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Effective Small Business Management, 10e
Chapter 1   Entrepreneurs: The Driving Force
Behind Small Business
1) The nation is rapidly moving from:
A) industrial to capitalism.
B) capitalism to industrial.
C) industrial to knowledge-based.
D) None of the above
2) Which of the following corporate trends have
contributed to the growth of entrepreneurship?
A) The acquisition and merging of mega
B) The idea that “small is beautiful” in large
companies, resulting in less hierarchy and layers of
C) The flood of venture capital being made available to
small businesses
D) The downturn in international markets forcing a focus
on the domestic market
3) Entrepreneurial education:
A) has become extremely popular.
B) universities are not able to meet the
C) more courses are being offered in
D) All of the above
4) Researchers who study entrepreneurs have discovered
A) successful entrepreneurs start with an idea,
resources, and a small management team.
B) there is one key set of traits that mark a successful
C) entrepreneurs desire responsibility and are willing
to take moderate risks.
D) the most successful entrepreneurs are willing to take
extreme risks and bet the farm in order to succeed.
5) Dirk wants to be in control. He’s tired of taking
orders from others and wants to feel a sense of accountability for
the outcome of his work. Dirk displays the entrepreneurial
characteristic of:
A) the desire for immediate feedback.
B) a desire for responsibility.
C) confidence in his ability to succeed.
D) a high energy level.
6) Entrepreneurs seem to be characterized
A) a desire for money.
B) an inability to organize but strong conceptual
C) a desire to work alone because of weak management
skills and a need for control.
D) a high energy
7) Juan is able to work well in a constantly changing
atmosphere and has little concern for what tomorrow will bring.
Juan demonstrates which of the following characteristics of a
typical entrepreneur?
A) The willingness to take extreme risks
B) A desire for immediate feedback
C) A tolerance for ambiguity
D) A future orientation
8) Entrepreneurs start businesses for a number of
reasons including:
A) an opportunity to make a difference.
B) having to deal with less government regulation than
as an executive of a large company.
C) a much lower risk of career failure due to layoff or
acquisition than working for a large company.
D) the opportunity to get rich much quicker than if they
work for a large company.
9) Surveys show that owners of small businesses believe
A) they work harder on their own than if they worked for
someone else.
B) they earn less than if they worked for someone
C) they are less satisfied than if they worked for
someone else.
D) venture capital is relatively easy to
10) A significant benefit of starting your own company
A) more leisure time because there is less of a need to
punch a time clock.
B) contributing to society and being recognized for your
C) to be able to choose who you work with or don’t work
D) more job security than working for a large
11) Kyoto has started an interior decoration business.
Everything about the business, from its name to the color schemes
used in the corporate letterhead, is an expression of her
personality. She sees this business as her greatest personal
achievement. Kyoto is experiencing the opportunity ________ of
small business ownership.
A) to reap unlimited profits
B) to contribute to society
C) to make a difference
D) to reach her full potential
12) Mary and Ted are discussing starting a new business
and are asking themselves a series of questions like; “What is the
worst that could happen if we fail?” “How likely is that to
happen?” They are assessing which potential drawback of small
business ownership?
A) The long hours and hard work involved
B) The risk of losing their entire
C) The lower quality of life they’ll
D) The uncertainty of their income
13) Potential drawbacks of small business ownership
A) a relatively low guaranteed income.
B) a significantly freer personal schedule but less
personal income and assets with which to enjoy the more relaxed
C) a high likelihood of a lower quality of life while
starting and establishing the small business.
D) relatively limited potential for further personal
14) More businesses are started by individuals between
________ than at any other age.
A) under 25
B) 25 – 34
C) 35 – 44
D) 45 – 54
15) Which of the following trends is feeding the growth
of entrepreneurial activity?
A) A greater focus on professional advancement combined
with the “flattening” of large corporations’ management
B) The rapid growth of the need for low-technology
C) A favorable attitude toward entrepreneurs in American
D) Diminished wage increases in corporations and the
desire for a better standard of ling
16) The growth of entrepreneurship is being fed
A) the return to a manufacturing-based
B) technological advancements.
C) diminished opportunities in overseas markets for
larger corporations.
D) the vilifying of large corporations in
17) The international market:
A) has proven to be a tremendous opportunity for small
B) is being dominated by large corporations based in
Europe and Japan.
C) is largely closed to small U.S.-based businesses
because of the growth of international
D) provides greater opportunities for women and minority
entrepreneurs than U.S. domestic markets do.
18) Companies started by women differ from companies
started by men in that:
A) men’s start-ups tend to be smaller and less
well-financed than women’s.
B) women’s companies tend to be labor-intense businesses
and therefore employ more people, even though they have smaller
C) women’s companies start smaller.
D) men tend to start their businesses with their own
capital, women with others’ capital.
19) Minorities cite which of the following as the
primary barrier to their entrepreneurship?
A) skepticism
B) access to capital
C) discrimination
D) social pressure
20) Most of today’s immigrant entrepreneurs come into
the U.S. with:
A) significant educational and financial
B) few skills, little education, and no financial
C) few resources but lots of dedication and
D) little education but significant financial backing
from their families in their home countries.
21) Part-time entrepreneurship has an additional
advantage over starting up a company full-time in
A) it is a much lower risk for the
B) it doesn’t require a business plan.
C) the entrepreneur can change products and markets more
D) the entrepreneur doesn’t need to know the industry as
22) Which of the following is true about home-based
A) Over 2/3 of all home-based businesses are owned by
minority males.
B) Home-based businesses tend to focus on blue-collar,
lower skill industries.
C) The growth of technology has significantly slowed the
growth of home-based businesses.
D) The average home-based business earns over $60,000 a
23) When building a home-based business, it is important
that the entrepreneur:
A) keep friends and neighbors from disturbing him/her
while working at home.
B) not discuss it with the family to avoid raising
expectations and creating undue pressure.
C) have all business mail sent to the home
D) not take the home office deduction to avoid IRS
scrutiny of his/her tax return.
24) When running a home-based business:
A) you generally don’t need a separate business line,
especially during the day.
B) you still need to dress for work and for client
C) zoning laws do not apply.
D) you can have up to six employees in your home without
informing the local zoning commission.
25) “Copreneurs” are marked by:
A) a division of labor by expertise.
B) their similarity to the traditional mom and pop
C) a decline in the number of businesses.
D) a greater success at raising venture capital than
sole proprietorship-type businesses.
26) Successful copreneurs are marked by which of the
following characteristics?
A) distinct and different business and life
B) a clear delineation of who is the superior partner
and who is the subordinate partner
C) a blending of responsibilities, roles, and
D) mutual respect for each other’s talents
27) A major threat that family businesses face
A) having kids.
B) divorce.
C) management succession.
D) None of the above
28) Bill and Sally have been tired of the corporate rat
race. They leave their investment banking positions in New York,
move to Colorado and start a business raising Mohair sheep. This
couple is an example of the entrepreneurial phenomenon
29) Small businesses thrive in every industry, but the
majority of them are in the:
30) More businesses fail because of ________ than for
any other reason.
A) incompetent management
B) theft by employees
C) insufficient capital
D) poor choice of location
31) Tom was a financial consultant who liked to work
with his hands, especially in making furniture. He quit his rat
race financial job to start a small custom furniture business.
After struggling for several years, he closed it and went back to
financial services. Tom discovered that there was a big difference
between making furniture for himself and running a customer
furniture manufacturing business. Tom’s business failed because
32) Entrepreneurial businesses fall victim to this
circumstance because they think it only benefits large companies.
Without it, a firm has no sustainable basis for
34) The location of the business is especially important
for what type of start-up businesses?
35) A key characteristic of a successful entrepreneur
36) The key ingredient-the crucial element-to avoiding
the failure of a new business is:
37) The key to effective financial management in a
start-up is:
38) Which of the following is true about avoiding
business failure?
39) U.S. economic structure is moving:
40) A knowledge based business economy favors small
business because:
41) Money driven and wild risk takers are
42) “Copreneurs” are:
43) Small businesses are those that employ:
44) The most important change due to Expansion occurs
45) Which of the following is not a common
characteristic of entrepreneurs?
46) Primary cause of business failure is:
47) To avoid business failure, an entrepreneur
48) Forces driving the entrepreneurial trend in our
economy include which of the following?
49) Management Incompetence includes all
50) Customer service, convenience, speed and quality are
all examples of:
51) Drawbacks of owning a small business include all
52) Joanne is thinking about running her own business.
What risks does she face
53) The average small business owner works ________
hours per week.
54) Launching and running a business can be an extremely
rewarding experience, but it also can:


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