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,Chapter 1—The Entrepreneurial Life
TRUE/FALSE
1. An entrepreneurial career can provide an exciting life and substantial personal rewards while also
contributing to the welfare of society.
ANS: T PTS: 1 REF: p. 5 OBJ: 1-1 TYPE: C
NAT: Analytic | Economic Environments
2. Alex Calderwood’s keen focus on people is critical to his success in the hotel industry as co-founder of
Ace Hotels.
ANS: T PTS: 1 REF: p. 8 OBJ: 1-2 TYPE: A
NAT: Reflective Thinking | Dynamics
3. Based on his success with Late Model Restoration Supply and what he had wished he had known in
the beginning of the company, Shannon Guderian would have used a cash-only basis for operations.
ANS: F
Guderian states his desire to have known the importance of leveraging his assets.
PTS: 1 REF: p. 9 OBJ: 1-2 TYPE: A
NAT: Reflective Thinking | Finance
4. Jerry Murrell and his sons feel their success with Five Guys Burgers and Fries is being consistent with
their quality even if food prices fluctuate.
ANS: T PTS: 1 REF: p. 10 OBJ: 1-2 TYPE: A
NAT: Reflective Thinking | Value Creation
5. According to the text, the term entrepreneur is refers to small business founders only.
ANS: F
According to the text, entrepreneur refers to founders, franchisees, second-generation members of
family-owned firms, and owner-managers who buy out the founders of existing firms.
PTS: 1 REF: p. 5 OBJ: 1-1 TYPE: D
NAT: Analytic | Dynamics
6. Researchers at Case Western Reserve University found a strong connection between entrepreneurship
and a cavalier, happy-go-lucky attitude toward life and business.
ANS: F
The researchers found a connection between entrepreneurs and genetics.
PTS: 1 REF: p. 10 OBJ: 1-3 TYPE: C
NAT: Analytic | Dynamics
7. An owner-manager is a person who founds a new business.
, ANS: F
An owner-manager may be an individual who bought out the founder(s) of an existing firm (or later
owners) and thus is not necessarily the one who started the firm.
PTS: 1 REF: p. 4 OBJ: 1-4 TYPE: D
NAT: Analytic | Dynamics
8. According to the text, owner-managers who buy out founders of existing firms may be classified as
entrepreneurs.
ANS: T PTS: 1 REF: p. 5 OBJ: 1-1 TYPE: D
NAT: Analytic | Dynamics
9. The universally accepted definition of the term small business is based on the number of people
employed by the firm.
ANS: F
There have been a number of attempts to define the term small business, using such criteria as the
number of employees, sales volume, and value of assets, but there is no universally accepted
definition.
PTS: 1 REF: p. 6 OBJ: 1-1 TYPE: D
NAT: Analytic | Dynamics
10. A primary reason for becoming an entrepreneur is to create a product or service that makes the world a
better place.
ANS: T PTS: 1 REF: p. 12 OBJ: 1-3 TYPE: C
NAT: Global Dynamics | Value Creation
11. Self-employed people are four times more likely to be millionaires than are those who work for others.
ANS: T PTS: 1 REF: p. 14 OBJ: 1-3 TYPE: C
NAT: Global Dynamics | Finance
12. A reasonable goal of an entrepreneur would be to “get rich slowly”.
ANS: T PTS: 1 REF: p. 15 OBJ: 1-3 TYPE: C
NAT: Analytic | Finance
13. A large percentage of small business owners cite their desire to be their own boss as the main reason
they left their previous employers.
ANS: T PTS: 1 REF: p. 15 OBJ: 1-3 TYPE: C
NAT: Analytic | Dynamics
14. Persons who leave their leave an undesirable work situation and go into business for themselves would
be described as entrepreneurial refugees.
ANS: T PTS: 1 REF: p. 15 OBJ: 1-3 TYPE: D
NAT: Analytic | Dynamics
15. A refugee is a person who tried entrepreneurship, failed, and sought refuge in corporate employment.
, ANS: F
A refugee is an individual who has left an undesirable environment by going into business for
him/herself.
PTS: 1 REF: p. 15 OBJ: 1-3 TYPE: D
NAT: Analytic | Dynamics
16. Research shows that over that 91 percent of small business owners give back to their communities
each year through volunteering, in-kind contributions and/or direct cash donations.
ANS: T PTS: 1 REF: p. 14 OBJ: 1-3 TYPE: C
NAT: Ethics | Dynamics
17. “Second-stage” entrepreneurs are entrepreneurs who take over the operations of a successful ongoing
business from its founder.
ANS: T PTS: 1 REF: p. 16 OBJ: 1-4 TYPE: D
NAT: Analytic | Dynamics
18. Entrepreneurial teams are formed by bringing together two or more persons together who function in
the capacity of entrepreneurs.
ANS: T PTS: 1 REF: p. 19 OBJ: 1-4 TYPE: D
NAT: Analytic | Dynamics
19. A mechanic who starts an independent garage can best be thought of as an opportunistic entrepreneur.
ANS: F
This statement describes an artisan entrepreneur-i.e., one who operates the business using his or her
technical skills as opposed to communication and managerial skills.
PTS: 1 REF: p. 19 OBJ: 1-4 TYPE: A
NAT: Reflective Thinking | Dynamics
20. While businesses started by women are the typically the same size as those owned by men, the startup
rate for women is twice the rate of men.
ANS: F
Women-owned companies are smaller in size (possibly due to expectations) but the rate for women-
owned businesses is twice the rate of male startups.
PTS: 1 REF: p. 18 OBJ: 1-4 TYPE: C
NAT: Analytic | Economic Environments
21. Small and entrepreneurial firms cannot hold their own or gain an edge over successful, more powerful
businesses.
ANS: F
Small firms can indeed compete against their larger rivals by focusing on customers' needs, providing
high-quality goods and services, operating with greater integrity, using innovative methods, or findings
low-cost solutions.
PTS: 1 REF: p. 21 OBJ: 1-5 TYPE: C
NAT: Analytic | Value Creation
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