Reference no: EM132837916

1. Which of the following is NOT recognized as a misconception about entrepreneurship?

A) Successful entrepreneurship needs only a great idea.

B) Entrepreneurship is easy.

C) Entrepreneurship is found only is small businesses.

D) Entrepreneurial ventures and small businesses are different.

2. All of the following are characteristics of small businesses EXCEPT:

A) Small businesses are independently owned, operated, and financed.

B) Small businesses have fewer than 100 employees.

C) Small businesses emphasize new or innovative practices.

D) Small businesses have little impact on industry.

3. Which of the following is NOT on of the three areas in which the importance of entrepreneurship can be shown?

A) Innovation

B) Number of new start-ups

C) Job creation and employment

D) bureaucracy

4. The creation of new firms is important because these new firms contribute to economic development through benefits that include all of the following EXCEPT:

A) Product-process innovation

B) Increased tax revenues

C) Unemployment

D) Social betterment

5. All of the following represent countries in which the highest level of entrepreneurial activity was found EXCEPT:

A) Australia

B) Korea

C) Norway

D) Japan

6. Positive external trends or changes that provide unique and distinct possibilities for innovating and creating value are called _____________.

A) Strengths

B) Opportunities

C) Weaknesses

D) Threats

7. An individual who has no prior business ownership experience as a business founder, inheritor of a business, or a purchaser of a business is called a(n) ____________ entrepreneur.

A) Habitual

B) Novice

C) Serial

D) Portfolio

8. An individual who has prior business ownership experience is called a(n) ____________ entrepreneur.

A) Novice

B) habitual

C) Serial

D) Portfolio

9. All of the following are popular demographic factors about entrepreneurs that have been studied EXCEPT:

A) Self-confidence

B) Gender

C) Education

D) Family birth order

10. The three main responsibilities involved with managing an entrepreneurial venture once its up and running include all of the following EXCEPT:

A) Managing processes

B) Managing people

C) Managing bureaucracy

D) Managing growth