Which of the following is a characteristic of successful entrepreneurs?

 

 bus_100   (60 Questions Answered)

1. An entrepreneur:
a. manages businesses for others.
b. has a controlling interest in the ownership of a corporation.
c. manages businesses that operate in multiple countries.
d. accepts the risk of starting and running a business.

 

2.  The importance of entrepreneurs to our economy is found in their:
a. impact on the political process.
b. ability to create jobs for others.
c. contributions of money to organizations that help people in need.
d. ability to influence national macroeconomics polices.

 3. Which of the following would be helpful in explaining why individuals accept the risks of business ownership?
a. the potential for learning how to be self-disciplined
b. the sense of self-satisfaction and independence
c. the challenge of seeking power
d. the desire to work fewer hours

 

4.  Which of the following is a characteristic of successful entrepreneurs?
a. power-seeking
b. relies heavily on others who believe in the business
c. willingness and desire to follow others
d. action-oriented

 

5. A group of experienced people from different areas of a business joined together to develop, produce, and market a new product is known as a(n):
a entrepreneurial team.
b. joint venture.
c. self-directed functional team.
d. managerial task force.

 

6. An entrepreneurial team consists of:
a. managers with similar skills, abilities, and interests.
b experienced managers from different areas of business.
c. a group of wealthy investors who share a vision for a product.
d. representatives from management, labor, and the government who work together to solve a company’s problems in a creative way.

 7. Nearly half of home-based businesses are in:
a. Idaho.
b the service industries.
c. bankruptcy court.
d. manufacturing.

 

8.  Sound advice for potential entrepreneurs includes:
a. save lots of money as you will need it to learn your new business.
b. research your market thoroughly even if it takes quite a while to start your business.
c surround yourself with people who are smarter than you.
d. set specific objectives including high revenue goals.

 9. Which of the following is a reason given for the growth of home-based businesses?
a desire of micropreneurs to balance work and family.
b. new tax laws that allow for fewer deductions for home offices.
c. improvement in job security for employees of large corporations.
d. favorable shift in social attitudes toward working for a large corporation.

 

10. One challenge of working at home is:
a. keeping up with the demand from new customers.
b. managing time.
c. paying for the home office space.
d. using a computer to give the feel of a large business to a small one.

 11.  A creative person working within a corporation to launch new products and generate new profits is known as a(n):
a. arbitrator.
b. micropreneur.
c. macropreneur.
d. intrapreneur.

 

12.  Enterprise zones are areas which:
a. the government has set aside for major corporations that promise to spend at least $10 million to create new jobs.
b. feature low taxes and government support in an effort to encourage entrepreneurship.
c. the government has recognized as having the fastest growth rates in the country.
d. are characterized by government ownership of small businesses.

 

13.  An examination of the reasons given by people willing to accept the risks of entrepreneurship indicates that:
a. the desire to earn a profit is the only reason most people have for becoming entrepreneurs.
b many people become entrepreneurs because they do not enjoy working for someone else.
c. the strongest motivator is the desire to be famous and powerful.
d. contrary to popular opinion, most entrepreneurs are not interested in personal achievement.

Although the opportunity to earn big profits is certainly attractive to most entrepreneurs, it is certainly not the only reason. Many entrepreneurs do not enjoy working for others and become entrepreneurs because of the opportunity for independence.

 14. Successful entrepreneurs are self-nurturing. This means they:
a. look to others for strength and encouragement.
b. are self-financed with no assistance from others.
c. perform all business operations by themselves.
d are able to replenish their own enthusiasm.

Self-nurturing individuals have the ability to believe in an idea when no one else does, and to replenish their enthusiasm.

 15. Which of the following best describes the difference between an intrapreneur and an entrepreneur?
a. Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses.
b. Intrapreneurs are practical while entrepreneurs are creative.
c. Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business.
d. Intrapreneurs limit their efforts to financial investments, while entrepreneurs are involved in the management of all areas of a business.

Intrapreneurs are creative people who work within a corporation to develop new products and generate new profits for the firm.

 16.
TRUE

 

17. __________ is the art of getting things done using organizational resources.
a. Socialization
b. Justification
c. Preparation
d. Management

 

18.  Management is more progressive today. There is more emphasis on:
a. individual work that can be successfully measured.
b. working in teams.
c. striving to eliminate the control function of management.
d. placing greater reliance on the government for financing.

 

19. One of the difficulties facing today’s managers is to:
a. deal with a workforce that is less educated and less self-directed than in the past.
b. find ways to encourage conformity instead of diversity.
c. earn the trust of their employees.
d. cope with the sudden and unexpected slowdown in the pace of innovation and change.

 20.  Today’s progressive managers:
a. usually prefer to use the autocratic style of leadership.
b. tend to emphasize teamwork and cooperation rather than discipline and order-giving.
c. face fewer challenges and problems than managers in the past.
d. can rely on a much higher level of worker loyalty to the organization than in the past.

 

21. Which of the following statements comparing today’s workers with those from earlier eras is most accurate? Compared to earlier workers, today’s employees are:
a. more loyal to the firm.
b. less educated and less self-directed.
c more willing to leave the firm to seek better opportunities.
d. more likely to need direct guidance and direction from their managers.

In the past, a worker would expect to work for the same company for many years, maybe even a lifetime. Today, many companies don’t hesitate to fire employees, and many employees don’t hesitate to leave if their needs are not being met.

 Which of the following is a characteristic of successful entrepreneurs?