ECN 1015 Chapter 6

a ___ is a person who starts a business to reduce work hours and create a more relaxed life

lifestyle entrepreneur

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

venture capital

What percentage of large U.S. firms now allocate funds toward intrapreneurship?

30 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.

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

All of these answer choices are correct.

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.

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

adults aged 55-64

which of the follwing creates opportunities for new entrepreneurs in the united states

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

students who graduate from entrepreneurship programs

are three times more likely to be self employeed

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

countries who 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 allotted 15 percent of their time to 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

Venture capital is a form of _____.

equity financing

a lifestyle entrepreneur can expect to

gain flexibility with work hours

The entrepreneurial personality includes all of the following characteristics EXCEPT

intolerance of 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 years. nasreen is most likely to be classified as a ___.

serial entrepreneur

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

how has technology affected small entrepreneurs?

technology has leveled the playing field tot he 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

which of the following is not listed as a reason people generally become entrepreneurs?

the opportunity to work for someone else

what is the overriding responsibility of an entrepreneur?

to use the company resources to accomplish goals

almost two of every five of the fast growing small u.s. companies have international sales

true