ETR 3

As they age, these entrepreneurs' unspoken exit strategy is to let the time between deals drag out. A. Harvest entrepreneurs B. Helical entrepreneurs C. Occasional entrepreneurs D. Growth entrepreneurs

A

Bart appears to express an interest in which of the following careers? A. Habitual B. Harvest C. Spiral D. Occasional

A

Being an idea person, Bart would not be driven by A. great wealth. B. hard work. C. fame. D. fast learning.

A

Doing work on a seasonal basis such as doing taxes or making Christmas wreaths is an example of A. occasional entrepreneurship. B. spiral entrepreneurship. C. growth entrepreneurship. D. habitual entrepreneurship.

A

Harvest entrepreneurs A. are often wealthy, but largely unknown. B. alternate periods of growth and stability which are determined by personal needs. C. may scale down their ventures as they get older, but continue to work in their business. D. are people who generally have another job that is their primary one.

A

Identify the simplest form of discrimination. A. Access B. Role conflict C. Set-asides D. Collusion

A

Identify the strategy where the idea is to slow down when children are young and push for growth when the children are older. A. Spiral B. Harvest C. Growth D. Habitual

A

Like classic entrepreneurs, small business owners are all of the following EXCEPT A. risk takers. B. socially isolated. C. often alone. D. hard workers.

A

The energy and focus needed to bring a business into existence relates to which of the following competencies? A. Determination B. Resource C. Opportunity D. Basic business

A

The forms of business-related expertise are called A. competencies. B. core processes. C. personalities. D. ethics.

A

The middle level of professionalization is called _____, where as opposed to a "best" restaurant, there is probably a restaurant you know of with great food but so-so service. A. specialized B. minimalized C. expertise D. standard

A

The two fastest growing minority groups represent the largest segments of minority business owners. These are A. Hispanics and Asians. B. Hispanics and Africans. C. Asians and Africans. D. Asians and Pacific Islanders.

A

What best describes the problem that arises when people have multiple responsibilities and each makes different demands on them? A. Role conflict B. Succession C. Leadership D. Role ambiguity

A

Which of the following personality types is more concerned with their social standing and acceptance than their personal wealth? A. Salesperson entrepreneur B. Managerial entrepreneur C. Classic entrepreneur D. Idea person

A

Which of the following statements about entrepreneurial teams is false? A. Most teams are nonfamily related B. The majority of new businesses have a team of two or more co-owners C. The trend is toward even more businesses being developed by teams of entrepreneurs D. When family members start a business, they start with already knowing and trusting each other

A

_____ entrepreneurs are owners for a lifetime, sometimes in one business, and sometimes across several firms. A. Habitual B. Harvest C. Growth D. Spiral

A

of the following are characteristics of a family-owned business EXCEPT A. they are the only group that faces the challenge of access. B. they are a major source of funds and personnel for new small businesses. C. they are a self-perpetuating source for future small businesses. D. a strong family bond can become a strong business culture.

A

A loner, often socially isolated, a hard worker, a fast learner, and a risk taker seeking wealth represents the profile of a(n) A. idea person. B. classic entrepreneur. C. managerial entrepreneur. D. small business owner.

B

A(n) _____ entrepreneur's typical end-game strategy involves scaling down the business. A. occasional B. helical C. harvest D. growth

B

Access problems for women- and minority-owned small businesses crop up most often as A. differences in labeling. B. discrimination in financing. C. problems involved in business contacts. D. the presence and absence of certain skills.

B

B&B Music can be described as a(n) A. minority business. B. entrepreneurial team. C. second-career entrepreneurship. D. expert business.

B

Brad appears to be leaning toward which of the following careers? A. Habitual B. Harvest C. Spiral D. Occasional

B

Following certain "best practices" are typical of these types of businesses. A. Specialized businesses B. Expert businesses C. Minimalized businesses D. Factor businesses

B

Getting organized and registered—which creates a boundary—is an example of a(n) A. financial activity. B. operations activity. C. human resources activity. D. management activity.

B

Key business functions and industry-specific knowledge are parts of _____ competency. A. resource B. basic business C. determination D. opportunity

B

What is the goal of growth entrepreneurs? A. Personal satisfaction B. Major success C. Income D. Work first in order to play later

B

When woman or minority-owned businesses are simply excluded from the opportunities offered to firms owned by white males, it is called the challenge of A. consistency. B. access. C. flexibility. D. mutuality.

B

Which of the following are owners with an exit plan? A. Growth entrepreneurs B. Harvest entrepreneurs C. Occasional entrepreneurs D. Habitual entrepreneurs

B

Which of the following deals with the actual process of exploring an opportunity for profit? A. Resource B. Exchange C. Intention D. Boundary

B

Which of the following holds true of habitual entrepreneurs? A. Their goal is to work first in order to play later B. Usually they have no succession plan C. When they do retire, they tend to want to micromanage their successors D. They work on a seasonal basis

B

Which of the following relates to expert businesses? A. The entrepreneur does nearly everything in the simplest way possible. B. All the major functions of the firm follow standard business practices of the industry. C. The founders are passionate about one or two of the key business functions. D. They are satisfied if other activities are no worse than other businesses in their market.

B

Which of the following statements about a family council is false? A. One way to maximize communication in the succession process is to create a family council. B. The main function of the family council is to be focused on running the business. C. A family council includes family members with immediate interests in the business. D. The meetings can be a good forum for grappling with issues like role expectations.

B

Which of the following statements about certification for women- and minority-owned small businesses is false? A. Certification consists of an examination based acknowledgement that the firm is owned and operated as specified. B. Certification is for every women- or minority-owned small business. C. For those businesses that qualify, certification provides a ready means of access to opportunity and to networks of businesses and government agencies. D. For corporations, certification is handled by organizations that are not affiliated with the government or big business, such as the National Minority Supply and Diversity Council.

B

_____ businesses have founders or owners who are passionate about one or two of the key business functions, such as sales or operations. A. Expert B. Specialized C. Minimalized D. Global

B

_____ entrepreneurs are people who generally have another job that is their primary one. A. Harvest B. Occasional C. Helical D. Spiral

B

_____ refers to the process of intergenerational transfer of business. A. Role conflict B. Succession C. Leadership D. Access

B

of the following observations are true of growth entrepreneurs EXCEPT A. their goal is to achieve major success. B. they are interested in giving their firms strong balance sheets. C. they are lifetime owners. D. when they retire, they tend to want to micromanage their successors

B

All of the following observations pertain to set-asides EXCEPT A. they are government contracting funds. B. they are earmarked for particular types of firms. C. they focus on extra efforts to network. D. they are a solution for access-based challenges

C

At which of these levels of professionalization does the entrepreneur do nearly everything in the simplest way possible? A. Expert B. Specialized C. Minimalized D. Global

C

Being a contemporary classic entrepreneur, Brad would exhibit all of the following traits EXCEPT being A. a hard worker. B. socially isolated. C. an average income seeker. D. a fast learner.

C

Being asked if you want to supersize your order at a fast-food restaurant is an example of A. a key business function. B. a resource competency. C. a standard business practice. D. industry-specific knowledge

C

Family owned and managed small businesses represent what percent of American businesses? A. 58 B. 25 C. 39 D. 72

C

Idea people are not particularly driven by _____, but they are driven by _____. A. greatness; great wealth B. hard work; risk taking C. great wealth; having their idea achieve greatness D. fame; socialization

C

People who begin their business after having retired or resigned from work in corporations at the age of 50 or later are called _____ entrepreneurs. A. harvest B. helical or spiral C. late career D. growth

C

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 called A. basic business competencies. B. opportunity competencies. C. resource competencies. D. determination competencies.

C

The key for managing the demanding life of the entrepreneur is to A. list all your responsibilities as soon as you get them. B. prioritize your tasks based on their importance to your business and their due date. C. get advice from people in your line of business about the basic activities of the small business. D. perform all the business functions including sales, operations, accounting, finance, and human resources yourself.

C

What is the key difference between a family council and a board of directors? A. The board is focused on business-family relationships. B. The board includes significant family membership. C. The function of the family council is to keep the family involved. D. Family councils should get professional advice at the start.

C

Which of the following entrepreneurs employ about 58 percent of America's total workforce? A. Women entrepreneurs B. Second career entrepreneurs C. Family business owners D. Minority entrepreneurs

C

Which of the following is NOT a typical career path for entrepreneurs? A. Habitual entrepreneurship B. Harvest entrepreneurship C. Mature entrepreneurship D. Spiral entrepreneurship

C

Which of the following personality types is often very risk-averse, preferring to build wealth through careful planning and action? A. Idea person B. Small business owner C. Managerial entrepreneur D. Classic entrepreneur

C

_____ entrepreneurs alternate periods of growth and stability which are determined by personal or family needs. A. Occasional B. Harvest C. Spiral D. Growth

C

_____ refers to the extent to which a firm meets or exceeds the standard business practices of its industry. A. Standard operating procedure B. Organizational commitment C. Professionalization D. Intention

C

According to the text, there are three levels of professionalization. These are A. low, medium, and high. B. company, industry, and global. C. personal, team, and organizational. D. expert, specialized, and minimalized.

D

All of the following observations are true of the salesperson type of entrepreneur EXCEPT A. they work hard. B. they are very socially driven. C. they use their networks to minimize risk. D. they are most concerned with their wealth.

D

Expert businesses A. are those which have owners who are passionate about one key business function. B. are those where the entrepreneur does nearly everything in the simplest way possible. C. usually lack good business procedures. D. are those in which you notice everything seems to be done in the best way possible.

D

For family business, the most effective approach for avoiding role conflict is A. time management. B. to avoid schedule overload. C. to try and make decisions based on family necessities. D. to keep family issues out of the business

D

For those businesses that do get started, the amount of _____ is what distinguishes the more successful from the less successful firms. A. effort B. opportunities C. subordination D. expertise

D

Identify the trait which all entrepreneurial personality types have in common. A. Loneliness B. Social isolation C. Risk taking D. Hard work

D

Only _____ of family-owned businesses survive beyond the first generation. A. three-quarters B. one-half C. one-fourth D. one-third

D

The career goal of which entrepreneur is personal satisfaction first, income second? A. Growth entrepreneurs B. Harvest entrepreneurs C. Occasional entrepreneurs D. Habitual entrepreneurs

D

The competency suggested by _____ relates to the organizational and business processes of a firm. A. intention B. resource C. exchange D. boundary

D

The intention component of the BRIE model reflects _____ competencies. A. basic business B. opportunity C. resource D. determination

D

There are certain fundamental activities that all businesses must perform, which are called A. engineering business functions. B. basic business functions. C. business accreditations. D. key business functions.

D

These entrepreneurs are the classic part-time entrepreneurs, who might work on a seasonal basis. A. Habitual B. Spiral C. Growth D. Occasional

D

Two challenges typical to family businesses are A. motivation and nepotism. B. leadership and finances. C. succession and access. D. role conflict and succession.

D

Unlike _____, _____ are actually risk-averse. A. idea persons; classic entrepreneurs B. managerial entrepreneurs; classic entrepreneurs C. sales entrepreneurs; idea persons D. classic entrepreneurs; small business owners

D

Which of the following does NOT hold true of the minimalized level of professionalization? A. The entrepreneur does nearly everything in the simplest way possible. B. Usually, there is no systematic accounting. C. Record keeping will vary between nonexistent and haphazard. D. Inspires the highest levels of trust among customers.

D

Which of the following does not pertain to role conflict? A. It describes the kind of problem that arises when people have multiple responsibilities B. It is at its worst when people fail to recognize it C. It causes a shortage of time D. It is the process of intergenerational transfer of a business

D

Which of the following is NOT a challenge faced by second career entrepreneurs? A. Adjusting to the entrepreneurial life B. Reestablishing self-confidence C. Keeping personal finances out of the business D. Deciding whether to return to work

D

Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business? A. Determination competencies B. Basic business competencies C. Resource competencies D. Opportunity competencies

D