All but which of the following is considered to be a myth associated with entrepreneurship?

• Successful entrepreneurs are born not made

• First ventures are always successful

• All entrepreneurs must willingly invest significant sums of money

• Successful entrepreneurs must have a break-through invention

• An entrepreneur faces extraordinary business risks

A/An ___ is best described by stating it is any business that is independently owned and operated and is not dominate in its market.

• strategic alliance

• coporation

• entrepreneurship

• proprietorship

• small business

Which of the following is not considered a common characteristic of an entrepreneur?

• Internal focus of control

• High need for achievement

• Self-confidence

• External focus of control

• Willingness to take risks

The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an ____.

• inventor

• opportunist

• hacker

• craftsman

• crafts person

Common reasons for entrepreneurial failure include all but which one of the following?

• Poor implementation

• lack of capital

• adequate financial support

• faulty product design

• ineffective human resources

A/An ___ is defined as the blueprint describing the business strategy for entering the marketplace and explains the business to potential investors.

• business alliance

• spin-off

• intrapreneuship

• competitor analysis

• business plan

Of the following, which one is not considered a key component of a business plan?

• sources of funding

• market trend analysis

• methods for dissolution of the organization

• description of products or services

• expansion plans

A(n) ___ is defined as a form of business that is an association of two or more people acting as co-owners of a business.

• proprietorship

• partnership

• INC

• corporation

• conglomerate

Which one of the following would not be considered an advantage to a partnership formation?

• potential for double taxation

• less governmental control

• ease of formation

• direct share of profits

• division of labor and management responsibilities

Which one of the following would not be considered a disadvantage of a corporation?

• limited continuality of life of enterprise

• extensive government regulations of activities

• high incorporation fees

• corporate capital, profits, dividends, and salaries are double taxed

• activities limited to those stated in charter