Test Bank for Patterns of Entrepreneurship Management, 4th Edition

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Chapter 1: The Entrepreneurial ProcessTrue/False1.Entrepreneurship is the process of planning, organizing, operating, and assumingthe risk of a business venture.Ans: TruePage: 42.The word entreprendre refers to the individuals who “undertook” the risk of newenterprise.Ans: TruePage: 53.Fortunately, entrepreneurs do not communicate with external “stakeholders” suchas investors and bankers.Ans: FalsePage: 54.Aspiring entrepreneurs hope for the chance to be their own bosses and have madethe leap from their current employment into the uncertainty of a start-up.Ans: FalsePage: 75.One negative aspect of entrepreneurs, according to research, is that they are notopen to change and they hang on to old plans even when they are not workingcontributing to escalation of commitment.Ans: FalsePage: 86.Many companies fail because the founders do not confront their managementlimitations.Ans: TruePage: 97.Fortunately, the skills needed to run a small company are not different from thoserequired to run a larger firm.Ans: FalsePage: 108.If an entrepreneur has limited experience and limited internal resources, outsidehelp is not necessary.Ans: FalsePage: 109.Looking at the historical trend, it is safe to say that most businesses start smalland grow to be a large corporation.Ans: FalsePage: 1710.The failure rate of new businesses is very high, about 80-90 percent within thefirst two years.Ans: FalsePage: 18

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Patterns Of Entrepreneurship Manage...

Test Bank for Patterns of Entrepreneurship Management, 4th Edition

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