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Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

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Question 31

Multiple Choice

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A significant number of entrepreneurs are motivated by

A) an easy life.
B) financial rewards.
C) freedom from long hours.
D) job security.

E) B) and C)
F) None of the above

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Question 32

Multiple Choice

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Legend holds that Abraham Lincoln walked miles to return two cents change to a customer.His actions demonstrate:

A) customer focus.
B) quality performance.
C) integrity and responsibility.
D) social entrepreneurship.

E) B) and D)
F) B) and C)

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Question 33

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Explain the difference between personal fulfillment and personal satisfaction as an entrepreneurial motivation.

Geraldo often would rather go fishing than work his business.Geraldo lacks:

Darlene was disappointed with mass-produced children's clothing that fell apart after a couple washings so she and her few employees began making garments that would hold together until they were outgrown.Darlene's competitive edge is:

Entrepreneurs are more likely than large corporations to capitalize on innovations because:

A firm that provides substantial profits to its owner is called a(n) :

Franchisees could be considered to be limited entrepreneurs because they have a contract with a franchising organization.

Bailey works as a self-employed golf pro at the local country club,allowing him to spend more time with his young family.He'll never earn much but he and his family are happy.Which type of small business does Bailey have?

Explain the nature of and differences among microbusinesses,attractive small firms,and high-potential ventures.

By the time Jobs and Wozniak had moved out of the garage and into their first production facility,the business would have been labeled as a(n) :

An entrepreneurial team consists of the owner,the financier,and one key employee.

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -Material assets and intangible qualities passed on to both heirs and society

Pauley launched a new business designing and producing embroidered goods.Pauley is:

Small businesses that have great prospects for growth are called:

Successful entrepreneurs should be aware of their strengths and weaknesses and be willing to strive toward goals.

A prospective entrepreneur is evaluating the suitability of his own characteristics for an entrepreneurial career.He realizes that he should be prepared to assume:

Adam has contracted with about a third of the dozens of artisans in his town in the mountains of South Carolina.His reputation has grown;he now believes the sky's the limit for this web page design and maintenance business.What kind of small business does Adam have?

Carmen operates a franchise tanning salon.Negative publicity about the effects of tanning has diminished her ability to grow the business.Carmen has a(n) :

Raold operates a fast-food restaurant.He is under contract to the organization under whose name he does business.The contract limits what Raold can do with his business.Raold is a: