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Exam 1: The Entrepreneurial Life

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Question 1

Multiple Choice

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Sally, a single mother, opened a florist shop to support her family after losing her job in a corporate layoff.  She is a(n)

A) woman without a portfolio.
B) parental refugee.
C) reluctant entrepreneur.
D) independent refugee.

E) B) and D)
F) None of the above

Correct Answer

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C

Question 2

Multiple Choice

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Francesca convinced her aunt to invest in her day spa in exchange for a percentage of the profits.  Francesca is:

A) taking advantage of her aunt.
B) capitalizing on an opportunity.
C) conserving her own resources.
D) bootstrapping.

E) All of the above
F) None of the above

Correct Answer

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Question 3

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Good customer service can be provided by a business of any size but small entrepreneurial companies do it better.

Adam has contracted with about a third of the dozens of artisans in his town in the mountains of South Carolina.  His reputation has grown; he now believes the sky's the limit for this web page design and maintenance business.  What kind of small business does Adam have?

Walter wanted to be able to make decisions about issues that directly affected his department but in his corporation, the managers made all the decisions.  So Walter left the corporation and started his own firm.  Walter was looking for:

Malinda wants to start a restaurant in her city of about 50,000 people.  There are already 325 restaurants in this city.  Malinda's reasons include that she is a good cook who enjoys working in the kitchen and she wants to involve her three children aged 9 to 15 in the venture.  She has not decided what types of foods she will offer. If Malinda launches this business, do you think it will succeed?  Why or why not?  What advice would you give her?

Zelda worked for years in a medical clinic as a biller and coder.  Now she operates her own billing service for several doctors.  Zelda has a(n) ___________ personality.

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

Small businesses that have great prospects for growth are called:

The daughter of the owner of a large business disliked her father's criticism and eventually decided to quit the family business and start her own business.  The daughter is a

Discuss similarities and differences of entrepreneurs and small business owners.

Entrepreneurs are more likely than large corporations to capitalize on innovations because:

Darlene was disappointed with mass-produced children's clothing that fell apart after a couple washings so she and her few employees began making garments that would hold together until they were outgrown.  Darlene's competitive edge is:

Franchisees could be considered to be limited entrepreneurs because they have a contract with a franchising organization.

Ursula feels trapped in her dead-end job in a large corporation.  She daydreams about opening her own boutique at the seashore.  Ursula is:

Identify the six attitudes and behaviors entrepreneurs should avoid.  For each, explain the likely result of engaging in that behavior or holding that attitude.  Simply saying "the business will likely fail" is insufficient.

Valerie has been described as a "free spirit."  She has tolerated but seldom appreciated parental, academic, or even job authority.  The factor most likely to lure her to entrepreneurship is

Many small business owners fail to identify and capture new opportunities to grow their businesses.

A corporate manager chafes under red tape and bureaucratic regulations until finally deciding to start a separate business.  The apparent reward he seeks is

Isabella overheard her customers discussing their desire for more baked treats suitable for diabetics.  Immediately she added sugar-free items to her inventory.  Isabella has strong: