Entrepreneurship – Midterm Exam Questions And Answers 100% Pass
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Course
Entrepreneurship
Institution
Entrepreneurship
Entrepreneurship – Midterm Exam
Questions And Answers 100% Pass
One of the most significant economic developments in recent business history relates to the
________. - answerentrepreneurial spirit
The Kauffman Foundation reports that nearly one out of ________ entrepreneurs in the United
Sta...
Entrepreneurship – Midterm Exam
Questions And Answers 100% Pass
One of the most significant economic developments in recent business history relates to the
________. - answer✔entrepreneurial spirit
The Kauffman Foundation reports that nearly one out of ________ entrepreneurs in the United
States start businesses of their own because they cannot find jobs elsewhere. - answer✔five
Globally, one in eight adults is actively engaged in launching a business. - answer✔True
Current competitive conditions favor large companies over smaller ones because of their
flexibility combined with their ability to use their size to achieve efficiency and economies of
scale. - answer✔False
Increased entrepreneurial activity is a phenomenon unique to the U.S. - answer✔False
One study conducted by the Global Entrepreneurship Monitor (GEM) reports that nearly one in
eight people in the United States is working to start a business. - answer✔True
The profile of an entrepreneur includes ________. - answer✔All of these.
An entrepreneur is one who ________. - answer✔creates a new business concept for the
purpose of achieving profit and growth by assembling the necessary resources to capitalize on
identified opportunities
All of the following are characteristics of the typical entrepreneur except ________. -
answer✔value of money over achievement
Entrepreneurs are characterized by ________. - answer✔All of these
Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking
out again are known as ________ entrepreneurs. - answer✔serial
Entrepreneurs typically possess ________. - answer✔a high level of commitment, have a
tolerance for ambiguity, are flexible and tenacious
Entrepreneurs who start businesses because they cannot find work any other way are
________. - answer✔necessity entrepreneurs
Research has isolated a set of characteristics that can predict who will succeed as an
entrepreneur. - answer✔False
Serial entrepreneurs repeatedly start businesses and grow them to a sustainable size before
striking out again. - answer✔True
Surveys show that small business owners believe that, as entrepreneurs, they work harder,
earn more money, and are happier than if they worked for a large company. - answer✔True
The opportunity to reap impressive profits is the primary motivation for most entrepreneurs. -
answer✔False
What is an entrepreneur? Give a brief profile of a typical entrepreneur. What is the primary
motivation for the typical entrepreneur? - answer✔The typical profile of an entrepreneur
includes a desire for responsibility, confidence in the ability to succeed, determination, a high
level of energy, desire for immediate feedback, and a future orientation. The primary
motivation for the typical entrepreneur is the opportunity to create your own destiny.
In addition to the opportunity to create their own destiny and enjoy what they do,
entrepreneurs also benefit from the ability to ________. - answer✔make a difference in an area
important to them and be recognized for those efforts
Ethical behavior is doing what is ________. - answer✔"right"
The various groups and individuals who affect and are affected by a business are called
________. - answer✔stakeholders
Which of the following is not a stakeholder for an organization? - answer✔All of these are
stakeholders
________ is a branch of philosophy that studies and creates theories about the basic nature of
right and wrong, duty, obligation, and virtue. - answer✔ethics
________ responsibility is how an organization responds to the needs of the many elements in
society. - answer✔social
________ consists of the fundamental moral values and behavioral standards that form the
foundation for the people of an organization as they make decisions and interact with
stakeholders. - answer✔business ethics
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