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1. University-of-Florida MGT 101 Chapter 6
Part 1
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MGT 101 Chapter 6--Managing Small Business Start-Ups PART1
1. Approximately 600,000 new businesses are launched in the U.S. each year by
entrepreneurs.
True False
2. The process of initiating a business venture, gathering and organizing the appropriate
resources, and assuming the associated risks and rewards refers to entrepreneurship.
True False
3. Sole proprietorships are one of the fastest growing segment of small business.
True False
4. Entrepreneurs in the sustainer category are rewarded by the personal satisfaction of being
business owners.

2. True False
5. Entrepreneurs in the sustainer category alike the chance to balance work and personal life
and often don't want the business to grow too large.
True False
6. Entrepreneurs in the optimizer category are rewarded by the personal satisfaction of being
business owners.
True False
7. Optimizers are rewarded by chance to work on something new and creative.
True False
8. During turbulent times, small business formation is the primary process by which an
economy recreates and reinvents itself.
True False
9. China is the most entrepreneurial country, with 24 percent of individuals age 18 to 64 starting
a new business.
True False
10. Small businesses, according to the Small Business Administration, employ more than 90
percent of the private workforce in the United States.

3. True False
11. Entrepreneurship and small business in the United States is an engine for job creation and
innovation.
True False
12. Women and minorities who have found their opportunities limited in the corporate world are
seeing intrapreneurship as the only way to go.
True False
13. Immigrants are more likely to start small businesses than native-born Americans.
True False
14. Minorities show a high rate of entrepreneurship in the United States, owning 5.8 million firms
in 2007 that generated $1 trillion in revenues.
True False
15. Particularly in a turbulent environment, the three most important traits of successful
entrepreneurs are realism, flexibility, and passion.
True False
16. The psychological characteristic that allows a person to be untroubled by disorder and
uncertainty is called tolerance for ambiguity.

4. True False
17. A need to achieve is a psychological characteristic that means people are motivated to excell
and pick situations in which success is likely.
True False
18. Entrepreneurs are able to deal easily with delays and exhibit high levels of patience, knowing
that the results will be worth the wait.
True False
19. Social entrepreneurs have a primary goal of improving society rather than maximizing profits.
True False
20. Social entrepreneurs are leaders who are committed to both good business and ensuring
high profitability.
True False
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