Chap003 - Chapter 03 - Small Business Entrepreneurs:...

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Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies Chapter 03 Small Business Entrepreneurs: Characteristics and Competencies True / False Questions 1. (p. 56) The classic entrepreneur was a loner, often socially isolated, a hard worker, a fast learner and a risk taker seeking wealth. TRUE Difficulty: Medium 2. (p. 56) Idea people are hard working, driven by great wealth, socially isolated and great risk takers. FALSE Difficulty: Hard 3. (p. 56) Often a refugee from big business, managerial entrepreneurs are socially very adept and connected. TRUE Difficulty: Medium 4. (p. 57) Salesperson entrepreneurs are more concerned with personal wealth than their acceptance of social standing. FALSE Difficulty: Medium 3-1
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Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies 5. (p. 58) All entrepreneurial personality types include hard work. TRUE Difficulty: Easy 3-2
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Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies 6. (p. 60) The competency suggested by exchange relates to the organizational and business processes of a firm called basic business competency. FALSE Difficulty: Hard 7. (p. 60) Resources lead to specific determination competencies which deal with skills and knowledge in a particular industry. FALSE Difficulty: Medium 8. (p. 60) The energy and focus needed to bring a business into existence relates to determination competency. TRUE Difficulty: Easy 9. (p. 60) The competencies that make exchange work are called resource competencies. FALSE Difficulty: Easy 10. (p. 61) Professionalization refers to the extent to which a firm meets or exceeds the standard business practices for that industry. TRUE Difficulty: Easy 3-3
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Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies 11. (p. 61) There are three levels of professionalization: expert, specialized and industry guru. FALSE Difficulty: Easy 12. (p. 61) Specialized firms tend to generate the highest level of trust among customers. FALSE Difficulty: Medium 13. (p. 62) At a minimalized level of professionalization, the entrepreneur does everything in the simplest way possible. TRUE Difficulty: Easy 14. (p. 62) Habitual entrepreneurs are owners for a lifetime whose career goal is personal satisfaction first, income second. TRUE Difficulty: Medium 15. (p. 63) Growth entrepreneurs are owners with an exit plan. FALSE Difficulty: Easy 3-4
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Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies 16. (p. 63-64) Spiral or helical entrepreneurs are driven by a need to balance family and business, being successful at each. TRUE Difficulty: Medium 17. (p. 64) Family owned small businesses represent 64 percent of American businesses. FALSE
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Chap003 - Chapter 03 - Small Business Entrepreneurs:...

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