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Like classic entrepreneurs,small business owners are all of the following EXCEPT


A) risk takers.
B) socially isolated.
C) often alone.
D) hard workers.

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_____ refers to the process of intergenerational transfer of business.


A) Role conflict
B) Succession
C) Leadership
D) Access

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Harvest entrepreneurs


A) are often wealthy,but largely unknown.
B) alternate periods of growth and stability which are determined by personal needs.
C) may scale down their ventures as they get older,but continue to work in their business.
D) are people who generally have another job that is their primary one.

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Define professionalization.Explain the three levels of professionalization.

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Professionalization refers to the extent...

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What is the key difference between a family council and a board of directors?


A) The board is focused on business-family relationships.
B) The board includes significant family membership.
C) The function of the family council is to keep the family involved.
D) Family councils should get professional advice at the start.

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All of the following observations pertain to set-asides EXCEPT


A) they are government contracting funds.
B) they are earmarked for particular types of firms.
C) they focus on extra efforts to network.
D) they are a solution for access-based challenges.

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What best describes the problem that arises when people have multiple responsibilities and each makes different demands on them?


A) Role conflict
B) Succession
C) Leadership
D) Role ambiguity

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Specialized firms tend to generate the highest level of trust among customers.

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One way to maximize communication in the succession process is to create a family council.

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All entrepreneurial personality types include hard work.

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Being asked if you want to supersize your order at a fast-food restaurant is an example of


A) a key business function.
B) a resource competency.
C) a standard business practice.
D) industry-specific knowledge.

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Which of the following is NOT a typical career path for entrepreneurs?


A) Habitual entrepreneurship
B) Harvest entrepreneurship
C) Mature entrepreneurship
D) Spiral entrepreneurship

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_____ entrepreneurs alternate periods of growth and stability which are determined by personal or family needs.


A) Occasional
B) Harvest
C) Spiral
D) Growth

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B&B Music Bart Barker has always had the talent for playing several musical instruments and has a fabulous voice. Bart has been playing music at family and friends' events for several years. At age 21, Bart is determined to open his own business with his brother Brad who is a business major. Bart is the idea person, whereas Brad is more the contemporary classic entrepreneur. Bart wants to start and own the business as a lifetime venture, whereas Brad already has an exit plan for their business. Despite these differences, the two brothers launch their business B&B Music Inc., with great fanfare. -Being a contemporary classic entrepreneur,Brad would exhibit all of the following traits EXCEPT being


A) a hard worker.
B) socially isolated.
C) an average income seeker.
D) a fast learner.

Correct Answer

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Which of the following statements about a family council is false?


A) One way to maximize communication in the succession process is to create a family council.
B) The main function of the family council is to be focused on running the business.
C) A family council includes family members with immediate interests in the business.
D) The meetings can be a good forum for grappling with issues like role expectations.

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Which of the following personality types is more concerned with their social standing and acceptance than their personal wealth?


A) Salesperson entrepreneur
B) Managerial entrepreneur
C) Classic entrepreneur
D) Idea person

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Following certain "best practices" are typical of these types of businesses.


A) Specialized businesses
B) Expert businesses
C) Minimalized businesses
D) Factor businesses

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The forms of business-related expertise are called


A) competencies.
B) core processes.
C) personalities.
D) ethics.

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Identify the simplest form of discrimination.


A) Access
B) Role conflict
C) Set-asides
D) Collusion

Correct Answer

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A(n) _____ entrepreneur's typical end-game strategy involves scaling down the business.


A) occasional
B) helical
C) harvest
D) growth

Correct Answer

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