Your Results for: "Chapter Quiz" Print this page Site Title: Entrepreneurship: Successfully Launching New Ventures, 4/e Book Title: Entrepreneurship: Successfully Launching New Ventures, 4/e Book Author: Barringer Location on Site: Chapter 1 > Chapter Quiz Date/Time Submitted: March 19, 2016 at 11:34 PM (UTC/GMT) 1. Summary of Results 95% Correct of 20 Scored items: 19 Correct: 95% 1 Incorrect: 5% 2 questions not scored. 20 scored questions. More information about scoring Entrepreneurial behavior typically requires all of the following EXCEPT: Your Answer: invention of something new. 2. _____ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial. Your Answer: Entrepreneurial intensity 3. What is the most common reason given for why people choose to become entrepreneurs? Your Answer: To be their own boss. 4. Some entrepreneurs report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by ________. Your Answer: losing control of the firm 5. All of the following are characteristics shared by successful entrepreneurs EXCEPT: Your Answer: risk averse. 6. Which of the following is NOT a common myth about entrepreneurs? Your Answer: Everyone has the potential to be an entrepreneur. 7. 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? Your Answer: salarysubstitute firm 8. _____ of the 27.5 million businesses in the Unites States are owned by women, minorities, seniors, and young people. Your Answer: A growing number 9. Influence on innovation and job creation best typifies entrepreneurial firms' ________. Your Answer: economic impact 10. The entrepreneurial process is comprised of each of the following steps EXCEPT: Your Answer: inventing a new product or process. 11. In the United States, approximately onethird of new firms fail within their first four years. Your Answer: True 12. Entrepreneur and inventor mean essentially the same thing. Your Answer: False 13. Entrepreneurship only pertains to starting new businesses, not existing firms. Your Answer: False 14. The average entrepreneur does NOT make more money than someone with a similar amount of responsibility in a traditional job. Your Answer: False Correct Answer: True See p. 9 for more information. 15. The number one characteristic shared by successful entrepreneurs is creativity. Your Answer: False 16. Execution intelligence refers to developing a business model, putting together a new venture team, raising money, establishing partnerships, managing finances and leading and motivating employees. Your Answer: True 17. According to research, most entrepreneurs are born, not made. Your Answer: False 18. Only individuals that thrive on taking big risks have the right personality to be an entrepreneur. Your Answer: False 19. After winning a medal for diving in the Olympics, Cheryl starts a diving instruction school. This is an example of a lifestyle firm. Your Answer: True 20. In recent years, the fastest growing areas for womenowned firms have been in cosmetology, fashion merchandising, and hair salons. Your Answer: False 21. Discus entrepreneurship's importance to the economy and society as a whole: Your Answer: (blank) 22. What are the steps of the entrepreneurial process? Your Answer: (blank)
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