MGT Quiz 1

​__________ entrepreneurs are people who start businesses because they cannot find work any other way.

Necessity.

Which of the following is not a characteristic of the entrepreneurial​ profile?

Preference for taking high risks like a riverboat gambler

Which of the following statements about small​ businesses' contribution is false​?

Small businesses produce 23 percent of the U.S. gross domestic product​ (GDP).

Immigrants to the United States are​ ______ times as likely to start businesses as​ native-born citizens.

1.9

According to economist Joseph​ Schumpeter:

entrepreneurs are more than just business​ creators; they are change agents in society.

About 30 percent of family businesses survive into the second generation.​ ____ percent of those make it to the third​ generation, and​ _____ percent of those make it to the fourth generation and beyond.

​12; 3

Small businesses make up nearly​ _____ percent of all businesses that export and account for​ _____ percent of U.S. export sales.

​98; 33

The median salary for entrepreneurs is​ _______ than that of employed​ workers; the variability of​ entrepreneurs' incomes is​ _______ than that of employed workers.

18 percent​ higher; higher

Minority entrepreneurs own​ _____ percent of all businesses in the United States.

22.5

What percentage of all privately held businesses in the United States do women​ own?

30

About​ ____ percent of the time users spend on the Internet is on a mobile​ device, but only​ ____ percent of small companies have​ mobile-friendly websites.

37; 26

In the United​ States, entrepreneurs launch​ ________ businesses each month.

476,000

The average entrepreneur works​ ______ hours per​ week, compared to the​ _____ hours per week the typical production employee works.

51; 40

Which age group has the highest level of entrepreneurial​ activity?

55 to 64

What percentage of small businesses have​ websites?

60

Within ten years of their​ founding, _____ percent of small businesses will have failed.

66

​_______ percent of entrepreneurs say that owning a business requires them to make​ sacrifices, most often in the areas of family relationships and friendships

67

​________ percent of entrepreneurs start their businesses between the ages of 20 and 44.

75

​____ percent of the nearly 28 million businesses in the United States are considered​ "small"?

99.7%

Which of the following statements about the typical entrepreneur is true​?

Starts his or her business because he or she has an interest in that particular field and enjoys that type of work.

Which of the following statements about family businesses is false​?

The lifespan of the typical​ family-owned business is 10 years.

Which of the following is characteristic of social​ entrepreneurs?

They use their skills not only to create profitable businesses but also to achieve​ economic, social, and environmental goals for the common good of society

According to the Global Entrepreneurship Development Index​ (GEDI), an index that ranks the quality of the entrepreneurial environment using a variety of​ factors, which country provides the highest quality entrepreneurial​ environment?

United States

Which of the following statements about​ women-owned businesses in the United States is false​?

Women own over 10 percent of all businesses in the United States.

​A(n) ​ ___________ entrepreneur is someone who starts a​ company, manages its growth until he or she gets​ bored, and then sells it to start another company.

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