Assignment: Chapter 01: The Entrepreneurial Life

Entrepreneurship has been defined in terms of all of the following EXCEPT for which one?

b. ability to generate income

How can small entrepreneurial firms hold their own and often gain an edge over successful, more powerful businesses?

b. by exploiting opportunities

All of the following are examples of an entrepreneurial legacy EXCEPT for which one?

b. sales revenues

All of the following are questions entrepreneurs ask themselves when exiting a business EXCEPT for which question?

c. Did I make enough money?

The following are true statements about small businesses in the U.S. EXCEPT for which one?

c. Most small business failures result from poor marketing strategies.

Why do smaller businesses have the advantage of being more competitive when maintaining a strong customer focus compared to larger companies?

c. Smaller firms have less bureaucracy and corporate policies in place to stifle employee initiative.

Small businesses play an essential role in an economy for all of the following reasons, EXCEPT for which reason?

c. They operate mainly on a domestic level.

In 1995, Larry Page and Sergey Brin joined forces to create a search engine that used links to determine the importance of individual pages on the World Wide Web. The new venture, originally called Backrub, would become the tech-giant Google. What type of business owners best describe Page and Brin?

c. entrepreneurial team

Chris Guillebeau is the founder of the thriving Art of Non-Conformity blog. Chris has a mission to travel to every country by age 35. Chris makes income by selling the unconventional travel guides he writes and memberships to the Travel Hacking Cartel website he set up to fund this dream. What type of business is Chris operating?

c. lifestyle business

For which two activities should an owner of a business be compensated?

c. personal time and personal money invested

Founded in 2017, ABC Company is a software company that employs 20 people and has increased its revenues by 20 percent year-over-year. What type of business is ABC Company?

d. a gazelle

All of the following are entrepreneurial motivations for founding a company EXCEPT for which one?

a. job security

Jordan is an entrepreneur who has decided to open a Subway Restaurant in their hometown. What type of business owner would Jordan be considered?

a. a franchisee

What has allowed smaller companies to become more competitive in innovation in recent years?

a. access to technology

Which of the following is an example of a personal satisfaction motivation for founding a company?

a. being passionate about the company's product