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Exam 1: Entrepreneurs

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Question 1

Multiple Choice

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In what age category does research show the highest percentage of business start-ups?

A) 18 to 24
B) 25 to 30
C) 31 to 49
D) 50 and over

E) None of the above
F) A) and B)

Correct Answer

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D

Question 2

Multiple Choice

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What is an opportunistic entrepreneur expected to be?

A) superstitious
B) reluctant to delegate authority
C) unwilling to plan for future growth
D) well educated

E) All of the above
F) A) and B)

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Question 3

Multiple Choice

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Understanding his weakness in presentation skills,Dylan joined a Toastmasters program.He now successfully presents his business and products to buyers and his sales continually increase.Which entrepreneurial success quality best describes Dylan?

The study by Thornhill and Amit suggests that reasons for failure are different in each phase of the business life.

Surjit,a marketing specialist,and Candice,an investment expert,create a company to sell financial planning services to the public.Which term best describes Surjit and Candice?

Balwant has several ideas for a new business and is learning about becoming an entrepreneur.What will Balwant most likely be concerned about?

Juanita had to close her business after three years.The clothing she purchased from overseas manufacturers never caught on in Canada as she thought it would.Which of the following best describes Juanita's situation?

As of 2011 more than 3 million people were self-employed in Canada.

Patrick,tired of the politics at the company he works for,leaves to start his own accounting firm.Which term best describes Patrick?

Explain four routes to entrepreneurship.

Jaclyn,inspired by her children's fondness for animals,developed a business bringing animals to children bedridden with diseases or injuries.What type of business person best describes Jaclyn?

An older person may avoid entrepreneurship as they have family,financial,and job commitments that make it appear too risky.

Christine takes over the nursery business her aging parents started.Which term best describes Christine?

Before making any decisions,Kyle gathers good information to help navigate through what often seems a complicated web of problems,challenges,and opportunities.Which entrepreneurial success quality best describes Kyle?

The four primary routes to entrepreneurship are entering a family business,opening a franchised business,starting a new business,and buying an existing business.

Reggie runs his landscaping company from April to October then closes it so he can travel the world to enjoy his love of skiing.Which entrepreneurial reward does Reggie value most?

Many entrepreneurs value independence because it gives them more flexibility in their personal lives.

Over 98 percent of small businesses have fewer than 100 employees.

Entrepreneurs experience the unpleasantness of emotional stress as well as the need to invest much of their own time and labour.

Michelle continually looks for new products and markets to expand her business.Which entrepreneurial success quality best describes Michelle?