CHAPTER 6 ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS
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CHAPTER 6 ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS
CHAPTER 6
ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS
TRUE/FALSE
Learning Goal 1 Explain why people are willing to take the risks of entrepreneurship, list
the attributes of successful entrepreneurs, describe the benefits of
entrepre...
chapter 6 entrepreneurship and starting a small business
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CHAPTER 6
ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS
TRUE/FALSE
Learning Goal 1 Explain why people are willing to take the risks of entrepreneurship, list
the attributes of successful entrepreneurs, describe the benefits of
entrepreneurial teams and intrapreneurs, and explain the growth of
home-based and Web-based businesses.
Level of Learning 1 (Knows basic terms and facts)
i. Entrepreneurship involves accepting the risk of starting and running a business.
Answer: True LG: 1/LL: 1 Page: 150
ii. Entrepreneurship is another name for management.
Answer: False LG: 1/LL: 1 Page: 150
iii. Entrepreneurs are less important now than in the past to the U.S. economy.
Answer: False LG: 1/LL: 1 Page: 150
iv. People who are 16 to 34 years old are not attracted to starting their own business.
Answer: False LG: 1/LL: 1 Page: 150
v. While entrepreneurs frequently earn significant profits for themselves, their impact
on society is quite small.
Answer: False LG: 1/LL: 1 Page: 150
vi. Many business started by entrepreneurs have grown into major corporations
employing thousands of workers.
Answer: True LG: 1/LL: 1 Page: 150
vii. Entrepreneurs are motivated by the desire to earn a profit.
Answer: True LG: 1/LL: 1 Page: 151
viii. Entrepreneurs, like gamblers, enjoy taking risks.
, x. Most entrepreneurs prefer working for someone else.
Answer: False LG: 1/LL: 1 Page: 151
xi. Most entrepreneurs are more interested in personal achievement than in power.
Answer: True LG: 1/LL: 1 Page: 151
xii. If you have managerial skills and leadership ability, you also posses the personality
to be an entrepreneur.
Answer: False LG: 1/LL: 1 Page: 151
xiii. Because of the stress of being in business for yourself, it's important that
entrepreneurs have people around them to help replenish their enthusiasm.
Answer: False LG: 1/LL: 1 Page: 151
xiv. Successful entrepreneurs rely on others for direction and support.
Answer: False LG: 1/LL: 1 Page: 151
xv. Successful entrepreneurs accept the risk of failure.
Answer: True LG: 1/LL: 1 Page: 152
xvi. Entrepreneurs avoid risk and place a high priority on security.
Answer: False LG: 1/LL: 1 Page: 152
xvii. It is important for an entrepreneur to be highly energetic.
Answer: True LG: 1/LL: 1 Page: 151
xviii. Most entrepreneurs get the ideas for their products and services from a flash of
inspiration.
Answer: False LG: 1/LL: 1 Page: 152
xix.Potential entrepreneurs would be well advised to surround themselves with people who are
smarter than they are.
Answer: True LG: 1/LL: 1 Page: 154; figure 6.1
xx. Potential entrepreneurs should consider working for other people first and learning
on the other person’s money.
, xxii. A team may be better than an individual entrepreneur because team members can
combine creative skills with production and marketing skills from the beginning.
Answer: True LG: 1/LL: 1 Page: 154
xxiii. An entrepreneurial team is a group of experienced managers who share the same
skills and abilities.
Answer: False LG: 1/LL: 1 Page: 154
xxiv. Successful entrepreneurs will look for what customers don't need as well as what
customers do need.
Answer: True LG: 1/LL: 1 Page: 152
xxv. Entrepreneurial teams combine the creative marketing and production ideas of a
group of experienced people.
Answer: True LG: 1/LL: 1 Page: 154
xxvi. Entrepreneurial teams struggle to blend creative business skills with production and
marketing skills.
Answer: False LG: 1/LL: 1 Page: 154
xxvii. Successful entrepreneurs often make use of professional managers to introduce
new ideas.
Answer: True LG: 1/LL: 1 Page: 154
xxviii. Micropreneurs is a term used to describe entrepreneurs who focus on the continued
growth of their businesses.
Answer: False LG: 1/LL: 1 Page: 154
xxix. The most important difference between entrepreneurs and micropreneurs is the
focus placed by micropreneurs on balancing the demands of work and family.
Answer: True LG: 1/LL: 1 Page: 154
xxx. The primary concern of micropreneurs is to balance the risk of starting your own
business with the desire to build a powerful organization earning significant profits.
Answer: False LG: 1/LL: 1 Page: 154
xxxi. Many micropreneurs are home-based business owners.
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