Exploring Entrepreneurship Concepts and Practices

Front

Which of the following best describes an entrepreneur?

Back

An individual who starts a business to solve a problem or meet a need.

Front

What is a key feature of a small business?

Back

It often serves a local or niche market

Front

Which of the following is an advantage of business ownership? Guaranteed financial success, Autonomy and control over decision-making, Minimal responsibility, Fixed working hours

Back

Autonomy and control over decision-making

Front

What is a disadvantage of business ownership?

Back

Financial risk

Front

Which element of a business plan provides a brief overview of the entire plan? Options: Vision and Mission Statement, Marketing Plan, Financial Plan

Back

Executive Summary

Front

What is a characteristic of a lifestyle business?

Back

Prioritizes work-life balance

Front

Which type of business structure is owned by one person?

Back

Sole Proprietorship

Front

What is a challenge of a partnership business structure? Options: Full profit retention, Shared liability, Limited access to capital, Simple tax reporting

Back

Shared liability

Front

Which of the following is a feature of a growth business? Limited growth potential, Focus on simplicity and enjoyment, Small-scale operations

Back

Aggressive growth strategies

Front

What is a benefit of a corporation as a business structure?

Back

Limited personal liability for owners