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Business English Exercises
 

The entrepreneurial life cycle (1)

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 228
Contemporary theories in management business test printable business worksheets The entrepreneurial life cycle (2): The seven stages

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the entrepreneurial life cycle answer 1
Robert W. Price writes that the entrepreneurial life cycle repeats itself in businesses of all sizes, from start-ups in a garage to corporate entrepreneurship activities in global Fortune 500 companies.

Correct answer: (a) garage

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the entrepreneurial life cycle answer 2
It starts with an entrepreneur who perceives an opportunity, creates an organization to pursue it, assembles the required resources, implements a practical plan, and assumes the risks and the rewards, all in a timely manner for all involved.

Correct answer: (a) assumes

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the entrepreneurial life cycle answer 3
This is the significant difference that sets entrepreneurial management apart from other business management practices: in almost all cases, the person making the decisions has personal risk at stake.

Correct answer: (d) sets

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the entrepreneurial life cycle answer 4
The worst-case scenario for folks 'at work' is getting fired; the worst case for entrepreneurs is losing their home, personal credit, and lifestyle, as well as the destruction of family relationships.

Correct answer: (d) scenario

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the entrepreneurial life cycle answer 5
We define entrepreneurial management as the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as operating small- and medium-sized businesses.

Correct answer: (c) venturing

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the entrepreneurial life cycle answer 6
The heart of entrepreneurial management is continually juggling these vital management issues: the mission and values statement, the goals and objectives, growth strategy, people and resources, organizational capabilities, financing strategy, and its vision of success.

Correct answer: (d) juggling

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the entrepreneurial life cycle answer 7
These vital management issues and activities play out in what we call the entrepreneurial life cycle.

Correct answer: (c) out

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the entrepreneurial life cycle answer 8
It was once said that entrepreneurship is a lot like driving fast on an icy road, but we prefer to think of entrepreneurship as less reckless and more methodical.

Correct answer: (d) reckless

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the entrepreneurial life cycle answer 9
Entrepreneurship is a continual problem-solving process; it is like putting together a huge jigsaw puzzle; at first pieces will seem to be missing, obscure, or not clearly recognizable.

Correct answer: (c) jigsaw

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the entrepreneurial life cycle answer 10
Size, profitability, commitment, complexity, scale of organizational structure, decrease in risk, increase in value, and decrease in founders' involvement characterize each stage of the entrepreneurial life cycle.

Correct answer: (c) founders'

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