Test Bank for Patterns of Entrepreneurship Management, 4th Edition

Test Bank for Patterns of Entrepreneurship Management, 4th Edition ensures thorough exam preparation with comprehensive topic coverage and exam-style practice questions.

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Chapter 1: The Entrepreneurial Process
True/False
1. Entrepreneurship is the process of planning, organizing, operating, and assuming
the risk of a business venture.
Ans: True Page: 4
2. The word entreprendre refers to the individuals who “undertook” the risk of new
enterprise.
Ans: True Page: 5
3. Fortunately, entrepreneurs do not communicate with external “stakeholders” such
as investors and bankers.
Ans: False Page: 5
4. Aspiring entrepreneurs hope for the chance to be their own bosses and have made
the leap from their current employment into the uncertainty of a start-up.
Ans: False Page: 7
5. One negative aspect of entrepreneurs, according to research, is that they are not
open to change and they hang on to old plans even when they are not working
contributing to escalation of commitment.
Ans: False Page: 8
6. Many companies fail because the founders do not confront their management
limitations.
Ans: True Page: 9
7. Fortunately, the skills needed to run a small company are not different from those
required to run a larger firm.
Ans: False Page: 10
8. If an entrepreneur has limited experience and limited internal resources, outside
help is not necessary.
Ans: False Page: 10
9. Looking at the historical trend, it is safe to say that most businesses start small
and grow to be a large corporation.
Ans: False Page: 17
10. The failure rate of new businesses is very high, about 80-90 percent within the
first two years.
Ans: False Page: 18

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Subject
Entrepreneurship

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