Table of Contents
- Which of the following statements is correct regarding entrepreneurial activity and age range?
- Which of the following statements about being an entrepreneur is incorrect?
- Which of the following is not one of the common traits and characteristics of entrepreneurs?
- Which age group has the highest rate of entrepreneurial activity?
1
INTRODUCTION TO ENTREPRENEURSHIP
Choose the one alternative that best completes the statement or answers the question.
1) Among minorities, ________ -owned firms had the highest growth rate from 1996 to 2010.
A) Pacific Islander
B) American Indian
C) African American
D) Latino
E) Asian American
2) The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Revio Mobile (maker of Angry Birds) and
Zeo, two companies that have produced successful products. The feature's main purpose is to illustrate the
importance of ________ as a key characteristic of the founders of entrepreneurial firms.
A) A desire to pursue financial rewards
B) Product/customer focus
C) Execution intelligence
D) Passion for the business
E) Tenacity despite failure
3) According to the textbook, there are three types of startup firms:
A) Innovative firms, entrepreneurial firms, and standard firms
B) Entrepreneurial firms, standard-of-living firms, and statutory firms
C) Lifestyle firms, salary-substitute firms, and entrepreneurial firms
D) Lifestyle firms, general firms, and entrepreneurial firms
E) Standard-of-living firms, statutory firms, and general firms
4) Which of the following is not one of the four steps of the entrepreneurial process?
A) Deciding to become an entrepreneur
B) Moving from an idea to an entrepreneurial firm
C) Determining how to seize the spotlight
D) Managing and growing the entrepreneurial firm
E) Developing successful business ideas
5) James Quinn is starting a firm in the financial services industry primarily to pursue financial rewards.
According to the textbook, starting a business to make a lot of money:
A) Is the number two reason that people start their own business, right behind the lack of better career
prospects?
B) is equally as satisfying as other reasons for starting a business
C) Is the number one reason people start their own business
D) Often fails to live up to its hype
E) Does not rank among the top three reasons that people start their own business
6) As new products that are better than the existing generation of products are introduced, sales normally
increase because the new products provide consumers increased value or worth. This process, which is called
________, stimulates economic activity, which is a good thing for the economy.
A) Repetitive destruction
Which of the following statements is correct regarding entrepreneurial activity and age range?
The correct answer is Option B) the highest percentage of entrepreneurs falls in the 30 to 39 age range.
Which of the following statements about being an entrepreneur is incorrect?
question. 'Entrepreneurs are daydreamers' is incorrect. An individual that initiates their own business and bears all the major risks while earning the rewards is an entrepreneur. To commence a new business, an individual needs to be innovative, creative, and confident in their abilities to take the necessary risks.
Which of the following is not one of the common traits and characteristics of entrepreneurs?
Thus, External Locus of control is not a characteristic of entrepreneur.
Which age group has the highest rate of entrepreneurial activity?
Age: The rate of new entrepreneurs was highest among Americans aged 45–54 (0.38 percent) and 55–64 (0.37 percent), and lowest among Americans aged 20–34 (0.23 percent). The rate of new entrepreneurs declined slightly in 2018 among all age groups except for the aged 35–44 group.