1.
Award: 1.00 point
2.
Award: 1.00 point
The majority of new firms go through similar startup processes with those most likely to be
successful following a four-step process: finance, check, plan, do.
True
False
The four steps in the entrepreneurial process are feel, check, plan, and do.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
Kevin wanted to start his own business of ferrying pets to the vet or groomers for their owners but
he was advised to perform a feasibility analysis before moving forward. Kevin is on the third step of
the entrepreneurial process: plan.
True
False
If performing a feasibility study, Kevin is likely at the second step in the entrepreneurial process:
check.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
3.
Award: 1.00 point
4.
Award: 1.00 point
In order to make profits from a small business, the company needs to make an actual product.
True
False
This is one of the myths listed in the text. In actuality, 9 of the 10 most profitable industries for small
businesses involve services such as dentists, tax preparers and lawyers.
References
True / False Learning Objective:
01-03 Dispel key
myths about small
businesses.
Truly entrepreneurial businesses are characterized by imitativeness in their products, services, or
business models.
True
False
Truly entrepreneurial businesses are characterized by novelty, in their products, services, or
business models.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
5.
Award: 1.00 point
6.
Award: 1.00 point
Self-employed persons are not referred to as entrepreneurs.
True
False
The self-employed, anyone who works for himself or herself instead of for others, is also an
entrepreneur.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
Crowdsourcing is funding a business online through the collective involvement of others who
provide donations, loans, or investments.
True
False
This is the definition of crowdfunding, not crowdsourcing.
References
True / False Learning Objective:
01-06 Recognize the
seven key strategies
of the
entrepreneurial way.
7.
Award: 1.00 point
8.
Award: 1.00 point
High-performing small businesses start with the intent of eventually going public, following the
pattern of growth and operations of a big business.
True
False
This is the definition for a high-growth venture.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
Lifestyle or part-time firms typically provide enough profit or salary to supplement an income but
usually not enough on which to live.
True
False
Lifestyle or part-time firms typically have sales of $25,000 a year or less, which provides enough
profit or salary to supplement an income but usually not enough on which to live.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
9.
Award: 1.00 point
10.
Award: 1.00 point
If you don't succeed the first time, try, try again. This is called the strategy of self-efficacy.
True
False
While this is one of the seven key strategies of the entrepreneurial way, it is called the strategy of
perseverance not self-efficacy.
References
True / False Learning Objective:
01-06 Recognize the
seven key strategies
of the
entrepreneurial way.
High-growth ventures are also known as main street businesses.
True
False
Main street businesses include all types of businesses except high-growth ventures.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
11.
Award: 1.00 point
12.
Award: 1.00 point
Small businesses employ about 10 percent of all Americans.
True
False
Small businesses employ more than half of all Americans.
References
True / False Learning Objective:
Award: 1.00 point
2.
Award: 1.00 point
The majority of new firms go through similar startup processes with those most likely to be
successful following a four-step process: finance, check, plan, do.
True
False
The four steps in the entrepreneurial process are feel, check, plan, and do.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
Kevin wanted to start his own business of ferrying pets to the vet or groomers for their owners but
he was advised to perform a feasibility analysis before moving forward. Kevin is on the third step of
the entrepreneurial process: plan.
True
False
If performing a feasibility study, Kevin is likely at the second step in the entrepreneurial process:
check.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
3.
Award: 1.00 point
4.
Award: 1.00 point
In order to make profits from a small business, the company needs to make an actual product.
True
False
This is one of the myths listed in the text. In actuality, 9 of the 10 most profitable industries for small
businesses involve services such as dentists, tax preparers and lawyers.
References
True / False Learning Objective:
01-03 Dispel key
myths about small
businesses.
Truly entrepreneurial businesses are characterized by imitativeness in their products, services, or
business models.
True
False
Truly entrepreneurial businesses are characterized by novelty, in their products, services, or
business models.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
5.
Award: 1.00 point
6.
Award: 1.00 point
Self-employed persons are not referred to as entrepreneurs.
True
False
The self-employed, anyone who works for himself or herself instead of for others, is also an
entrepreneur.
References
True / False Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
Crowdsourcing is funding a business online through the collective involvement of others who
provide donations, loans, or investments.
True
False
This is the definition of crowdfunding, not crowdsourcing.
References
True / False Learning Objective:
01-06 Recognize the
seven key strategies
of the
entrepreneurial way.
7.
Award: 1.00 point
8.
Award: 1.00 point
High-performing small businesses start with the intent of eventually going public, following the
pattern of growth and operations of a big business.
True
False
This is the definition for a high-growth venture.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
Lifestyle or part-time firms typically provide enough profit or salary to supplement an income but
usually not enough on which to live.
True
False
Lifestyle or part-time firms typically have sales of $25,000 a year or less, which provides enough
profit or salary to supplement an income but usually not enough on which to live.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
9.
Award: 1.00 point
10.
Award: 1.00 point
If you don't succeed the first time, try, try again. This is called the strategy of self-efficacy.
True
False
While this is one of the seven key strategies of the entrepreneurial way, it is called the strategy of
perseverance not self-efficacy.
References
True / False Learning Objective:
01-06 Recognize the
seven key strategies
of the
entrepreneurial way.
High-growth ventures are also known as main street businesses.
True
False
Main street businesses include all types of businesses except high-growth ventures.
References
True / False Learning Objective:
01-02 Differentiate
between small
businesses and
high-growth
ventures.
11.
Award: 1.00 point
12.
Award: 1.00 point
Small businesses employ about 10 percent of all Americans.
True
False
Small businesses employ more than half of all Americans.
References
True / False Learning Objective: