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13-1.

An entrepreneur is someone who assumes the major risks of a new business by committing
which of the following?

a. equity.

b. time.

c. career.

d. all of the above.

You answered correctly!

13-2. An informal group of innovative employees who are permitted to digress temporarily from
their regular tasks to develop new ideas are referred to as:

a. underground.

b. skunkworks.

c. yahoos.

d. intrapreneurs.

The question was not answered. The correct answer is "b".

13-3. It is estimated that approximately _____ percent of small businesses fail within the first five
years.

a. 10.

b. 25.

c. 50.

d. 75.

The question was not answered. The correct answer is "d".


13-4. Which of the following is not a personal characteristic often found in an entrepreneur?

a. self-confident.

b. independent-minded.

c. perceptive.

d. follower.

The question was not answered. The correct answer is "d".

13-5. The period of business when an entrepreneur must position the venture in a market and make
necessary adjustments to assure survival is called the:

a. pre-startup stage.

b. startup stage.

c. early growth stage.

d. later growth stage.

The question was not answered. The correct answer is "b".

13-6. Which of the following is usually included in a business plan?

a. detailed description of the product or service.

b. marketing and promotional plans.

c. management and staffing.

d. all of the above.

The question was not answered. The correct answer is "d".


13-7. Which of the following is a reason why a person might prefer to purchase a franchise rather
than open a completely new business?

a. higher failure rate.

b. increased independence.

c. ability to benefit from previous experience.

d. reduced royalty fees.

The question was not answered. The correct answer is "c".

13-8. According to the textbook, which of the following management functions is the least well
done?

a. planning.

b. organizing.

c. leading.

d. controlling.

The question was not answered. The correct answer is "a".

13-9. Which of the following is not a common motivation of an entrepreneur?

a. desire for independence.

b. search for personal and professional growth.

c. desire to maintain the status quo.

d. search for more rewarding work.


The question was not answered. The correct answer is "c".

13-10. Which of the following are risks for entrepreneurs in small business?

a. interference with personal lives.

b. psychological stress.

c. social and family pressure.

d. all of the above.

The question was not answered. The correct answer is "d".

13-11. A strategy of courting other companies that have knowledge, ideas or promising products is
known as which type of intrapreneurship?

a. administrative intrapreneurship.

b. opportunistic intrapreneurship.

c. acquisitive intrapreneurship.

d. imitative intrapreneurship.

The question was not answered. The correct answer is "c".

13-12. A person within a company who takes a leadership role and is positioned to help ensure the
success of an idea or innovation is often referred to as a:

a. supporter.

b. champion.

c. leader.

d. evangelist.
The question was not answered. The correct answer is "b".

13-13. Which of the following is a purpose of a business plan?

a. to attract financing.

b. to inform competitors of plans.

c. to discipline the entrepreneur to think of all aspects of the proposed venture.

d. a & c.

The question was not answered. The correct answer is "d".

13-14. Who said that the job of the entrepreneur is "creative destruction"?

a. Peter Drucker.

b. Pierre Trudeau.

c. Joseph Schumpeter.

d. Brian Mulroney.

The question was not answered. The correct answer is "c".

13-15. All of the following were invented by a Canadians except:

a. IMAX multiscreen projection.

b. snowmobile.

c. twin engine airplane.

d. post-it note.
The question was not answered. The correct answer is "d".

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