Small Business Management S1 Final Exam Review

One of the most significant economic developments in recent business history relates to the

• growth of blue-chip corporations

• development of Pacific Rim countries

• entrepreneurial spirit

• additional employment opportunities offered by government institutions

The profile of an entrepreneur includes

• a desire for responsibility and moderate risk

• confidence in the ability to succeed and determination

• a high level of energy, a desire for immediate feedback and a future orientation

• All the above

An entrepreneur is one who

• is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations

• understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept

• knows that the concept they are about to develop will result in a profitable business

• creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities

All of the following are characteristics of the typical entrepreneur except

• confidence in his/her ability to succeed

• value of money over achievement

• desire for immediate feedback

• a future orientation

Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as entrepreneurs.

• opportunistic

• persistent

• serial

• classic

Entrepreneurs typically possess

• the ability to easily access capital

• a set of unique skills that is usually accompanied by advanced degrees in several areas

• a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious

• specialized technical abilities

Which of the following is a benefit of entrepreneurship?

• The opportunity to gain control over your own destiny.

• The opportunity to reach your full potential.

• The opportunity to do what you enjoy.

• All of the above

Potential drawbacks of entrepreneurship may include

• uncertainty of income, risk, long hours, and high stress

• uncertainty of income, risk, easy hours, and frequent vacations

• uncertainty of income, risk, long hours, and the immediate accumulation of wealth

• certainty of income, risk, long hours, and high stress

Which of the following is NOT one of the forces driving the entrepreneurial trend in our country?

• Shift away from a service economy.

• Independent lifestyle.

• International opportunities.

• E-commerce and the World Wide Web.

Entrepreneurs may find benefit from the Internet due to its potential

• if the organization is willing to invest millions of dollars in this effort

• only if the entrepreneur has a high level of technical abilities

• as a relatively low-cost solution to expand its revenue-generating abilities

• to take all pressure off other attributes of the business venture