Question 1

Although corporate managers often exhibit the skills required of successful entrepreneurs, they seldom have the desire to give up the perks and fringe benefits of corporate life and start their own business.

Accepted Answer

The answer of Although corporate managers often exhibit the skills...

Question 2

To be successful, entrepreneurs are dependent on the support of others for encouragement.

Accepted Answer

The answer of To be successful, entrepreneurs are dependent on...

Question 3

Entrepreneurial teams increase the cooperation between marketing, production and other functional areas of a business venture.

Accepted Answer

Entrepreneurial teams involve individuals from different areas of expertise and skillsets, encouraging collaboration and cooperation between various functional areas of the business venture. This helps to ensure that all aspects of the venture are considered and that the business is driven towards success.

Question 4

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Accepted Answer

The position of our government is to encourage foreign entrepreneurship and policies have been put in place to attract foreign entrepreneurs to operate within the U.S. such as the Startup Visa program.

Question 5

Independence, challenge, and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.

Accepted Answer

Independence allows entrepreneurs to have control over their own lives and work on their own terms. Challenge provides excitement and the chance to overcome obstacles. Opportunity refers to the potential for success and financial gain. These are commonly cited as main motivations for starting a new business.

Question 6

A National Business Incubator Association study indicates that over 80 percent of incubator graduates remain in business.

Accepted Answer

According to the National Business Incubator Association study, over 80 percent of incubator graduates remain in business.

Question 7

Ramsey is a dreamer rather than a doer. This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Accepted Answer

The answer of Ramsey is a dreamer rather than a...

Question 8

The U.S. government offers "investor visas" to attract more entrepreneurs.

Accepted Answer

The U.S. government offers an "EB-5" visa program for foreign entrepreneurs who invest a minimum of $1 million in a U.S. business, creating jobs for U.S. workers, or at least $500,000 in a Targeted Employment Area. This program is also known as an "investor visa."

Question 9

The Spotlight on Small Business box featured several new entrepreneurs, some as young as 10 years old, proving "age is just a number" when it comes to having a vision for a business and bringing it to fruition.

Accepted Answer

The statement mentions that "some" of the entrepreneurs are as young as 10 years old, implying that not all of them are necessarily young. However, it does suggest that age is not a barrier to becoming an entrepreneur.

Question 10

Juanita wants to operate her own business. Although she admits it would be nice to earn a healthy profit, her primary motivation is the excitement and challenge of starting and running a business. Juanita's attitude is different from most small business owners, who usually focus solely on the earnings potential of their ventures, as well as the opportunity to acquire power and prestige.

Accepted Answer

The answer of Juanita wants to operate her own business....

Question 11

Business incubators provide assistance to established companies attempting to generate foreign sales.

Accepted Answer

Business incubators typically provide assistance to new, emerging companies and startups. They may offer resources such as office space, mentorship, and networking opportunities to help these young companies grow and succeed. While business incubators may indirectly contribute to foreign sales by supporting the growth of startups that eventually expand into international markets, their primary focus is on nurturing new businesses rather than helping established ones generate foreign sales.

Question 12

Enterprise zones offer lower tax rates and government assistance to attract private business investment.

Accepted Answer

This statement accurately describes enterprise zones.

Question 13

Kylie is employed by Street Wheels, a large corporation that produces accessories for scooters, bicycles, and other children's vehicles. She is a creative force within the company and has helped create and launch several new successful products. Kylie is an example of an intrapreneur.

Accepted Answer

An intrapreneur is an employee who is given the freedom and resources to innovate and create new products, processes, or services within their organization. Kylie's role as a creative force in the company, where she has helped create and launch successful new products, fits the definition of an intrapreneur.

Question 14

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Accepted Answer

While preparing a detailed business plan can certainly reduce risk, it does not eliminate it entirely. Entrepreneurship always involves some level of risk, including market fluctuations, unexpected obstacles, and uncertain outcomes.

Question 15

State governments create new startup business organizations called enterprise zones that are later sold to private investors.

Accepted Answer

State governments do create enterprise zones to promote the growth of businesses in certain areas, but these zones are not created to be sold to private investors. They are usually managed by the government or a designated nonprofit organization.

Question 16

Jason, Robin, and Ian currently work in the marketing department of a large corporation. They have similar backgrounds and training and are thinking about leaving their company to start their own business. Successful entrepreneurial teams are comprised of these types of people because similarities in knowledge and skill ensure harmony and consistency in their new business.

Accepted Answer

While similarities in knowledge and skill can be beneficial, successful entrepreneurial teams often benefit from diversity and complementary skills. Having a team with a variety of backgrounds and expertise can bring different perspectives and ideas to the table, which can be valuable in starting and growing a business.

Question 17

Small businesses have very few opportunities to outsource their business.

Accepted Answer

Small businesses have several opportunities to outsource their business functions such as accounting, payroll, IT services, customer service, marketing, and more. Outsourcing helps small businesses to focus on their core competencies and reduce costs.

Question 18

Anthony is an employee of a textbook publisher. However, his desire is to establish a home-based business providing his services to a variety of publishers. Anthony's primary motivation is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself. Anthony is an example of a micropreneur.

Accepted Answer

A micropreneur is an individual who starts and runs a small business, often from home, typically with fewer than five employees. They are motivated by a desire to work for themselves and have more control over their work-life balance. Anthony's desire to start a home-based business and work for himself fits this definition.

Question 19

Successful entrepreneurs are exclusively motivated by the desire to become rich.

Accepted Answer

While the desire to become rich may be a motivator for some entrepreneurs, it is not the exclusive motivation. Many entrepreneurs are driven by a passion for their product or service, a desire to solve a problem, or a belief in their mission.

Question 20

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home. Most likely Jon's letter was a work-at- home scam.

Accepted Answer

Letters that claim to offer the opportunity to earn thousands by working just a few hours from home are often work-at-home scams.

Quiz 6: Entrepreneurship and Starting a Small Business