Question 1

In the growth stage of the startup process model (Figure 2.3)in the text, which of the following organizational characteristics is needed?

Accepted Answer

Strategy is needed in the growth stage of the startup process model because it provides a roadmap for the company's future growth and development.

Question 2

Which of the following is not prerequisite for becoming a successful entrepreneur?

Accepted Answer

Education is not necessarily a prerequisite for becoming a successful entrepreneur. While knowledge is important, it can be gained through various means such as experience, mentorship, and self-education. Passion and determination are also important qualities for an entrepreneur to have.

Question 3

A characteristic of entrepreneurial personality that leads one to avoid goals that would be extremely difficult to achieve or goals with success almost guaranteed is called

Accepted Answer

The answer of A characteristic of entrepreneurial personality that leads...

Question 4

Which percentage of new business owners have had at least some college education?

Accepted Answer

The answer of Which percentage of new business owners have...

Question 5

About half of all business owners choose to go into business for themselves because they

Accepted Answer

While earning money is a potential benefit of owning a business, it is not the main reason that drives most entrepreneurs. The challenge of starting and growing a successful business is often a major motivator for business owners. Avoiding hard work or fulfilling others' expectations are not typical reasons for starting a business.

Question 6

An entrepreneur faces which of the following environmental forces?

Accepted Answer

The answer of An entrepreneur faces which of the following...

Question 7

The ability to control one's own fate is known as

Accepted Answer

The answer of The ability to control one's own fate...

Question 8

In terms of education level of new business owners, the most common educational degree level is the

Accepted Answer

According to a survey by the Kauffman Foundation, the most common educational degree level among new business owners is a Bachelor's degree.

Question 9

In the innovation and triggering event stages of the startup process model (see Figure 2.3)in the text, which of the following personal characteristics are needed by the small business owner?

Accepted Answer

Risk taking is a personal characteristic needed by the small business owner in the innovation and triggering event stages of the startup process model.

Question 10

Some of the risks assumed through self-employment include all of the following except

Accepted Answer

Income uncertainty, long work hours, and personal liability are all common risks associated with self-employment. However, a change in the owner's personality is not a risk associated with self-employment but rather a personal characteristic that may or may not impact the success of the business.

Question 11

In the Reality Check "Small Biz on Campus," what did Whitney Williams begin selling while still in college?

Accepted Answer

The answer of In the Reality Check "Small Biz on...

Question 12

iContact is a web-based program developed by University of North Carolina students that promotes

Accepted Answer

iContact was developed by UNC students as a web-based program that promotes social responsibility by providing organizations with email marketing tools to effectively communicate with their customers while minimizing their environmental impact.

Question 13

After spending 15 years working in the restaurant industry, Alex has decided to open a restaurant of his own. His 15 years of experience will allow him to capitalize on which of the following?

Accepted Answer

Alex's 15 years of experience in the restaurant industry will give him the knowledge and expertise necessary to open a successful restaurant. Passion, determination, and trustworthiness are important qualities, but without knowledge of the restaurant industry, Alex may struggle to run a successful business.

Question 14

The personal quality linked to entrepreneurship in which people are motivated to excel and choose situations where success is likely is known as

Accepted Answer

The personal quality linked to entrepreneurship described in the question is the Need to achieve, which refers to an individual's desire to excel and be successful in their endeavors. This drive motivates them to seek out situations where success is likely, such as starting a business. Locus of control refers to an individual's belief in their ability to control their environment, while Need to succeed and High performance goals are similar concepts to Need to achieve.

Question 15

The one overriding characteristic needed to be a successful small business owner is which of the following?

Accepted Answer

While confidence, energy, and a vision for the future are all important traits for a small business owner to possess, incredible tenacity is the most crucial. Small business owners will inevitably face numerous challenges, setbacks, and obstacles along the way, and the ability to persist and overcome these difficulties is what ultimately separates successful entrepreneurs from those who give up.

Question 16

Which two areas of coursework are the fastest growing subjects in business schools?

Accepted Answer

Entrepreneurship and Small Business Management are the fastest growing subjects in business schools, according to a report by the Graduate Management Admission Council. They are in high demand due to the increasing interest in startups and entrepreneurship.

Question 17

In the triggering event stage of the startup process model (Figure 2.3)in the text, which of the following personal characteristics are needed by the small business owner?

Accepted Answer

The answer of In the triggering event stage of the...

Question 18

The primary reason most people start their own business is to

Accepted Answer

While building for their family, earning money, and living where they like may be secondary motivators, the primary reason most people start their own business is to use their skills and abilities in a way that is fulfilling and rewarding.

Question 19

In the _________ stage of the business management process, attention is placed on team building, setting strategies, and creating a structure and culture of the business.

Accepted Answer

The Growth stage of the business management process involves establishing a team, creating a structure for the organization and culture of the business, and setting strategies for growth. The Harvest stage involves focusing on divesting or selling the business, the Maturity stage involves maintaining the current success of the business, and the Innovation stage involves developing new products or services.

Question 20

The ability to see, conceive, and create new and unique products, services, and processes is known as

Accepted Answer

Innovation refers to the ability to come up with new and unique ideas for products, services, and processes. It involves a combination of creativity, vision, and the willingness to take risks. Product development is more focused on the actual process of bringing a new product to market, while locus of control refers to an individual's perception of their ability to control their environment.

Quiz 2: Small Business Management, Entrepreneurship, and Ownership

In the growth stage of the startup process model (Figure 2.3) in the text, which of the following organizational characteristics is needed?