Q&A Hero

Q: Lifestyle firms, traditional small businesses, and high-performing small businesses are often called _____. A. main street businesses B. Wall Street businesses C. high-growth ventures D. universal businesses

Q: Which of the following is a characteristic of a high-growth venture? A. It pursues low levels of professionalization. B. It levels off after operations settle into a consistent, money-making pattern. C. It aims to achieve growth rates of 25 percent or more a year. D. Its success is defined by sales of between $100,000 and $1,000,000 annually.

Q: Which of the following is true of a high-performing small business? A. It often grows through multiple locations. B. It aims to achieve growth rates of 25 percent or more a year. C. It has sales of more than $1 million. D. It has low levels of professionalization.

Q: _____ tend to level off after success defined by sales of between $100,000 and $1,000,000, depending on the industry. A. Lifestyle firms B. Traditional small businesses C. High-performing small businesses D. High-growth ventures

Q: Which of the following is true of the growth of a typical traditional small business? A. It tends to quickly level off after the owners operate long enough to learn the basics of making money. B. It levels off after operations settle into a consistent, money-making pattern generating income to provide a living for the owner. C. It grows at rates between 5 to 15 percent a year. D. It grows at rates of 25 percent or more a year.

Q: A traditional small business generally has sales of between: A. $100,000 and $1,000,000. B. $100,000 and $200,000. C. $25,000 and $100,000. D. $50,000 and $80,000.

Q: Which of the following is a characteristic of a traditional small business? A. It is often a one-site business. B. It follows a continuous growth curve. C. It defines its schedules based on the owner's needs. D. It generally has sales between $100,000 and $1,000,000 depending on the industry.

Q: Which of the following is true of a traditional small business? A. It is usually a multi-site business. B. It generally has sales between $100,000 and $1,000,000 depending on the industry. C. It defines its schedules based on customer needs. D. It follows a continuous growth curve.

Q: _____ are the smallest full-time business. A. High-performing small businesses B. Traditional small businesses C. High-growth ventures D. Lifestyle businesses

Q: Which of the following categories does the majority of small businesses fall under? A. High-growth ventures B. High-performing small businesses C. Lifetime/Part-time firms D. Traditional small business

Q: In lifestyle firms: A. success is defined by sales of between $100,000 and $1,000,000. B. schedules are defined by customer needs. C. the income generated usually provides a living for the owner and family. D. growth tends to quickly level off.

Q: Which of the following is true of a part-time firm? A. It starts small and stays very small. B. It has a continuous growth. C. Its success is defined by annual profits of $1,000,000. D. It aims to achieve growth rates of 25 percent or more a year.

Q: Which of the following is a characteristic of a lifestyle firm? A. It starts small and grows very rapidly to become a big business. B. It represents about 20 percent of all businesses. C. It typically has sales of $25,000 a year or less. D. It aims to achieve growth rates of 25 percent or more a year.

Q: Which of the following describes the significance of an overall growth strategy? A. It represents a driver of the variety of entrepreneurship. B. It allows for one small business enterprise to incorporate in multiple states at the same time. C. It provides the owner a stake in the family business. D. It helps buyers to get familiar with new products.

Q: High-growth ventures: A. use imitation as their metastrategy. B. start small but are intended to grow rapidly. C. cannot include a team of partners. D. do not delegate tasks.

Q: Which of the following is a difference between a small business and a high-growth venture? A. For a small business, the preferred funding source is other people's money, whereas for a high-growth venture, it is the owner's own money. B. For a small business, the personal control preference is to involve others, whereas a high-growth venture prefers to retain autonomy. C. A small business focuses on effectiveness, whereas a high-growth venture focuses on efficiency. D. A small business grows when necessary, whereas a high-growth venture grows when possible.

Q: Which of the following is an attribute of a high-growth venture? A. Its preferred funding source is the owner's own money. B. Its metastrategy is imitation. C. It grows when necessary. D. It considers delegation essential.

Q: Which of the following is true of a high-growth venture? A. It considers sales as more important than marketing. B. Its metastrategy is novelty. C. It focuses more on efficiency than on effectiveness. D. It does not allow for easy delegation of work or responsibilities.

Q: Which of the following is a characteristic of a small business? A. Source of funding is primarily other people's money B. Focus is on efficiency C. Professionalized approach to human resource D. Delegation is essential

Q: High-growth ventures differ from small businesses in that in high-growth ventures: A. the focus is on efficiency rather than effectiveness. B. the preferred source of funding is the owner's own money rather than other people's money. C. the human resource system is personalized rather than professionalized. D. the limitation of growth is dictated by market response rather than the owner's loss of control.

Q: Small businesses differ from high-growth ventures in that in small businesses: A. the focus is on effectiveness rather than efficiency. B. the preferred source of funding is the owner's own money rather than other people's money. C. the delegation of responsibilities is easy and necessary rather than difficult. D. the metastrategy is for novelty rather than imitation.

Q: Which of the following is true of a small business? A. Its preferred funding source is other people's money. B. It sells more when it is facing bankruptcy. C. It considers sales as more important than marketing. D. It focuses more on effectiveness than on efficiency.

Q: A business run by the individual who owns it is referred to as a(n) _____. A. franchise B. owner-managed firm C. professionally-owned business D. novelty firm

Q: A business owned by an individual or a little group is referred to as a(n): A. corporate chain. B. conglomerate. C. concern. D. independent small business.

Q: A person who becomes an owner by inheriting or getting a stake in a family business is known as a _____. A. founder B. franchisor C. heir D. serial entrepreneur

Q: Which of the following is true of a franchise? A. It is the international term for all small businesses. B. It is a type of novelty organization. C. It is an organization that provides loans to start small businesses. D. It is a prepackaged business bought, rented, or leased from a company.

Q: Small businesses are usually: A. imitative in nature. B. characterized by the novelty of their products. C. the same as high-growth ventures. D. not affected by market fluctuations.

Q: Truly entrepreneurial businesses are characterized by: A. the franchise they are associated with. B. the degree to which their products are imitative. C. the novelty in their products, services, or business models. D. the ease with which their product is accepted by the buyers.

Q: The _____ is a U.S. government agency that helps people start a business and also provides them support and advocacy. A. Small Business Administration B. U.S. Department of Business Development C. U.S. Department of Commerce D. U.S. Entrepreneurial Administration

Q: The primary focus of corporate entrepreneurship is creating new civic organizations which are financially self-sufficient.

Q: Entrepreneurship levels are very high in efficiency-driven economies.

Q: High-growth ventures and big businesses generally do not succeed without small businesses offering supporting services.

Q: One of the key elements of the BRIE model is a person's intentions to start a business.

Q: The disadvantage of the BRIE model is that it does not mention the management of resources.

Q: In the BRIE model, exchange refers to moving resources, goods, or services to others, in exchange for money or other resources.

Q: The most frequently occurring element of the BRIE model is intention.

Q: Ninety percent of all new businesses fail within two years.

Q: Using low-cost or free techniques to minimize cost of doing business is referred to as bootstrapping.

Q: Flexibility rewards are the most rapidly growing type of reward.

Q: Flexibility rewards refer to the money made from owning a business.

Q: High-growth ventures are also known as main street businesses.

Q: Traditional small businesses' schedules are defined by the owners' needs.

Q: Lifestyle or part-time firms typically provide enough profit or salary to supplement an income but usually not enough on which to live.

Q: Small businesses start small but are intended to grow rapidly, often requiring a team of partners.

Q: Small businesses focus on effectiveness, whereas high-growth ventures focus on efficiency.

Q: Self-employed persons are not referred to as entrepreneurs.

Q: Truly entrepreneurial businesses are characterized by imitativeness in their products, services, or business models.

Q: Small-scale entrepreneurs are only allowed to trade in sale of goods and not in trades of service.

Q: Entrepreneurs are exclusively found in farming-related occupations.

Q: The U.S. government agency that helps people start small businesses is the U.S. Department of Commerce.