BA 311 Small Business Management - Ch 1 & 2 - Quiz#1

An entrepreneurial team consists of the owner, the financier, and one key employee.

• True

• False

Most entrepreneurs work shorter hours in their own businesses than they did when working for someone else because they have no boss to report to.

• True

• False

Geraldo often would rather go fishing than work his business. According to Stephen Spinelli and Robert Adams, which entrepreneurial characteristics does Geraldo lack?

• Commitment

• Courage

• Creativity

• Tolerance of risk

Geraldo often would rather go fishing than work his business. According to Stephen Spinelli and Robert Adams, which entrepreneurial characteristics does Geraldo lack?

• Commitment

• Courage

• Creativity

• Tolerance of risk

Which of the following best fits the definition of a small business?

• A manufacturer with 75 investors

• A hardware store franchise with 20 employees

• A fast-food franchise with locations in three states

• All of these are correct.

Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on providing results for customers. Ben has a(n) _____ personality.

• technician

• manager

• entrepreneur

• opportunistic

Many entrepreneurs are highly motivated by the prospect of

• an easy life

• making money

• freedom from long hours

• job security

Zelda worked for years in a medical clinic as a biller and coder. Now she operates her own billing service for several doctors. Zelda has a(n) _____ personality.

• technician

• manager

• entrepreneur

• artisan

Evelyn opened a small boutique catering to a very narrowly defined target market. Evelyn's competitive edge is

• the niche market

• customer focus

• quality performance

• innovation

Sally, a single mother, opened a florist shop to support her family after losing her job in a corporate layoff. She is a(n)

• social entrepreneur

• corporate refugee

• independent refugee

• reluctant entrepreneur