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| 1 | |
A loner, often socially isolated, a hard worker, a fast learner, and a risk taker seeking wealth all describe the classic entrepreneur. |
| | A) | True |
| | B) | False |
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| 2 | |
Being more concerned with personal wealth than their acceptance of social standing refers to a salesperson entrepreneur. |
| | A) | True |
| | B) | False |
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| 3 | |
Complexities are forms of business-related expertise. |
| | A) | True |
| | B) | False |
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| 4 | |
Determination competencies relate to the energy and focus needed to bring a business into existence. |
| | A) | True |
| | B) | False |
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| 5 | |
Among customers, specialized firms tend to generate the highest level of trust. |
| | A) | True |
| | B) | False |
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| 6 | |
Driven by a need to balance family and business, and being successful at each describes a spiral, or helical entrepreneur. |
| | A) | True |
| | B) | False |
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| 7 | |
Creating a family council is one way to maximize communication in the succession process. |
| | A) | True |
| | B) | False |
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| 8 | |
Certification is an examination based acknowledgement that the firm is owned and operated as desired. |
| | A) | True |
| | B) | False |
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| 9 | |
______ are actually risk averse, unlike ______. |
| | A) | Classic entrepreneurs; small business owners |
| | B) | Managerial entrepreneurs; small business owners |
| | C) | Sales entrepreneurs; managerial entrepreneurs |
| | D) | Small business owners: classic entrepreneurs |
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| 10 | |
Idea people are driven by ______, they are not particularly driven by ______. |
| | A) | having their ideas achieve greatness; great wealth. |
| | B) | hard work; risk taking. |
| | C) | great wealth; having their idea achieve greatness. |
| | D) | fame; socialization. |
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| 11 | |
Being more concerned with their social standing and acceptance than their personal wealth refers to |
| | A) | salesperson entrepreneur. |
| | B) | classic entrepreneur. |
| | C) | idea person. |
| | D) | small business owner. |
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| 12 | |
______ competency includes key business functions and industry-specific knowledge. |
| | A) | Resource |
| | B) | Opportunity |
| | C) | Determination |
| | D) | Basic business |
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| 13 | |
______ competency includes skills necessary to identify and exploit elements of the business. |
| | A) | Resource |
| | B) | Opportunity |
| | C) | Determination |
| | D) | Basic business |
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| 14 | |
The actual process of exploring the opportunity for profit refers to ______. |
| | A) | resources |
| | B) | exchange |
| | C) | intention |
| | D) | boundary |
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| 15 | |
______ refers to a business action that has been widely adopted within an industry or occupation. |
| | A) | Professionalization |
| | B) | Boundary |
| | C) | Ethics |
| | D) | Standard business practice |
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| 16 | |
______ refers to the extent to which a firm meets or exceeds the standard business practices for its industry. |
| | A) | Professionalization |
| | B) | Boundary |
| | C) | Ethics |
| | D) | Standard business practice |
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| 17 | |
One or two of the key business functions, such as sales or operations are what founders or owners of ______ businesses are passionate about. |
| | A) | specialized |
| | B) | minimalized |
| | C) | expert |
| | D) | global |
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| 18 | |
For ______ businesses gaining trust from customers is the hardest. |
| | A) | minimalized |
| | B) | global |
| | C) | specialized |
| | D) | expert |
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| 19 | |
______ is NOT a typical career path for entrepreneurs. |
| | A) | Habitual |
| | B) | Mature |
| | C) | Spiral |
| | D) | Harvest |
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| 20 | |
To slow down when children are young and push for growth when the children are older is a typical _____ strategy. |
| | A) | habitual |
| | B) | growth |
| | C) | spiral |
| | D) | harvest |
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| 21 | |
When one family owns a majority stake and is involved in the daily management of the business it is called a(n) |
| | A) | occasional entrepreneur. |
| | B) | family business. |
| | C) | helical firm. |
| | D) | harvest business. |
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| 22 | |
Reliability on family members to take over the business can only be claimed by ______ percent of all entrepreneurs. |
| | A) | only 5 |
| | B) | about 33 |
| | C) | more than 50 |
| | D) | between 20 and 30 |
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| 23 | |
In total, women owned businesses average out to ______ percent. |
| | A) | 11 |
| | B) | 43 |
| | C) | 30 |
| | D) | 54 |
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| 24 | |
______ entrepreneurs are people who begin their business after having retired or resigned from work in corporations at 50 or later. |
| | A) | Harvest |
| | B) | Helical |
| | C) | Late career entrepreneurs |
| | D) | Growth |
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