ENTREPRENEURIAL OPERATIONS
CHAPTER 7 ENTREPRENEURIAL LEADERSHIP AND MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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faltering
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steady
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hesitant
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unstable
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changeable
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Detailed explanation-1: -It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1, 500 employees). For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.
Detailed explanation-2: -Only 20 percent fail within the first year but 50 percent fail within the first five years. In other words, an additional 30 percent of businesses will fail between years 2 and 5, or about 7.5 percent of the initial amount per year.
Detailed explanation-3: -Humility and self-awareness. Sir Richard Branson, founder of the Virgin group, believes that successful entrepreneurs show humility. Customer orientated. Cost efficient. Highly adaptable and future orientated. Risk-taker and not afraid of failure.