Intro to Biz w-5-2

Which of the following explains why individuals accept the risks of business ownership?

• The potential for learning how to be self-disciplined.

• The sense of self-satisfaction and independence.

• The challenge of seeking power.

• The desire to work fewer hours.

Successful entrepreneurs are self-nurturing. This means they__________

• look to others for strength and encouragement.

• self-finance their business with no assistance from others.

• perform all business operations by themselves.

• believe in themselves and their ideas.

Although successful entrepreneurs are more tolerant of uncertainty, ____________

• they seldom start another business after a failure.

• they develop mental games to see themselves through the risk game, especially.

• they always protect themselves from failure by taking out lots of insurance.

• they strive to take calculated risks.

One reason we have seen continued growth in home-based businesses is__________

• the location offers a more secure operational environment.

• affordable technology makes it easier to compete.

• people need something to do while they wait to return to work for a large corporation.

• it is less risky to start a home-based business than other types of entrepreneurial ventures.

Angelina recently left her job at a large corporation to start her own business. She knows that her decision comes with risk, but she is excited to be her own boss and to tackle the challenges that running her own company will bring. Angelina is an example of a(n)____________

• intrapreneur.

• entrepreneur.

• venture capitalist.

• raconteur.

Eddie is an inventive engineering new graduate who just started working for a large company that makes medical products for both hospital and patient use. One of his primary responsibilities is to initiate and develop new products to complement the firm's current product line. Eddie's position is ________.

• intrapreneurial

• entrepreneurial

• an outside consultant for other firms

• micropreneurial

A business's size is measured______________

• in relation to the number of competitors in its industry.

• in relation to other firms in its industry.

• in relation to the number of dominant competitors in its sector.

• as small, if it participates in the services sector.

Which of the following statements accurately depicts an advantage that small business has over big business?

• If the small business owner can project his business as being big, if not very similar to big businesses that sell in the same industry, then he will realize a significant advantage.

• The size of the business (small being better in this case) is an important consideration in the management of legal, payroll, and tax concerns.

• A small business can maneuver and change quicker than most large businesses can. It can react to market conditions and customer concerns much faster.

• The slower pace of small businesses translates into better quality for its customers.

A review of small business successes and failures indicates that the___________

• businesses that are easiest to start offer the greatest potential for long-term growth and profits.

• restaurant industry offers the least risk for entrepreneurs.

• businesses with the potential for high profit levels tend to be difficult to start and hard to keep going.

• reason the service sector is rapidly growing is that these firms are easy to start and keep going and offer high levels of security and growth potential.

Karel is focusing his attention on finding full-time employment now that he has graduated. He has decided to narrow his job search to jobs with a major corporation and ignore the possibility of working for a small business. His job search strategy_____________

• makes sense because managerial skills are best developed by working for big firms.

• is smart because major corporations represent the most important source of employment growth in Indonesia.

• indicates that Karel's passion is to fulfil his dream of owning his own business.

• will likely limit his job prospects since most new jobs are with small businesses.