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Exam 6: Small Business and Entrepreneurship: Economic Rocket Fuel

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Question 71

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A key benefit of buying an existing business is that relationships with customers, suppliers, and vendors are already established.

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Question 72

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Steve Jobs would not be considered entrepreneurial because he developed his products while working for Apple Inc.

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Question 73

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One advantage of buying a franchise is that the franchiser usually offers training, financial assistance, and a recognizable brand.

People with an external locus of control rely less on their own efforts and believe that the actions of others and random luck control their fate.

Entrepreneurs are often overconfident in their own abilities, which can lead them to start businesses even though they lack the skills they need to succeed.

Small businesses tend to be at a serious disadvantage when it comes to providing employees with health care coverage.

Which of the following factors is a reason why people choose to pursue entrepreneurship?

Most entrepreneurs have a very realistic appreciation of their own strengths and weaknesses.

Successful entrepreneurs are seldom visionaries. Instead, their strength is the ability to take the abstract ideas of others and turn them into successful businesses.

Jacob currently works as a manager at a major corporation, but has been thinking about quitting and starting his own business. Which one of the following reasons would most likely explain Jacob's interest in making this major career change?

Although entrepreneurs enjoy independence from working for a boss, they must still meet the needs of their customers who can be even more demanding than the toughest boss.

Which of the following must entrepreneurs understand about conventional lenders, whether private or public?

In low-income countries, what are a higher percentage of entrepreneurs classified as?

The Internet has opened a wide range of new opportunities for small businesses.

Individuals with an internal locus of control tend to be very self-reliant.

MP Foghorne is running for re-election. One of his political proposals is the enactment of new legislation that will provide Canadian workers who are laid off with much higher unemployment compensation and will guarantee those benefits for two years. If enacted, what would be the most likely result of MP Foghorne's proposal?

Which of the following provides funds to small businesses with high growth potential in exchange for a share of ownership in the company?

Internal locus of control refers to a firm belief that the individual is personally responsible for what happens in his or her life.

What is the primary reason why many people become entrepreneurs?

Describe three characteristics of successful entrepreneurs. Which of these characteristics do you possess, and which do you lack? Based on your characteristics, do you think you'd be a good entrepreneur? Explain.