Question 1

Zelda worked for years in a medical clinic as a biller and coder.Now she operates her own billing service for several doctors.Zelda has a(n) ___________ personality.

Accepted Answer

The answer of Zelda worked for years in a medical...

Question 2

Explain the advantages of a social entrepreneurship.Give an example of such a business.

Accepted Answer

The answer of Explain the advantages of a social entrepreneurship.Give...

Question 3

Sometimes entrepreneurs spend so much time and energy building the business that relationships are destroyed.Which phrase best describes this misfortune?

Accepted Answer

The phrase "It's possible to score points in the wrong game" implies that the entrepreneur may be focusing on the wrong things, such as the success of the business, instead of maintaining and nurturing relationships. As a result, relationships are destroyed and the entrepreneur suffers the consequences.

Question 4

Godfrey places great emphasis on operating his business to the highest standards of honesty and ethics.Godfrey likely believes:

Accepted Answer

Godfrey's emphasis on operating his business to the highest standards of honesty and ethics implies that he values not only the end result (what you achieve), but also the methods used to achieve it (how you achieve). This aligns with option B, which states that how you achieve is as important as what you achieve. Options A, C, and D do not necessarily reflect Godfrey's beliefs based on the given information.

Question 5

Eva opened a small boutique catering to a very narrowly defined target market.Eva's competitive edge is:

Accepted Answer

Eva's competitive edge is her ability to cater to a very narrowly defined target market, which is her niche market. This means that she can offer specialized products and services that are specifically tailored to the needs and wants of her target customers. This can give her a competitive edge over other businesses that are trying to appeal to a broader market.

Question 6

Malinda wants to start a restaurant in her city of about 50 000 people.There are already 325 restaurants in this city.Malinda's reasons include that she is a good cook who enjoys working in the kitchen and she wants to involve her three children aged 9 to 15 in the venture.She has not decided what types of foods she will offer.
If Malinda launches this business, do you think it will succeed? Why or why not? What advice would you give her?

Accepted Answer

The answer of Malinda wants to start a restaurant in...

Question 7

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

Accepted Answer

Abraham Lincoln's actions in returning the two cents change to the customer demonstrate integrity and responsibility. He could have easily overlooked such a small amount, but he chose to prioritize honesty and accountability, which align with the qualities of integrity and responsibility.

Question 8

Although Abe started the business by making his own product, his greater talent is planning for the future and arranging for growth.Abe has a(n)___________ personality.

Accepted Answer

Abe has a manager personality because he is good at planning for the future and arranging for growth.

Question 9

Entrepreneurs are more likely than large companies to capitalise on innovations because:

Accepted Answer

Larger businesses may have established products and processes that they are invested in, which can create a resistance to change and innovation. Entrepreneurs, on the other hand, are often starting from scratch and have the flexibility to test and adapt new ideas.

Question 10

Ben seems to have the Midas touch.He can recognise opportunity where others see only problems.His focus is on creating solutions for customers.Ben has a(n) _____________ personality.

Accepted Answer

Ben's personality is described as someone who can recognize and create opportunities, which is a key characteristic of an entrepreneur. Option A, technician, is focused on technical skills and does not mention a focus on creating solutions or recognizing opportunities. Option B, manager, is more focused on overseeing operations than identifying opportunities. Option D, opportunistic, has a negative connotation and implies taking advantage of situations rather than proactively creating solutions.

Question 11

Walter wanted to be able to make decisions about issues that directly affected his department but in his company, the managers made all the decisions.So Walter left the company and started his own business.Walter was looking for:

Accepted Answer

Walter left the company because he wanted to be able to make decisions about issues that directly affected his department, which indicates he was looking for independence. Personal fulfillment and personal satisfaction could be factors but are not directly mentioned in the scenario, and there is no mention of financial rewards being the motivating factor for Walter to start his own business.

Question 12

Discuss similarities and differences of entrepreneurs and small business owners.

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The answer of Discuss similarities and differences of entrepreneurs and...

Question 13

Define entrepreneurial opportunity.Using one of the three success stories in Section 1-2b, explain how the owners identified their opportunity.

Accepted Answer

The answer of Define entrepreneurial opportunity.Using one of the three...

Question 14

Flora built her business from two employees to over 2 000 during her 30 years in business.She was able to endow a scholarship fund to the community college and to leave her children a perpetual income.We call this her:

Accepted Answer

Flora's ability to build her business and leave a perpetual income for her children is an example of her entrepreneurial legacy, rather than corporate responsibility or social mission. While her actions may also demonstrate good citizenship, the focus of the question is on the long-term impact of her entrepreneurship.

Question 15

Roy believed his labour was only making others rich while he struggled from salary to salary.He started his own small business and now labours only for himself.Roy's motivation is:

Accepted Answer

The answer of Roy believed his labour was only making...

Question 16

A corporate manager chafes under red tape and bureaucratic regulations until finally deciding to start a separate business.The apparent reward he seeks is

Accepted Answer

The corporate manager's decision to start a separate business implies a desire for independence from the bureaucratic regulations and red tape they previously chafed under.

Question 17

Explain the nature of and differences among micro-businesses, attractive small businesses, and high-potential ventures.

Accepted Answer

The answer of Explain the nature of and differences among...

Question 18

A significant number of entrepreneurs are motivated by

Accepted Answer

Financial rewards are often one of the main motivations for entrepreneurs, as they have the potential to earn more money than working for someone else. While some may also value the freedom and flexibility that comes with being their own boss, financial gain is typically a significant driving factor.

Question 19

Chris knew his small local hardware could not compete on price with the big-box discounters so he began offering classes for new homeowners and found other ways to provide services the bigger stores don't.Chris's competitive edge is:

Accepted Answer

The answer of Chris knew his small local hardware could...

Question 20

Diana 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.Diana's competitive edge is:

Accepted Answer

Diana's competitive edge is quality performance, as she is focused on making high-quality garments that will last for a long time. This sets her apart from mass-produced clothing that may not be as durable.

Quiz 1: The Entrepreneurial Life