(Test Bank) Building Your Dream, A Guide to Starting Your Own Business Canadian Edition

Good, 11

Business

Test Bank

11th Edition

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Test Bank for Building Your Dream, A Guide to Starting Your Own Business Canadian Edition, The downloadable file consists of 382 pages, and the total size of the file is 28.29 MB. Purchase now only for highly discounted price.

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11/05/2022, 15:30 Assignment Print View https://ezto.mheducation.com/hm.tpx 1/391. Award: 10.00 points The Entrepreneurial Quiz score is intended to predict potential entrepreneurial success. What does your score mean? A low score means that your responses align with those of successful entrepreneurs. A high score means that your responses align with those of successful entrepreneurs. The score is an indicator of whether or not your new venture will succeed. Scoring well is a guarantee of entrepreneurial success. High levels of agreement indicate that you may have the "right stuff " to succeed in an entrepreneurial career. References Multiple Choice Difficulty: Easy Learning Objective: 01-01 Evaluate your potential of becoming a successful entrepreneur.    CHAPTER 111/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 2/39 2. Award: 10.00 points    3. Award: 10.00 points  In addition to a high score on the Entrepreneurial Quiz , your venture is lik ely to succeed if you also demonstrate: People skills Technical savvy Commitment, determination, and perseverance Financial independence Anything less than total commitment to your venture , and considerable determination and perseverance , will lik ely result in failure , regardless of the degree to which you may possess other important attributes. References Multiple Choice Difficulty: Medium Learning Objective: 01-01 Evaluate your potential of becoming a successful entrepreneur . In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs , the three attributes and behaviours cited as the principal reasons for entrepreneurial success are: Openness to change , personal initiative , and perseverance . A strong philosophical approach and strong financial capabilities. Positive attitude , social savvy , and intellectual intelligence . Emotional intelligence , social intelligence , mathematical intelligence . There are the three behaviours/attributes identified in this particular study . They are: Openness to change , personal initiative , and perseverance . Other research has uncovered different lists of common learnable attributes. References Multiple Choice Difficulty: Easy Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 3/39 4. Award: 10.00 points   One of the common themes resulting from research into the common attributes such as initiative , perseverance and a positive outlook shared by successful entrepreneurs is that: Those attributes can be learned. Those attributes cannot be learned; an individual is either born with them or they are not. Only education will give you the attributes needed to succeed as an entrepreneur . There are no "common " set of attributes - each entrepreneurial success story is unique . While there is no single list, research indicates that many of the attributes are common and, more importantly , can be learned. References Multiple Choice Difficulty: Easy Learning Objective: 01-01 Evaluate your potential of becoming a successful entrepreneur .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 4/39 5. Award: 10.00 points   What are the three attributes and behaviours listed by Babson University that an aspiring entrepreneur can learn ? Improving the skills needed in the industry you want to enter Understanding the demands being an entrepreneur will mak e on your life . Your personal financial situation. Responding positively to challenges, taking initiative and persevering. In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs (babson. edu), only three attributes and behaviours were mentioned by most as the principal reasons for their success, and the good news is that they are all attributes that an aspiring entrepreneur can learn: 1. Responding positively to all challenges and learning from mistak es 2. Taking personal initiative 3. Having great perseverance . References Multiple Choice Difficulty: Medium Learning Objective: 01-01 Evaluate your potential of becoming a successful entrepreneur .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 5/39 6. Award: 10.00 points    7. Award: 10.00 points  Effective entrepreneurs set challenging yet attainable goals that are: Representative of their financial situation and constraints. Reflective of what their mentor says they should do . Consistent with their interests, values, and talents. Based on mark et research and history . Effective entrepreneurs set challenging yet attainable goals that are consistent with their interests, values, and talents. The belief in the reality of their goals is a primary factor in their ability to achieve and ex ceed their goals. Having goals and a laser focus helps these individuals set priorities and performance measures to ensure they attain these goals. References Multiple Choice Difficulty: Easy Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality . Successful entrepreneurs are _______ people; they want to start producing results immediately . Success-oriented Action-oriented Goal-oriented Challenge-oriented They lik e to tak e the initiative and get on with doing it, today . True entrepreneurs are action- oriented decisive people; they want to start producing results immediately . References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 6/39 8. Award: 10.00 points    9. Award: 10.00 points  The best entrepreneurs can be honest with themselves and have a k een sense of their own strengths and weaknesses, and of the competitive environment in which they operate . This mak es them _______ -oriented. Success Action Goal Reality They know what they do not know , and have the confidence to seek advice and help in the areas that they have no expertise in. This reality orientation allows them to avoid making mistak es that can send them on ill-advised courses of action. References Multiple Choice Difficulty: Hard Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality . Most entrepreneurs are found to be ____ listeners and _____ learners. Poor; quick Good; quick Poor; slow Good; slow Most entrepreneurs are found to be good listeners and quick learners. References Multiple Choice Difficulty: Easy Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 7/39 10. Award: 10.00 points   With regards to risk, entrepreneurs: Are gamblers, as they are putting it all on the line daily . Take calculated risks, where the chance of losing is neither too small nor so large as to be considered a gamble . Never discuss the venture 's risk with partners and investors. Risk level is a decision for the entrepreneur only . Make high risk decisions daily , as that is the only way to win in the entrepreneurial business world. Despite the myth that suggests entrepreneurs are gamblers, quite the opposite is true . Effective entrepreneurs have been found, in general, to prefer taking moderate , calculated risks, where the chances of losing are neither so small as to be a sure thing nor so large as to be a considerable gamble . Like a parachutist, they are willing to tak e some measurable and predetermined risk. References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 8/39 11. Award: 10.00 points   Entrepreneurs: Hide and dismiss their mistak es. L etting investors know the downside of the business will cause too much uncertainty . Do not lik e to look at their mistak es too closely as they know they will not mak e the same mistak e twice . Concede their errors and analyze their causes, so they may correct and learn from them. Are known to blame others and the situation for their failures. Rather than hide from or dismiss their mistak es, entrepreneurs concede their errors and analyze the causes. They come to terms with their mistak es, learn from them, correct them, and use them to prevent their recurrence . Successful entrepreneurs know that they have to tak e responsibility for either the success or the failure of their business. They do not play the blame game when things go wrong—instead, they build on and celebrate successes with their team, and learn from their failures. References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 9/39 12. Award: 10.00 points   The best management style for an entrepreneur to follow is a style: That shows a strong need to control, influence and gain power over people . Of micro-managing, so the entrepreneur can know every detail that is happening in the business. That has the entrepreneur working alongside their team, fostering a creative and committed culture . That reflects the power and influence of the entrepreneur . When a strong need to control, influence , and gain power over other people characterizes the entrepreneur , more often than not the business gets into trouble . A micro-management style mak es it very difficult to attract and k eep creative people who are oriented toward achievement, responsibility , and results. Successful entrepreneurs work in the trenches daily with their teams to foster a creative culture that is committed to their customers and building the business. References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 10/39 13. Award: 10.00 points   To build a solid team where everyone is recognized for their efforts, entrepreneurs: Take all the credit for the team 's success. Prove that they can do it all themselves. They are the creators of the idea! Make sure the team knows how hard the entrepreneur is working to k eep the venture growing. Inspire the people they attract by giving them responsibility and by sharing the credit for their accomplishments. Entrepreneurs who create and build successful businesses are not isolated or super-independent. They do not feel they have to receive all of the credit for their success, nor do they feel they have to prove they did it all by themselves. Just the opposite situation actually tends to be true . Not only do they recognize that it is virtually impossible to build a substantial business alone , they are skilled team builders. They inspire the people they attract to their venture by giving them responsibility and by sharing the credit for their accomplishments. This leadership style of building a solid team where everyone is recognized for their efforts is a k ey attribute of many successful corporate managers as well. References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .    11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 11/39 14. Award: 10.00 points    15. Award: 10.00 points  According to the research of R obinson et al., attitudes are a combination of three reactions that represent the way we interact with the world around us. Those three reactions are: Cognition, A ffect, and Behaviour Cognition, Intelligence , and Emotion Empathy , Confusion, and Clarity Passion, A voidance , and Ignorance Attitudes, therefore , represent the way we interact with the world around us. Their research also recognized that people relate to the world through three types of reactions: • Cognition: This includes mental activities such as knowledge , thoughts, beliefs, and opinions. • Affect: This includes emotions associated with thoughts, actions, or objects in our environment. • Behaviour: This is the way we respond to conditions in our environment, including habits and intentions. References Multiple Choice Difficulty: Medium Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality . Robinson et al. developed and tested the Entrepreneurial A ttitude Orientation (EA O) scale intended to overcome some of the issues related to the personality theory approach. A ttitude was defined as: Our potential success as an entrepreneur . The way we interact with the world around us. How you will operate your business activities. Your potential for funding and investment. The predisposition of the individual to respond in a generally favourable or unfavourable manner with respect to the object of the attitude . References Multiple Choice Difficulty: Hard Learning Objective: 01-02 Identify the attitudes and behaviours that will help you turn your business dream into reality .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 12/39 16. Award: 10.00 points    17. Award: 10.00 points  John W arrillow developed attitudinal profiles for three types of entrepreneurs. Which of the following entrepreneurial types prefer to identify themselves by their area of expertise first, and secondly as business owners ? Freedom Fighters Craftspeople Lifestyle Business Empire Building Craftspeople tend to say "I'm a plumber" , for example , or mechanic, film mak er, vet, farmer , or grocer , before they say "I'm a business owner ." References Multiple Choice Difficulty: Medium Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be . According to W arrillow , you can usually identify __________ by the fact that their companies grow by more than 30 percent annually . Venture Capitalists Freedom Fighters Institutional Developers Empire Builders They are growth-oriented business owners who are motivated almost solely by achievement, usually measured in terms of company growth. References Multiple Choice Difficulty: Easy Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 13/39 18. Award: 10.00 points    19. Award: 10.00 points  According to V esper , who identified 8 entrepreneurial types, these entrepreneurs go on to build larger companies through hiring and delegation of authority: Team builders Pattern multipliers Independent innovators Deal-to-dealers Team builders are a sub type of entrepreneurs, which go on to build larger companies through hiring and delegation of authority (identified in V esper' s typology). References Multiple Choice Difficulty: Easy Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be . According to V esper , who identified 8 entrepreneurial types, which type of entrepreneur tak es advantage of the fact that unit costs tend to shrink as volume expands ? Capital aggregators Economy-of-scale exploiters Pattern multipliers Deal-to-dealers This has been practiced principally by entrepreneurs in the discount retail merchandising business. References Multiple Choice Difficulty: Medium Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 14/39 20. Award: 10.00 points    21. Award: 10.00 points  According to V esper , who identified 8 entrepreneurial types, which type of entrepreneur tends to have more than one business ? Deal-to-dealers Capital aggregators Acquirers Solo , self-employed individual These small-business owners have had more than one venture , often in quite different lines of business. References Multiple Choice Difficulty: Medium Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be . According to V esper , who identified 8 entrepreneurial types, which type of entrepreneur recognizes a successful business model and multiplies it to increase profits ? Pattern Multipliers Deal-to-dealers Capital aggregators Acquirers This group includes entrepreneurs who spot an effective business pattern and multiply it to realize profits on the multiple units. Becoming a franchisor is one effective way of multiplying business patterns for a profit. References Multiple Choice Difficulty: Medium Learning Objective: 01-03 Analyze the type of entrepreneur that you want to be .         11/05/2022, 15:30 Assignment Print V iew https://ezto.mheducation.com/hm.tpx 15/39 22. Award: 10.00 points    23. Award: 10.00 points  What business skill is an essential ingredient to entrepreneurial success ? Accounting skills Communication skills Managerial skills Computer and technological skills Possessing the necessary managerial skills is an essential ingredient to succeeding in any entrepreneurial venture . It is estimated that the principal reason for the failure of many small businesses is poor management. References Multiple Choice Difficulty: Easy Learning Objective: 01-04 Develop the skills needed to manage and operate a successful business. Table 1. 1 lists the five (5) business skills required for success. Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set? Managing people Managing inventory Managing capital Managing money See T able 1. 1-Break down of entrepreneurial business skills. References Multiple Choice Difficulty: Hard Learning Objective: 01-04 Develop the skills needed to manage and operate a successful business.         