Chapter 01 - Chapter 1The Entrepreneurial Life TRUE/FALSE 1...

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Chapter 1—The Entrepreneurial Life TRUE/FALSE 1. An entrepreneurial career can provide an exciting life and substantial personal rewards while also con- tributing to the welfare of society. ANS: T PTS: 1 REF: p. 4 OBJ: 1-1 TYPE: C 2. Winning a table decoration competition was the precipitating event for launching Table Occasions . ANS: T PTS: 1 REF: p. 7 OBJ: 1-2 TYPE: A 3. Although Life is Good owners John and Bert Jacobs’ line of merchandise is related to leisure pursuits, they cannot partake of them because of the constraints of their fast-growing business. ANS: F PTS: 1 REF: p. 8 OBJ: 1-2 TYPE: A 4. Chris Mittelsdaedt states that “a healthy dose of worst-case-scenario thinking” helps his business suc- ceed. ANS: T PTS: 1 REF: p. 9 OBJ: 1-2 TYPE: C 5. The term entrepreneur is understood in this text to refer only to founders of small businesses. ANS: F According to the text, entrepreneur refers to founders, franchisees, second-generation members of family-owned firms, and owner-managers who buy out the founders of existing firms. PTS: 1 REF: p. 4 OBJ: 1-1 TYPE: D 6. Researchers at Case Western Reserve University found a strong connection between entrepreneurship and a cavalier, happy-go-lucky attitude toward life and business. ANS: F The researchers found a connection between entrepreneurs and genetics . PTS: 1 REF: p. 9 OBJ: 1-2 TYPE: C 7. An owner-manager is a person who founds a new business. ANS: F An owner-manager may be an individual who bought out the founder(s) of an existing firm (or later owners) and thus is not necessarily the one who started the firm. PTS: 1 REF: p. 14 OBJ: 1-4 TYPE: D 8. According to the definition of entrepreneur given in Chapter 1, owner-managers who buy out founders of existing firms may be classified as entrepreneurs. ANS: T PTS: 1 REF: p. 4 OBJ: 1-1 TYPE: D
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9. The universally accepted definition of the term small business is based on the number of people em- ployed by the firm. ANS: F There have been a number of attempts to define the term small business , using such criteria as the number of employees, sales volume, and value of assets, but there is no universally accepted defini- tion. PTS: 1 REF: p. 5 OBJ: 1-1 TYPE: D 10. Three primary rewards of entrepreneurship are thought to be profit, independence, and personal fulfill- ment. ANS: T PTS: 1 REF: p. 11 OBJ: 1-3 TYPE: C 11. Some estimate that self-employed people are four times more likely to be millionaires than are those who work for others. ANS: T PTS: 1 REF: p. 11 OBJ: 1-3 TYPE: C 12. A reasonable goal of an entrepreneur would be to “get rich slowly”. ANS: T PTS: 1 REF: p. 12 OBJ: 1-3 TYPE: C 13. A large percentage of small business owners cite their desire to be their own boss as the main reason they left their previous employers. ANS: T
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Chapter 01 - Chapter 1The Entrepreneurial Life TRUE/FALSE 1...

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