Chapter 2 Quiz

Which of the following planners do best in terms of getting a start-up launched, keeping it going, and making a living from it? (page 32)

Comprehensive planners

Which of the following competencies requires the energy and focus needed to bring a business into existence? (page 35)

Determination competencies

Which of the following deals with the actual process of exploiting an opportunity for profit? (page 36)

Exchange

Which of the following is a major economic force, employing 58 percent of America's total workforce? (page 37)

Family businesses

Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business? (page 36)

Opportunity competencies

Which of the following is best thought of as a type of learned optimism in successful entrepreneurs? (page 30)

Perseverance

____ refers to the process of intergenerational transfer of business. (page 39)

Succession

The challenge of _____ refers to when woman or minority-owned businesses are simply excluded from the opportunities offered to firms owned by white males. (page 43)

access

Getting the business organized and registered is an example of _____ competency. (page 35)

boundary

Competencies are defined as: (page 34)

forms of business-related expertise.

Activities common to all businesses such as sales, operations (also called production), accounting, finance, and human resources are known as _____. (page 35)

key business functions

A(n) _____ focus refers to an entrepreneur's attention to minimizing losses, with a bias toward inaction or protective action to avert loss. (page 31)

prevention

The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise is known as_____. (page 35)

resource competencies

Government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like, are known as _____. (page 43)

set-asides

The organizing process to help make the most efficient use of the day is known as _____. (page 38)

time management

Which of the following is the most effective approach for avoiding role conflict? (page 38)

Keep family issues out of the family business

_____ entrepreneurs are people who begin their business after having retired or resigned from work in corporations at or after the age of 50. (page 44)

Late career

Which of the following is true with regard to minimalized business professionalization? (page 32)

The entrepreneur does nearly everything in the simplest way possible.

Certain businesses demand higher safety related rules. For example, window cleaners that specialize in high-rise buildings have certain rules and safety protocols. These specific rules would comprise the _____. (page 35)

industry-specific knowledge

Which of the following best describes the problem that arises when people have multiple responsibilities and each makes different demands on them? (page 37)

Role conflict