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| Chapter Quiz
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This activity contains 22 questions.
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Entrepreneurial behavior typically requires all of the following EXCEPT:
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| invention of something new.
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| willingness to take risks.
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| drive.
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| creativity.
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_____ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial.
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| Risk tolerance
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| Entrepreneurial intensity
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| Inventiveness
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| Organizational bureaucracy
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What is the most common reason given for why people choose to become entrepreneurs?
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| To make a lot of money.
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| To escape the long hours associated with corporate jobs.
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| To be their own boss.
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| To be able to retire early.
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Some entrepreneurs report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by ________.
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| modest upside potential
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| the thrill of starting a business
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| motivating factors
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| losing control of the firm
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All of the following are characteristics shared by successful entrepreneurs EXCEPT:
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| passion.
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| risk averse.
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| product/customer focus.
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| tenacity despite failure.
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Which of the following is NOT a common myth about entrepreneurs?
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| Everyone has the potential to be an entrepreneur.
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| Entrepreneurs are born, not made.
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| Entrepreneurs are gamblers.
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| Entrepreneurs love the spotlight.
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What do you call small firms that yield a level of income for their owner that is similar to what they would earn when working for an employer?
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| sole proprietorship
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| small business
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| lifestyle firm
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| salary-substitute firm
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_____ of the 26 million businesses in the Unites States are owned by women, minorities, seniors, and young people.
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| A growing number
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| An insignificant portion
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| A declining amount
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| An unknown quantity
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Influence on innovation and job creation best typifies entrepreneurial firms' ________.
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| impact on society
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| economic impact
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| impact on larger firms
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| impact on the environment
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The entrepreneurial process is comprised of each of the following steps EXCEPT:
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| deciding to become an entrepreneur.
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| inventing a new product or process.
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| managing and growing the entrepreneurial firm.
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| moving from an idea to an entrepreneurial firm.
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In the United States, approximately one-third of new firms fail within their first four years.
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| True
False
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Entrepreneur and inventor mean essentially the same thing.
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| True
False
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Entrepreneurship only pertains to starting new businesses, not existing firms.
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| True
False
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The average entrepreneur does NOT make more money than someone with a similar amount of responsibility in a traditional job.
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| True
False
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The number one characteristic shared by successful entrepreneurs is creativity.
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| True
False
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Execution intelligence refers to developing a business model, putting together financial resources, and leading people towards transforming an idea into a business.
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| True
False
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According to research, most entrepreneurs are born, not made.
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| True
False
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Only individuals that thrive on taking big risks have the right personality to be an entrepreneur.
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| True
False
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After winning a medal for diving in the Olympics, Cheryl starts a diving instruction school. This is an example of a lifestyle firm.
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| True
False
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In recent years, the fastest growing areas for women-owned firms have been in cosmetology, fashion merchandising, and hair salons.
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| True
False
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Discus entrepreneurship's importance to the economy and society as a whole:
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| To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.
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What are the steps of the entrepreneurial process?
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| To create paragraphs in your essay response, type <p> at the beginning of the paragraph, and </p> at the end.
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