New Venture Creation: Entrepreneurship for the 21st Century 10th Edition by Stephen Spinelli test ba

 
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #34
 

 
35.
(p. 14)
Describe a typical American entrepreneur. 
 


American entrepreneurs typically accumulated their wealth through hard work, self-discipline, planning, and frugality—all very entrepreneurial virtues. Two-thirds of them still working are self-­employed and are self-made. The vast majority (80 percent) are ordinary people who have accumulated their wealth in one generation, live below their means, and prefer financial independence to social status. Majority of them are invisible to most Americans and do not fit the media stereotype. They get rich slowly, with the average millionaire being 57 years old. Their businesses are ordinary ones they started and built like ambulance services, citrus farming, cafeteria services, consulting services, janitorial services, job training schools, meat processors, mobile home parks, pest controllers, newsletter publishers, rice farmers, and sandblasting contractors.

 
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #35
 




Chapter 1 Summary
 
Category
# of Questions

Accessibility: Keyboard Navigation
25

Blooms: Apply
2

Blooms: Remember
24

Blooms: Understand
9

Level of Difficulty: 1 Easy
24

Level of Difficulty: 2 Medium
9

Level of Difficulty: 3 Hard
2

Spinelli - Chapter 01
35