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It wasn’t that long ago that entrepreneurs were considered to be mavericks, rebels, or even social deviants. They stood out because Corporate America was built on a foundation of loyalty and conformity. Big was better and economies of scale provided formidable barriers to entry. The last two decades, however, have placed a number of entrepreneurs in the limelight who have marched to the tune of a different drummer.
Today’s entrepreneurs have been heralded for having the same qualities exhibited by this country’s first colonists. The colonists had contempt for the way things were done, and they weren’t afraid to break away from the establishment. The entrepreneurs who are heralded by the media created their own firms so they could be free to pursue new opportunities and try new approaches. They showed that bigger isn’t always better and that the legacy systems and bureaucratic practices of most established firms can be like anvils that keep them from keeping pace with changes in the marketplace. Each day, entrepreneurs create agile new ventures that change the way the game is played.
America is known as the “Land of the free and the home of the brave.” This country encourages individuality and self-determination. It also encourages people to “go for it.”
Entrepreneurship has become an integral part of this country’s culture and economic system because it reflects the courage to break away from the pack and the desire to be the master of one’s own destiny. Three statistics capture the entrepreneurial spirit in this country. First, 6.8 million households (7.2 percent of the country’s total) include someone who is trying to start a business. Second, between 700,000 and 1 million new businesses are created each year. Third, at least 90 percent of the richest people in the United States generated their wealth through entrepreneurial endeavors.
Today’s entrepreneurs have been heralded for having the same qualities exhibited by this country’s first colonists. The colonists had contempt for the way things were done, and they weren’t afraid to break away from the establishment. The entrepreneurs who are heralded by the media created their own firms so they could be free to pursue new opportunities and try new approaches. They showed that bigger isn’t always better and that the legacy systems and bureaucratic practices of most established firms can be like anvils that keep them from keeping pace with changes in the marketplace. Each day, entrepreneurs create agile new ventures that change the way the game is played.
America is known as the “Land of the free and the home of the brave.” This country encourages individuality and self-determination. It also encourages people to “go for it.”
Entrepreneurship has become an integral part of this country’s culture and economic system because it reflects the courage to break away from the pack and the desire to be the master of one’s own destiny. Three statistics capture the entrepreneurial spirit in this country. First, 6.8 million households (7.2 percent of the country’s total) include someone who is trying to start a business. Second, between 700,000 and 1 million new businesses are created each year. Third, at least 90 percent of the richest people in the United States generated their wealth through entrepreneurial endeavors.
1. Which of the following statements best describes the main idea of the passage?
(A) Becoming an entrepreneur is very hard, considering that 6.8 million households are trying to start a business every year and, at most, 1 million succeed.
(B) Entrepreneurs were once considered to be trivial sideshows in an America dominated by corporations, but now entrepreneurs are recognized to be vital to the nation’s economy.
(C) American entrepreneurs are chasing quick riches instead of contributing to the American economy through loyalty to the corporations that built this country.
(D) Entrepreneurs have demonstrated that in business smaller is now better.
(E) Big businesses can no longer keep pace with changes in the market, and entrepreneurs will dominate American business in the future.
(A) Becoming an entrepreneur is very hard, considering that 6.8 million households are trying to start a business every year and, at most, 1 million succeed.
(B) Entrepreneurs were once considered to be trivial sideshows in an America dominated by corporations, but now entrepreneurs are recognized to be vital to the nation’s economy.
(C) American entrepreneurs are chasing quick riches instead of contributing to the American economy through loyalty to the corporations that built this country.
(D) Entrepreneurs have demonstrated that in business smaller is now better.
(E) Big businesses can no longer keep pace with changes in the market, and entrepreneurs will dominate American business in the future.
2. The author of the passage most likely includes the statistic concerning the richest people in the United States in order to
(A) prove that everyone who starts a business is bound to succeed
(B) contrast the conservative nature of today’s entrepreneurs with the mavericks and rebels of past decades
(C) show that entrepreneurs are “playing the game” better than big corporate America
(D) highlight the challenges and difficulties that entrepreneurs face in an ever changing marketplace
(E) point out the absurdity of the statistic that 90 percent of America’s richest people are entrepreneurs
(A) prove that everyone who starts a business is bound to succeed
(B) contrast the conservative nature of today’s entrepreneurs with the mavericks and rebels of past decades
(C) show that entrepreneurs are “playing the game” better than big corporate America
(D) highlight the challenges and difficulties that entrepreneurs face in an ever changing marketplace
(E) point out the absurdity of the statistic that 90 percent of America’s richest people are entrepreneurs
3. According to the passage, how are today’s entrepreneurs viewed compared to the entrepreneurs of the past?
(A) Today’s entrepreneurs are heralded for the things that got entrepreneurs of the past criticized.
(B) Today’s entrepreneurs are treated with much greater skepticism than entrepreneurs of the past.
(C) Entrepreneurs of the past were “in the limelight” because they “walked to the beat of a different drummer.”
(D) It is much easier for today’s entrepreneurs to get financing for their new projects.
(E) Today’s entrepreneurs are praised as “mavericks, rebels, and even social deviants.”
(A) Today’s entrepreneurs are heralded for the things that got entrepreneurs of the past criticized.
(B) Today’s entrepreneurs are treated with much greater skepticism than entrepreneurs of the past.
(C) Entrepreneurs of the past were “in the limelight” because they “walked to the beat of a different drummer.”
(D) It is much easier for today’s entrepreneurs to get financing for their new projects.
(E) Today’s entrepreneurs are praised as “mavericks, rebels, and even social deviants.”
4. Which of the following is NOT one of the phrases used by the author to praise entrepreneurship?
(A) “the courage to break away from the pack”
(B) “built on a foundation of loyalty and conformity”
(C) “create agile new ventures that change the way the game is played”
(D) “integral part of this country’s culture and economic system”
(E) “desire to be the master of one’s own destiny”
(A) “the courage to break away from the pack”
(B) “built on a foundation of loyalty and conformity”
(C) “create agile new ventures that change the way the game is played”
(D) “integral part of this country’s culture and economic system”
(E) “desire to be the master of one’s own destiny”
Source: GMAT for Dummies 2006
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19 Apr 2021, 08:57
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Official Explanation
3- According to the passage, how are today’s entrepreneurs viewed compared to the entrepreneurs of the past?
Difficulty Level: Medium
Explanation
This specific-information question asks you to contrast how today’s entrepreneurs are viewed compared to how entrepreneurs of the past were viewed. The passage makes this comparison in the first two paragraphs. First, you see that entrepreneurs used to be thought of negatively. Then you see that today’s entrepreneurs are heralded for the qualities of nonconformity and risk-taking.
Choice A looks pretty good, but check the other choices to make sure A is the best.
Choice B opposes the idea expressed in the passage.
Choice C misstates information in the passage. Today’s entrepreneurs, not past entrepreneurs, are in the limelight for walking to the beat of a different drummer.
Choice D contains information on financing that’s not present in the passage. And E mistakenly applies the expression “mavericks, rebels, and even social deviants” to present-day entrepreneurs.
Answer: A
Difficulty Level: Medium
Explanation
This specific-information question asks you to contrast how today’s entrepreneurs are viewed compared to how entrepreneurs of the past were viewed. The passage makes this comparison in the first two paragraphs. First, you see that entrepreneurs used to be thought of negatively. Then you see that today’s entrepreneurs are heralded for the qualities of nonconformity and risk-taking.
Choice A looks pretty good, but check the other choices to make sure A is the best.
Choice B opposes the idea expressed in the passage.
Choice C misstates information in the passage. Today’s entrepreneurs, not past entrepreneurs, are in the limelight for walking to the beat of a different drummer.
Choice D contains information on financing that’s not present in the passage. And E mistakenly applies the expression “mavericks, rebels, and even social deviants” to present-day entrepreneurs.
Answer: A
07 Jul 2021, 10:00
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Official Explanation
2- The author of the passage most likely includes the statistic concerning the richest people in the United States in order to
Difficulty Level: Hard
Explanation
C. This inference question focuses your attention on why the author includes a specific statistic. You’re asked why the author included the statistic that 90 percent of the richest people in the United States are entrepreneurs.
Eliminate A because the passage in no way implies that every entrepreneur will succeed. In fact, the statistics seem to show that only 1 in 7 will actually start a business, and many of those businesses fail. The passage also doesn’t provide support for B. Nothing in the reading claims that today’s entrepreneurs are conservative. Don’t make leaps of logic for inference questions. Stick to what’s supported by information in the passage.
Choice D may be a good answer for other statistical data, but the use of the statistic that 90 percent of the richest people in America are entrepreneurs highlights success rather than difficulties. You may agree with the idea that it’s absurd for so many of the richest people to be entrepreneurs, but the question doesn’t ask you how you feel.
Choice E isn’t supported by the passage. Entrepreneurs must be playing the game better and the reward is that some entrepreneurs get very, very rich.
Choice C is the best answer.
Difficulty Level: Hard
Explanation
C. This inference question focuses your attention on why the author includes a specific statistic. You’re asked why the author included the statistic that 90 percent of the richest people in the United States are entrepreneurs.
Eliminate A because the passage in no way implies that every entrepreneur will succeed. In fact, the statistics seem to show that only 1 in 7 will actually start a business, and many of those businesses fail. The passage also doesn’t provide support for B. Nothing in the reading claims that today’s entrepreneurs are conservative. Don’t make leaps of logic for inference questions. Stick to what’s supported by information in the passage.
Choice D may be a good answer for other statistical data, but the use of the statistic that 90 percent of the richest people in America are entrepreneurs highlights success rather than difficulties. You may agree with the idea that it’s absurd for so many of the richest people to be entrepreneurs, but the question doesn’t ask you how you feel.
Choice E isn’t supported by the passage. Entrepreneurs must be playing the game better and the reward is that some entrepreneurs get very, very rich.
Choice C is the best answer.
