Question 1

Specialized firms tend to generate the highest level of trust among customers.

Accepted Answer

False

Question 2

One of the fastest growing sectors of all U.S.businesses is women-owned businesses.

Accepted Answer

According to the 2019 State of Women-Owned Businesses Report, the number of women-owned businesses in the U.S. increased by 21% from 2014 to 2019, making it one of the fastest growing sectors.

Question 3

About a third of the retirees who return to work decide to become self-employed.

Accepted Answer

According to a study by the National Bureau of Economic Research, approximately one-third of retirees who return to work become self-employed.

Question 4

Growth entrepreneurs are owners with an exit plan.

Accepted Answer

The answer of Growth entrepreneurs are owners with an exit...

Question 5

The competencies that make exchange work are called resource competencies.

Accepted Answer

The competencies that make exchange work are called transactional competencies. Resource competencies refer to the abilities to efficiently and effectively manage resources such as financial, technological or human resources.

Question 6

All entrepreneurial personality types include hard work.

Accepted Answer

Hard work is a key trait of successful entrepreneurs, regardless of their personality type. It is necessary for the dedication and persistence required in starting and growing a business.

Question 7

Spiral or helical entrepreneurs are driven by a need to balance family and business,being successful at each.

Accepted Answer

Spiral or helical entrepreneurs are motivated by a desire to balance their family and business responsibilities successfully.

Question 8

The classic entrepreneur was a loner,often socially isolated,a hard worker,a fast learner,and a risk taker seeking wealth.

Accepted Answer

This was the stereotypical image of an entrepreneur in the past, but it is not necessarily true for all entrepreneurs today. Many successful entrepreneurs are team players, socially adept, and prioritize personal fulfillment over pure wealth accumulation.

Question 9

Idea people are hard working,driven by great wealth,socially isolated,and great risk takers.

Accepted Answer

This statement is a stereotype and not necessarily true for all "idea people". People with innovative ideas may have various motivations, work ethics, social lives, and risk-taking tendencies.

Question 10

The competency suggested by exchange relates to the organizational and business processes of a firm called basic business competency.

Accepted Answer

The answer of The competency suggested by exchange relates to...

Question 11

Succession and role conflict are the two challenges typical to family businesses.

Accepted Answer

Succession planning and role conflict are commonly experienced by family businesses, and can create significant challenges for the continuity and success of the business.

Question 12

Habitual entrepreneurs are owners for a lifetime whose career goal is personal satisfaction first,income second.

Accepted Answer

Habitual entrepreneurs prioritize personal satisfaction and fulfillment in their career over income or financial gain, and often find joy in continually starting and running new businesses throughout their lifetime.

Question 13

In the PSED,92 percent of all start-ups consisted of teams and only 8 percent were solo entrepreneurs.

Accepted Answer

The Panel Study of Entrepreneurial Dynamics (PSED) data indicates that a significant portion of start-ups are initiated by solo entrepreneurs, not predominantly by teams.

Question 14

For late career entrepreneurs,one problem is keeping personal finances out of the business.

Accepted Answer

Late career entrepreneurs may have personal savings, pensions, or investments they can use to fund their businesses, but it can be difficult to keep personal finances separate from the business. This can lead to financial instability and jeopardize the retirement plans of the entrepreneur. It is important to establish a clear boundary between personal and business finances to ensure the long-term success of the business and the entrepreneur's financial future.

Question 15

At a minimalized level of professionalization,the entrepreneur does everything in the simplest way possible.

Accepted Answer

At a minimalized level of professionalization, the entrepreneur tries to eliminate any unnecessary steps or procedures in order to streamline the process and save time and resources. This may involve the entrepreneur taking on multiple roles and responsibilities to ensure efficiency and effectiveness in the business.

Question 16

According to research,CEOs of family firms had an average tenure of about half the years as compared to CEOs in other businesses.

Accepted Answer

Research indicates that CEOs of family firms often have longer tenures compared to those in non-family firms, due to factors like family loyalty and long-term strategic planning.

Question 17

Salesperson entrepreneurs are more concerned with personal wealth than their acceptance of social standing.

Accepted Answer

Salesperson entrepreneurs often prioritize social standing and relationships, as these can be crucial for building networks and trust, which are essential for sales and business growth.

Question 18

Resources lead to specific determination competencies which deal with skills and knowledge in a particular industry.

Accepted Answer

The answer of Resources lead to specific determination competencies which...

Question 19

One way to maximize communication in the succession process is to create a family council.

Accepted Answer

A family council can provide a platform for open communication and collaborative decision making among family members involved in the succession process, helping to ensure that everyone has a voice and that important issues are addressed effectively.

Question 20

Access problems for women and minority-owned small businesses crop up most often as discrimination in marketing.

Accepted Answer

Access problems for women and minority-owned small businesses can arise from various sources, such as limited resources, lack of funding, and limited access to networks and markets. Discrimination in marketing is one possible factor, but not the only one. Other factors can also contribute to the access problems minority-owned businesses face.

Quiz 3: Small Business Entrepreneurs: Characteristics and Competencies