Chapter 01
Small Business: Its Opportunities and Rewards
True / False Questions
1. About half of the adults in the U.S. think about owning their own business, but only one
person in 50 who thinks about it actually starts a business.
True False
2. When thinking about owning their own business, one hurdle people need to overcome is
taking the right action.
True False
3. The U.S. government agency that helps people start businesses is the U.S. Department of
Commerce.
True False
4. Imitative firms are defined as prepackaged businesses that are bought, rented, or leased
from another company.
True False
5. Truly entrepreneurial businesses are characterized by imitativeness in their products,
services or business models.
True False
6. Small businesses focus on effectiveness whereas high-growth ventures focus on
efficiency.
True False
,7. People starting high-growth ventures need to know how to seek and obtain venture
capital.
True False
,8. Nearly all entrepreneurs talk about three universally mentioned rewards: flexibility,
fame, and fortune.
True False
9. Growth rewards are what people get from facing and beating challenges.
True False
10. Flexibility rewards refer to the money made from owning your own business.
True False
11. More than 75 percent of the millionaires in the United States are entrepreneurs.
True False
12. Some of the problems faced by people who are thinking about starting small businesses
are: (1) there is not enough financing to start businesses, and (2) they must make
something to make money.
True False
13. In order to start a business, you need four elements to come together: boundary, reason,
idea, and exchange.
True False
14. The most frequently occurring element of the BRIE model is the intention.
True False
, 15. In the BRIE model, exchange refers to moving resources, products, or services to others
in exchange for money or other resources.
True False
16. The BRIE model can help individuals with one of the biggest hurdles of starting a
business, which are resources.
True False
17. Small business is the engine of job generation, but it is important for existing jobs, too.
True False
18. The high-growth ventures and big businesses would not succeed without small
businesses offering supporting services.
True False
19. The four forms of entrepreneurship are public, independent, corporate, and social.
True False
20. Public entrepreneurship is the form of entrepreneurship that involves revitalizing
private agencies.
True False
Multiple Choice Questions
Small Business: Its Opportunities and Rewards
True / False Questions
1. About half of the adults in the U.S. think about owning their own business, but only one
person in 50 who thinks about it actually starts a business.
True False
2. When thinking about owning their own business, one hurdle people need to overcome is
taking the right action.
True False
3. The U.S. government agency that helps people start businesses is the U.S. Department of
Commerce.
True False
4. Imitative firms are defined as prepackaged businesses that are bought, rented, or leased
from another company.
True False
5. Truly entrepreneurial businesses are characterized by imitativeness in their products,
services or business models.
True False
6. Small businesses focus on effectiveness whereas high-growth ventures focus on
efficiency.
True False
,7. People starting high-growth ventures need to know how to seek and obtain venture
capital.
True False
,8. Nearly all entrepreneurs talk about three universally mentioned rewards: flexibility,
fame, and fortune.
True False
9. Growth rewards are what people get from facing and beating challenges.
True False
10. Flexibility rewards refer to the money made from owning your own business.
True False
11. More than 75 percent of the millionaires in the United States are entrepreneurs.
True False
12. Some of the problems faced by people who are thinking about starting small businesses
are: (1) there is not enough financing to start businesses, and (2) they must make
something to make money.
True False
13. In order to start a business, you need four elements to come together: boundary, reason,
idea, and exchange.
True False
14. The most frequently occurring element of the BRIE model is the intention.
True False
, 15. In the BRIE model, exchange refers to moving resources, products, or services to others
in exchange for money or other resources.
True False
16. The BRIE model can help individuals with one of the biggest hurdles of starting a
business, which are resources.
True False
17. Small business is the engine of job generation, but it is important for existing jobs, too.
True False
18. The high-growth ventures and big businesses would not succeed without small
businesses offering supporting services.
True False
19. The four forms of entrepreneurship are public, independent, corporate, and social.
True False
20. Public entrepreneurship is the form of entrepreneurship that involves revitalizing
private agencies.
True False
Multiple Choice Questions
