Small Business Management: Launching & Growing Entrepreneurial Ventures 19th Edition by Longenecker
a. personal fulfillment.
b. personal satisfaction.
c. independence.
d. financial rewards.
ANSWER: c
63. Many entrepreneurs are highly motivated by the prospect of
a. an easy life.
b. making money.
c. freedom from long hours.
d. job security.
ANSWER: b
64. A corporate manager chafes under red tape and bureaucratic regulations until finally deciding to start a separate business. The apparent reward he seeks is
a. community service.
b. a satisfying way of life.
c. independence.
d. the satisfaction of working with people.
ANSWER: c
65. Xavier believed his labor was only making others rich while he struggled from paycheck to paycheck. He started his own small business and now labors only for himself. Xavier's motivation is
a. personal fulfillment.
b. personal satisfaction.
c. independence.
d. financial rewards.
ANSWER: d
66. Zelda worked for years in a medical clinic as a biller and coder. Now she operates her own billing service for several doctors. Zelda has a(n) _____ personality.
a. technician
b. manager
c. entrepreneur
d. artisan
ANSWER: a
67. Although Abner started the business by making his own product, his greater talent is planning for the future and preparing the business for growth. Abner has a(n) _____ personality.
a. technician
b. manager
c. entrepreneur
d. opportunistic
ANSWER: b
68. Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on providing results for customers. Ben has a(n) _____ personality.
a. technician
b. manager
c. entrepreneur
d. opportunistic
ANSWER: c
69. Calvin knew his small local hardware store could not compete on price with the big-box discounters so he began offering classes for new homeowners and found other ways to provide services the bigger stores don't. Calvin's competitive edge is
a. customer focus.
b. quality performance.
c. innovation.
d. niche markets.
ANSWER: a
70. Darlene was disappointed with mass-produced children's clothing that fell apart after a couple washings, so she and her few employees began making garments that would hold together until they were outgrown. Darlene's competitive edge is
a. customer focus.
b. quality performance.
c. niche markets.
d. integrity and responsibility.
ANSWER: b
71. Legend holds that Abraham Lincoln walked miles to return two cents change to a customer. His actions demonstrate
a. customer focus.
b. quality performance.
c. integrity and responsibility.
d. social entrepreneurship.
ANSWER: c
72. Entrepreneurs are more likely than large companies to capitalize on innovations because
a. entrepreneurs have more time to be creative.
b. larger corporations must satisfy stockholders and cannot take risks.
c. entrepreneurs are more likely to find grants for research.
d. research departments of big businesses tend to focus on improving existing products.
ANSWER: d
73. Evelyn opened a small boutique catering to a very narrowly defined target market. Evelyn's competitive edge is
a. the niche market.
b. customer focus.
c. quality performance.
d. innovation.
ANSWER: a
74. Flora built her business from two employees to more than 2,000 during her 30 years in business. She was able to endow a scholarship fund to the community college and to leave her children a perpetual income. We call this her
a. corporate responsibility.
b. social mission.
c. good citizenship.
d. entrepreneurial legacy.
ANSWER: d
75. Garner places great emphasis on operating his business to the highest standards of honesty and ethics. Garner likely believes