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BUS 508 Chapter 6 Quiz 1. ________ are wealthy individuals who invest money directly in new ventures in exchange for equity, are a larger source of investment capital for start-up firms. 2. The following can be classified as the different types of entrepreneurs, except: 3. Entrepreneurs have an internal locus of control, which means they believe that they control their own destinies. 4. A ________ project is initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits human and other resources from within the company to turn the idea into a commercial project.
5. Demographic trends—including the aging of the U.S. population, the growth of ethnic groups, and the predominance of two-income families—create opportunities for entrepreneurs. 6. Growth in entrepreneurship is not a worldwide phenomenon. 7. ________ is the process of promoting innovation within their organizational structures. 8. Many Boomers also plan to work after retirement from traditional jobs or careers, either because they want to or in order to boost income and savings. 9. ________ are employees who direct the efforts of others to achieve an organization’s goals. 10. Growth in entrepreneurship is not a worldwide phenomenon. 11. Government legislation can also encourage investment in the U.S. economy. 12. An ________ is a risk taker in the private enterprise system, a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. 13. Dealing with unexpected events is not the norm for most entrepreneurs. 14. Entrepreneurs do not generally begin with a vision—an overall idea for how to make their business idea a success. 15. Bill Gates and Paul Allen launched ________ with the vision of a computer on every desk and in every home, all running software. 16. Overall, the general attitude toward entrepreneurs in the United States is positive. 17. Even entrepreneurs who have not previously received funding from banks have experienced a credit crunch in recent years. 18. The first African American woman billionaire ________ has built an empire stretching from television to magazines to radio. 19. Like buying an established business, buying a franchise offers a less risky way to begin a business than starting an entirely new firm. 20. Many entrepreneurs who start new businesses invent new products or processes.________ is the process of promoting innovation within their organizational structures.