Chapt 6

A _____ is a person who starts a business to reduce work hours and create a more relaxed life.

lifestyle entrepreneur

What percentage of millennials prefer to work for a startup

90 percent

What is skunkworks?

A project initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits human and other resources from within the company to the idea into a commercial project.

Who among the following are most likely to start a new business?

Adults aged 55-64

Which of the following creates opportunities for new entrepreneurs in the United States?

All of these answer choices are correct

Which of these is an advantage of buying an existing business?

All of these answer choices are correct.

Which statement is true of tolerance for ambiguity in the context of entrepreneurship?

Ambiguity can be managed by staying close to customers and making adjustments as needed.

Which types of countries prove to have a lower average rate of entrepreneurship?

Countries whose economies are driven by innovation

Which source of funding used by entrepreneurs needs to be repaid?

Debt financing

Which of the following is an example of how 3M successfully practices intrapreneurship?

Employees are encouraged to take risks and pursue their own ideas.

How are entrepreneurs different from managers?

Entrepreneurs are more likely than managers to combine their ideas with resources of an organization to create a business.

What are the two most important considerations in choosing an idea for a business?

Finding something one loves to do and is good at doing; determining if one's idea satisfies a need in the marketplace

Which statement best defines seed capital?

It is the initial funding used to launch a company.

What kind of entrepreneur starts many businesses in succession?

Serial entrepreneur

What kind of entrepreneur is most likely to focus on innovations that benefit humanity?

Social

Which of the following is NOT listed as a reason people generally become entrepreneurs?

The opportunity to work for someone else

How has technology affected small entrepreneurs?

Technology has leveled the playing field to the point that small companies can compete with big companies.

What makes an entrepreneur different from a small-business owner?

The desire for business growth

Which of the following is NOT one of the reasons people become entrepreneurs?

The desire to work fewer hours

What is the overriding responsibility of an entrepreneur?

To use the company resources to accomplish goals

Which of the following is the LEAST likely source of financing for new ventures?

Venture capital

Venture capital is a form of _____

equity financing

In order to launch a start-up, an individual has to necessarily:

establish a business credit history.

The entrepreneurial personality includes all of the following characteristics EXCEPT:

intolerance for failure.

Mia knows that economic conditions are out of her control. However, she still believes that her efforts can lead to success. She exhibits:

optimism.

Nasreen starts her own cosmetic company. After eight years she opens a clothing line followed by a jewelry store in a couple of years. Nasreen is most likely to be classified as a _____.

serial entrepreneur

Almost two of every five of the fastest growing small U.S. companies have international sales.

true