Chapter 1 Entrepreneurship

Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.

• True

• False

The three primary reasons that people become entrepreneurs and start their own firms are to ________.

• gain prestige, realize financial rewards, and eliminate risk in their lives

• do what they were "born" to do, be their own boss, and gain prestige

• take big risks, be their own boss, and do what they were "born" to do

• be their own boss, pursue their own ideas, and pursue financial rewards

The number one characteristic shared by successful entrepreneurs is ________.

• a desire to achieve financial rewards

• a passion for the business

• a desire to employ other people

• a desire to fulfill a lifetime dream

Which is NOT a common characteristic of an entrepreneur?

• risk-taker

• creative

• organized

• irresponsible

Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

• Product/customer focus

• Execution intelligence

• Tenacity despite failure

• A desire to please consumers