Chapter 7 Review Entrepreneurship

According to the textbook, what is the prime age for entrepreneurship in the US?

• 22-29 years

• Late 30's to Early 40's

• Late 40's to Early 50's

• 50-59 years

What term is used to describe a person who risks their time, money, and other resources to start and manage a business?

• Entrepreneur

• Investor

• Manager

• Employee

Which of the following is a motivator to become an entrepreneur?

• Independence

• Job security

• Fixed working hours

• Limited responsibility

• Guaranteed success

Which of the following is a characteristic of an Entrepreneur?

• Laziness

• Indecisiveness

• Lack of focus

• Self-reliance

What phrase is a deep-seated sense that the individual is personally responsible for what happens in their life?

• External locus of control

• Self-Efficacy

• Internal locus of control

• Intrinsic Motivation

What phrase is a deep-seated sense that forces other than the individual are responsible for what happens in their life?

• Internal locus of control

• Self-fulfilling Prophecy

• Cognitive Dissonance

• External locus of control

Which of the following is NOT one of the four big lies about Entrepreneurship, according to an article in Inc. magazine?

• Entrepreneurship is a young persons game

• All you need is a good idea

• Failure is not an option.

• Do what you love and the money will follow

What is the source of about 95% of entrepreneurs’ start-up funds?

• Personal savings and family or friends

• Venture capital

• Bank loans

• Crowdfunding

According to Consumer Reports, what percentage of total start-up funding comes from personal resources?

• 10%

• 20%

• 68%

• 95%

About what percentage of new businesses start with commercial loans?

• 95%

• 20%

• 68%

• 75%