Building Your Dream 10Th Canadian Edition By Walter Good – Test Bank

Stage 01

Assessing Your Potential for an Entrepreneurial Career

Multiple Choice Questions

1. The higher is your number of most desirable responses on the Entrepreneurial Quiz then:
   A.The less your responses agree with those of successful entrepreneurs.
   B. The more your responses agree with those of successful entrepreneurs.
   C. The less likely you are to become a successful entrepreneur.
   D. The more likely you are to abort your attempts at an entrepreneurial venture because of anxiety.

High levels of agreement indicate that you may have the “right stuff” to succeed in an entrepreneurial career.

Difficulty: Medium
Learning Objective: 01-01 Evaluate your potential for becoming an entrepreneur through self-assessment quizzes.
Topic: 01-01 The Entrepreneurial Personality

2. Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to demonstrate:
   A.People prowess
   B. Technical savvy
   C. Commitment, determination, and perseverance
   D. Financial independence

Anything less than total commitment to your venture, and considerable determination and perseverance, will likely result in failure, regardless of the degree to which you may possess other important attributes.

Difficulty: Medium
Learning Objective: 01-01 Evaluate your potential for becoming an entrepreneur through self-assessment quizzes.
Topic: 01-01 The Entrepreneurial Personality

3. 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:
   A.Openness to change, personal initiative, and perseverance.
   B. Commitment, dedication, and perseverance.
   C. Positive attitude, social savvy, and intellectual intelligence.
   D. 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.

Difficulty: Easy
Learning Objective: 01-02 Identify the attitudes and behaviours that will help turn your business dream into a reality.
Topic: 01-03 Attitudes and Behaviours

4. One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that:
   A.Those attributes can be learned.
   B. Those attributes cannot be learned, an individual is either born with them or they are not.
   C. Those attributes are always the same – confidence, determination, and perseverance are always at the top of the list.
   D. 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.

Difficulty: Easy
Learning Objective: 01-01 Evaluate your potential for becoming an entrepreneur through self-assessment quizzes.
Topic: 01-01 The Entrepreneurial Personality

5. Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards. This makes them:
   A.Profit-oriented
   B. Goal-oriented
   C. Success-oriented
   D. Challenge-oriented

Success orientation describes entrepreneurs who driven by the desire to achieve the goals they set for themselves and then to reach for more challenging goals in the future.

Difficulty: Medium
Learning Objective: 01-02 Identify the attitudes and behaviours that will help turn your business dream into a reality.
Topic: 01-03 Attitudes and Behaviours