Chapter 7 Review Entrepreneurship

Front

According to the textbook, what is the prime age for entrepreneurship in the US?

Back

Late 30's to Early 40's

Front

What term is used to describe a person who risks their time, money, and other resources to start and manage a business?

Back

Entrepreneur

Front

Which of the following is a motivator to become an entrepreneur? Independence, Job security, Fixed working hours, Limited responsibility, Guaranteed success

Back

Independence

Front

Which of the following is a characteristic of an Entrepreneur? Laziness, Indecisiveness, Lack of focus, Self-reliance

Back

Self-reliance

Front

What phrase is a deep-seated sense that the individual is personally responsible for what happens in their life?

Back

Internal locus of control

Front

What phrase is a deep-seated sense that forces other than the individual are responsible for what happens in their life?

Back

External locus of control

Front

Which of the following is NOT one of the four big lies about Entrepreneurship, according to an article in Inc. magazine? Entrepreneurship is a young persons game, All you need is a good idea, Failure is not an option., Do what you love and the money will follow

Back

Failure is not an option.

Front

What is the source of about 95% of entrepreneurs’ start-up funds?

Back

Personal savings and family or friends

Front

According to Consumer Reports, what percentage of total start-up funding comes from personal resources?

Back

68%

Front

About what percentage of new businesses start with commercial loans?

Back

20%