CH 1 MindTap Assignment

Businesses that do not attract investors, but allow their owners to live the way they want to live are called ________ businesses.

Lifestyle

The main difference between lifestyle business owners and entrepreneurs is the way they perceive ______.

Opportunity

Entrepreneurs who start and lead small businesses contribute to the economy in which of the following ways? a. They make up the overwhelming majority of all businesses. b. They hire nearly half of all high-tech employees. c. They are increasingly going global, representing 97 percent of all exporters. d. All of the above

D.

_________ are entrepreneurs who make contractual arrangements with established business chains rather than doing everything themselves.

Franchisers

Small companies are particularly adept at competing with larger companies when they focus on:

a. Customer service.

Which of the following statements is NOT one of the desirable traits of entrepreneurs listed by Spinelli and Adams?

b. A domineering attitude

Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?

b. Managers want larger budgets; entrepreneurs work to do more with less.

Which of the following is MOST descriptive of entrepreneurial passion?

c. An entrepreneur must have passion, but unchecked passion can be destructive.