Chapter 01 - The Entrepreneurial Life

Chapter 01 - The Entrepreneurial Life The Entrepreneurial Life Copyright Cengage Learning. Poweredby Cognero.Page 1 True / False 1.The universally accepted definition of the term small business is based solely on the number of people employed by the firm.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:56 AM

2.There is no single definition of entrepreneurship.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:56 AM

3.An entrepreneur who bootstraps would resort to bartering or using a personal credit card.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

Small Business Management Launching & Growing Entrepreneurial Ventures, 20e Justin Longenecker, William Petty, Leslie Palich, Frank Hoy (Test Bank, All Chapters. 100% Original Verified, A+ Grade) 1 / 4

Copyright Cengage Learning. Poweredby Cognero.Page 2

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:57 AM

4.Entrepreneurs should avoid hiring mediocre people.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:58 AM

5.Research departments of big businesses tend to focus on innovating and creating new products.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:58 AM

6.Managers who buy out founders of existing firms may be classified as second-stage entrepreneurs.

• True 2 / 4

Copyright Cengage Learning. Poweredby Cognero.Page 3

• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:59 AM

7.Franchisees have limited power because they have a contract and relationship with a franchising organization.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 10:00 AM

8.An entrepreneurial team consists of the owner, the financier, and one key employee.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember 3 / 4

Copyright Cengage Learning. Poweredby Cognero.Page 4

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 10:01 AM

9.The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful products.XYZ Company is a social entrepreneur.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion

United States - BUS PROG: Reflective Thinking

TOPICS: Creation of Value

KEYWORDS: Bloom's: Apply

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 10:02 AM

10.The starting point of any competitive advantage is having a commitment to integrity.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 10:02 AM

11.Josie's position was eliminated when the company moved its operations to another state, so she started her own business. Josie is a reluctant entrepreneur.

• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-4 Motivations for Owning a Business

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