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Entrepreneurial Teams: Combining Skills for Success

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Entrepreneurial Teams: Combining Skills for Success

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Questions and Answers

What is a common reason for small businesses to fail?

Managerial incompetence (correct)

Inability to respond quickly to opportunities

Lack of personal customer service

Choosing the right type of business

What percentage of the nation's new jobs are in small businesses?

65 percent (correct)

50 percent

75 percent

40 percent

What is a characteristic of a small business?

It is independently owned and operated (correct)

It has a large number of employees

It has a high annual revenue

It is dominant in its field of operation

Why do people take the risks of entrepreneurship?

To pursue business opportunities and create something new Signup and view all the answers

What is the estimated number of small businesses in the United States?

30 million Signup and view all the answers

What distinguishes micropreneurs from other entrepreneurs?

Their focus on small-scale business ventures Signup and view all the answers

What is one of the reasons for the growth of home-based businesses?

Social attitudes have changed Signup and view all the answers

What is a challenge of home-based businesses?

Managing your time requires self-discipline Signup and view all the answers

What type of business can be started at home with low start-up costs and minimal administrative tasks?

Personal creations, such as artwork and handmade items Signup and view all the answers

What is a result of corporate downsizing?

Many people venture on their own Signup and view all the answers

Why is computer technology considered a factor in the growth of home-based businesses?

It has leveled the playing field Signup and view all the answers

What is a benefit of the new tax laws related to home-based businesses?

They have loosened restrictions on deducting expenses for home offices Signup and view all the answers

What is the advantage of entrepreneurial teams combining their skills?

To ensure more cooperation and coordination among functions Signup and view all the answers

What is the primary goal of intrapreneurs?

To launch new products for their company Signup and view all the answers

What is the characteristic of micropreneurs?

They are willing to accept the risk of starting and managing a small business Signup and view all the answers

What is the common trait among more than half of U.S. micropreneurs?

They are all home-based Signup and view all the answers

What is the benefit of being an intrapreneur?

You have access to the company's existing resources Signup and view all the answers

What is the primary motivation of entrepreneurs who take the risk of starting a business?

All of the above Signup and view all the answers