company provides what it calls “real food” meals, including brown rice and fresh vegetables, to schoolchildren in 25 U.S. cities. More than just serving healthy meals, Revolution Foods partners with schools to deliver nutrition education programs through classroom instruction and off-campus, hands-on activities to empower students to make smarter and healthier eating choices. Do you agree this is social entrepreneurship? Why or why not?
Difficulty: Medium
Learning Objective 1: 06-02: Identify the different categories of entrepreneurs.
Section Reference 1: Categories of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
125) Identify the four motives frequently cited as major reasons why people become entrepreneurs.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
126) Discuss lifestyle entrepreneurs.
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
127) Why is Tim Ferriss, best-selling author of the 4-Hour self-help series, considered to be a lifestyle entrepreneur?
Difficulty: Easy
Learning Objective 1: 06-03: Explain why people choose entrepreneurship as a career path.
Section Reference 1: Reasons to Choose Entrepreneurship as a Career Path
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
128) Identify the factors that have contributed to the expansion in entrepreneurship.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
129) Explain how information technology has transformed the business environment for entrepreneurs.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
130) Describe recent demographic and economic trends that create opportunities for entrepreneurs to market new goods and services.
Difficulty: Easy
Learning Objective 1: 06-04: Discuss the environment for entrepreneurs.
Section Reference 1: The Environment for Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
131) Identify the eight major characteristics of an entrepreneur.
Difficulty: Easy
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
132) Which characteristics of an entrepreneur does Elon Musk exemplify and how?
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
133) How does Ralph Braun of BraunAbility exemplify the entrepreneurial characteristic of internal locus of control?
Difficulty: Medium
Learning Objective 1: 06-05: Identify the characteristics of entrepreneurs.
Section Reference 1: Characteristics of Entrepreneurs
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
134) Differentiate between debt financing and equity financing.
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s ||
135) What are the differences between venture capitalists and angel investors?
Difficulty: Easy
Learning Objective 1: 06-06: Summarize the process of starting a new venture.
Section Reference 1: Starting a New Venture
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
136) Define intrapreneurship. Why is it important today?
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
137) Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required.
Difficulty: Easy
Learning Objective 1: 06-07: Explain intrapreneurship.
Section Reference 1: Intrapreneurship
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
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