Entrepreneurship Semester Exam 1

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An entrepreneur is...

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A person who starts a business that satisfies consumer wants and needs

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Entrepreneurship is...?

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Starting and operating a business

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The entrepreneurial process is...?

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How an entrepreneur turns their idea into a business

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You have an idea that for a new product or service that you believe will satisfy consumer wants and needs. It is your plan to start a business. You are an...

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Entrepreneur

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Which of the following is a common motivation for entrepreneurs? Interest in working for others, Preference for routine tasks, Need for job security, Desire to solve a problem

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Desire to solve a problem

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What is the primary goal of an entrepreneur?

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To innovate and create value

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Which of the following best describes a startup? A government agency, A new business venture with a scalable model, A large corporation with many employees, A non-profit organization

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A new business venture with a scalable model

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What is a common challenge faced by entrepreneurs?

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Finding a market fit

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What are the two types of business ventures?

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a product or service

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What are four types of businesses? Options: grocery, pharmacy, beauty and automobile; Manufacturing, wholesale, food and beverage; Retail, Service, Wholesale, energy; Service, retail, wholesale and manufacturing

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Service, retail, wholesale and manufacturing