1. Small businesses and entrepreneurial firms create the majority of new jobs in the U. S. economy. True False 2. Most small businesses in the U.S. are in retail trade and construction industries. True False 3. Opportunity recognition is the process of identifying selecting and developing entrepreneurial opportunities. True False 4. Opportunity recognition involves two phases of activity: discovery and evaluation. True False 5. The evaluation phase of opportunity recognition includes the “Aha!” experience that often leads to new venture development. True False 6. The majority of entrepreneurial start-ups are financed with personal savings and the contributions of family and friends. True False 7. The majority of entrepreneurial firms are started with financing from venture capitalists and banks. True False 8. Angel investors are private individuals who provide equity investments for seed capital during the early stages of a new venture. True False 9. 9 As investors venture capitalists rarely provide any help or services to entrepreneurial firms other than financing. True False 10. Venture capital funding for entrepreneurial ventures is usually available only after the start-up has become a going concern and established a track record. True False
