Exam #1 Book site questions

Exam #1 Book site questions - 1. Entrepreneurial behavior...

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1. Entrepreneurial behavior typically requires all of the following EXCEPT: CHAPTER 1 invention of something new. 2. ________ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial. Correct Answer: Entrepreneurial intensity 3. What is the most common reason given for why people choose to become entrepreneurs? Correct Answer: To be their own boss. 4. What percent of entrepreneurs average more than $50,000 a year? Correct Answer: Less than 25%. 5. All of the following are characteristics shared by successful entrepreneurs EXCEPT:
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Correct Answer: risk averse. 6. Which of the following is NOT a common myth about entrepreneurs? Your Answer: Everyone has the potential to be an entrepreneur. 7. What do you call small firms that yield a level of income for their owner that is similar to what they would earn when working for an employer? Correct Answer: Salary-substitute firm. 8. How many new businesses are started in the United States each month? Your Answer: Over 500,000. 9. Influence on innovation, job creation, and globalization best typifies entrepreneurial firms' ________. Correct Answer: economic impact 10.
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The entrepreneurial process is comprised of each of the following steps EXCEPT: Correct Answer: inventing a new product or process. 11. In the United States, approximately one-third of new firms fail within their first two years. Your Answer: True 12. Entrepreneur and inventor mean essentially the same thing. CHAPTER 1 Correct Answer: False 13. Entrepreneurship only pertains to starting new businesses, not existing firms. Correct Answer: False 14. The average entrepreneur does not make more money than someone with a similar amount of responsibility in a traditional job. Your Answer: True
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15. The number one characteristic shared by successful entrepreneurs is creativity. Correct Answer: False 16. Execution intelligence refers to developing a business model, putting together financial resources, and leading people towards transforming an idea into a business. Your Answer:
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This note was uploaded on 11/20/2009 for the course MGMT 485 taught by Professor Tayl during the Spring '09 term at S.E. Louisiana.

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Exam #1 Book site questions - 1. Entrepreneurial behavior...

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