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Characteristics and Benefits of Entrepreneurs

This document contains multiple choice and essay questions about entrepreneurship from Chapter 1 of an entrepreneurship textbook. The questions cover topics such as characteristics of entrepreneurs, types of entrepreneurs, benefits and challenges of entrepreneurship, and keys to small business success. Common characteristics identified include confidence, commitment, tolerance for ambiguity and flexibility. Serial entrepreneurs who start multiple businesses that achieve sustainable size are also discussed. The primary motivation for most entrepreneurs is a desire for control over their own destiny and to reach their full potential. The biggest drawbacks are uncertainty of income and risk of losing entire investments. Management mistakes are identified as the primary cause of small business failure.

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Fida Hassanein
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21 views5 pages

Characteristics and Benefits of Entrepreneurs

This document contains multiple choice and essay questions about entrepreneurship from Chapter 1 of an entrepreneurship textbook. The questions cover topics such as characteristics of entrepreneurs, types of entrepreneurs, benefits and challenges of entrepreneurship, and keys to small business success. Common characteristics identified include confidence, commitment, tolerance for ambiguity and flexibility. Serial entrepreneurs who start multiple businesses that achieve sustainable size are also discussed. The primary motivation for most entrepreneurs is a desire for control over their own destiny and to reach their full potential. The biggest drawbacks are uncertainty of income and risk of losing entire investments. Management mistakes are identified as the primary cause of small business failure.

Uploaded by

Fida Hassanein
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Chapter 1 The Foundations of Entrepreneurship

Multiple Choice Questions:

1. Which of the following is NOT a characteristic of the typical entrepreneur?


a. Confidence in his/her ability to succeed
b. Value of money over achievement
c. Desire for immediate feedback
d. A future orientation

2. Which of the following is NOT a characteristic of the typical entrepreneur?


a. Desire for responsibility
b. High degree of commitment
c. Low energy levels
d. Confidence in his/her ability to succeed

3. Characteristics of entrepreneurs include all of the following EXCEPT:


a. Tolerance for ambiguity
b. Flexibility
c. Skill at organizing
d. Low degree of commitment

4. Entrepreneurs are characterized by:


a. skill at organizing.
b. desire for immediate feedback.
c. high energy levels.
d. All of the above.
5. Entrepreneurs who repeatedly start businesses and grow to a sustainable size before
striking out again are known as ----- entrepreneurs.
a. Opportunistic
b. Persistent
c. Serial
d. None of the above.

6. Surveys show that owners of small businesses believe that they ----than if they worked
for a large company.
a. work harder
b. earn more money
c. are happier
d. All of the above.

7. Which of the following is a benefit of entrepreneurship?


a. The opportunity to gain control over your own destiny
b. The opportunity to reach your full potential
c. The opportunity to do what you enjoy
d. All of the above

8. Which of the following is NOT a characteristic of the entrepreneurial experience?


a. Uncertainty
b. Ambiguity
c. Guaranteed success
d. Hard work
9. Which of the following is a potential disadvantage of owning your own business?
a. Uncertainty of income
b. Risk of losing your entire investment
c. High level of stress
d. All of the above.

10. Most entrepreneurs launch their businesses between the ages of and .
a. 20; 34
b. 25; 44
c. 30; 44
d. 35; 49

11. John has come to you for advice on starting a business venture. He wants to know the
best way to gain the experience he’ll need. You suggest that he:
a. read a small business book.
b. seek experience in the field he wishes to enter by working for another firm for a while.
c. determine his weaknesses and return to school for a term or two.
d. just jump in and learn as he goes.

12. The primary cause of small business failures is .


a. lack of capital
b. management mistakes
c. poor location
d. improper inventory control
14. Which one of the following is one of the ten deadly mistakes entrepreneur’s make?
a. Weak marketing efforts
b. Understanding financial statements
c. Seeking help from experts
d. Controlled growth

15. The only people who ----are those who never do anything or never attempt anything
new.
a. succeed
b. prosper
c. profit
d. fail

16. Which of the following was NOT identified as one of the suggestions for small business
success?
a. Develop a business plan as you grow your business.
b. Manage your financial resources and understand financial statements.
c. Know your business in depth.
d. Learn to manage people successfully.

17. Most entrepreneurs believe that is what matters most, but is the most important
financial resource for a small business owner.
a. cash; profit
b. profit; cash
c. profit; inventory
d. inventory; cash
Essay Questions:

18. What is an entrepreneur? Give a brief profile of a typical entrepreneur. What is the
primary motivation for the typical entrepreneur?

19. Discuss the potential benefits and drawbacks of entrepreneurship.

20. Discuss the different types of entrepreneurship.

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