Mana 3325 Entrepreneurship Test Prep
D. be their own boss, pursue their own ideas and realize financial rewards. - correct answer ✔✔The
three primary reasons that people become entrepreneurs and start their own firms are to:
A. gain prestige, realize financial rewards, and eliminate risk in their lives.
B. do what they were "born" to do, be their own boss, and gain prestige.
C. take big risks, be their own boss, and do what they were "born" to do.
D. be their own boss, pursue their own ideas and realize financial rewards.
C. passion for the business, tenacity despite failure, product/customer focus, and execution intelligence -
correct answer ✔✔According to the textbook, the four characteristics of successful entrepreneurs are:
A. passion for the business, on the cutting edge of technological change, very charismatic, and tenacity
despite failure.
B. young and energetic, passion for the business, product/customer focus, and seeks recognition
C. passion for the business, tenacity despite failure, product/customer focus, and execution intelligence
D. on the cutting edge of technological change, forward thinking, tenacity despite failure, and
product/customer focus.
B. passion for the business - correct answer ✔✔What is the number one characteristic shared by
successful entrepreneurs?
,A. a desire to achieve financial rewards
B. passion for the business
C. a desire to employ other people
D. a desire to fulfill a lifetime dream
E. a desire to bring a revolutionary new product or service to market
B. moderate risk takers - correct answer ✔✔According to the textbook, entrepreneurs are: _____.
A. gamblers
B. moderate risk takers
C. aggressive risk takers
D. minimal risk takers
D. lifestyle firms, salary-substitute firms, and entrepreneurial firms - correct answer ✔✔According to the
textbook, what are the three types of startup firms?
A. lifestyle firms, general firms, and entrepreneurial firms
B. standard-of-living firms, statutory firms, and general firms
C. entrepreneurial firms, standard-of-living firms, and statutory firms
, D. lifestyle firms, salary-substitute firms, and entrepreneurial firms
D. entrepreneurial - correct answer ✔✔According to the textbook, Google, Facebook, and Zynga are
examples of _____ firms.
A. salary-substitute
B. industry-standard
C. lifestyle
D. entrepreneurial
B. determining how to seize the spotlight - correct answer ✔✔Which of the following is not one of the
four steps of the entrepreneurial process?
A. deciding to become an entrepreneur
B. determining how to seize the spotlight
C. developing successful business ideas
D. moving from an idea to an entrepreneurial firm
A. business plan - correct answer ✔✔A(n) _____ is a written document that describes all the aspects of a
business venture in a concise manner.
A. business plan
B. business model
D. be their own boss, pursue their own ideas and realize financial rewards. - correct answer ✔✔The
three primary reasons that people become entrepreneurs and start their own firms are to:
A. gain prestige, realize financial rewards, and eliminate risk in their lives.
B. do what they were "born" to do, be their own boss, and gain prestige.
C. take big risks, be their own boss, and do what they were "born" to do.
D. be their own boss, pursue their own ideas and realize financial rewards.
C. passion for the business, tenacity despite failure, product/customer focus, and execution intelligence -
correct answer ✔✔According to the textbook, the four characteristics of successful entrepreneurs are:
A. passion for the business, on the cutting edge of technological change, very charismatic, and tenacity
despite failure.
B. young and energetic, passion for the business, product/customer focus, and seeks recognition
C. passion for the business, tenacity despite failure, product/customer focus, and execution intelligence
D. on the cutting edge of technological change, forward thinking, tenacity despite failure, and
product/customer focus.
B. passion for the business - correct answer ✔✔What is the number one characteristic shared by
successful entrepreneurs?
,A. a desire to achieve financial rewards
B. passion for the business
C. a desire to employ other people
D. a desire to fulfill a lifetime dream
E. a desire to bring a revolutionary new product or service to market
B. moderate risk takers - correct answer ✔✔According to the textbook, entrepreneurs are: _____.
A. gamblers
B. moderate risk takers
C. aggressive risk takers
D. minimal risk takers
D. lifestyle firms, salary-substitute firms, and entrepreneurial firms - correct answer ✔✔According to the
textbook, what are the three types of startup firms?
A. lifestyle firms, general firms, and entrepreneurial firms
B. standard-of-living firms, statutory firms, and general firms
C. entrepreneurial firms, standard-of-living firms, and statutory firms
, D. lifestyle firms, salary-substitute firms, and entrepreneurial firms
D. entrepreneurial - correct answer ✔✔According to the textbook, Google, Facebook, and Zynga are
examples of _____ firms.
A. salary-substitute
B. industry-standard
C. lifestyle
D. entrepreneurial
B. determining how to seize the spotlight - correct answer ✔✔Which of the following is not one of the
four steps of the entrepreneurial process?
A. deciding to become an entrepreneur
B. determining how to seize the spotlight
C. developing successful business ideas
D. moving from an idea to an entrepreneurial firm
A. business plan - correct answer ✔✔A(n) _____ is a written document that describes all the aspects of a
business venture in a concise manner.
A. business plan
B. business model
