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Questions and Answers
What is the main reason people decide to become entrepreneurs?
Which of the following is not a common myth regarding entrepreneurship?
What percentage of Americans are actively engaged in starting a business or are the owner/manager of a business that is less than three years old?
Which of the following is not a characteristic of successful entrepreneurs?
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What type of firm is a start-up firm that is focused on developing and commercializing a new technology or innovation?
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Which of the following is not a positive effect of entrepreneurship and entrepreneurial firms on economies and societies?
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What is the alternative view of entrepreneurship?
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What is corporate entrepreneurship focused on?
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What is the primary reason why people become entrepreneurs, as mentioned in the text?
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Which characteristic is shared by successful entrepreneurs according to the text?
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What does tenacity despite failure refer to in the context of entrepreneurship?
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What is considered the number one characteristic shared by successful entrepreneurs?
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Study Notes
Entrepreneurship Overview
- The main reason people decide to become entrepreneurs is to pursue their own ideas and have more control over their work.
Common Myths
- Having a lot of money is not a common requirement to start a business, debunking the myth that entrepreneurship requires significant capital.
Entrepreneurship Statistics
- Around 13% of Americans are actively engaged in starting a business or are the owner/manager of a business that is less than three years old.
Characteristics of Successful Entrepreneurs
- Successful entrepreneurs do not always have a college degree, contradicting the idea that higher education is necessary for success.
- Tenacity despite failure refers to the ability to persist and adapt in the face of obstacles and setbacks.
- The number one characteristic shared by successful entrepreneurs is tenacity despite failure.
Types of Firms
- A start-up firm focused on developing and commercializing a new technology or innovation is known as a high-tech firm.
Effects of Entrepreneurship
- Entrepreneurship and entrepreneurial firms do not have a negative impact on employment rates, contradicting the idea that they cause job losses.
Alternative View
- The alternative view of entrepreneurship focuses on innovation and creativity, rather than just profit-making.
Corporate Entrepreneurship
- Corporate entrepreneurship is focused on promoting innovation and entrepreneurial behavior within established companies.
Primary Reasons for Entrepreneurship
- The primary reason why people become entrepreneurs is to have more freedom and autonomy in their work.
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Description
Test your understanding of the key concepts from Chapter 1 of 'Entrepreneurship: Successfully Launching New Ventures'. Questions cover entrepreneurship, corporate entrepreneurship, reasons for becoming an entrepreneur, characteristics of successful entrepreneurs, and common myths in entrepreneurship.
