Entrepreneurship Flashcard

Front

What percent of new businesses are still operating after 10 years?

Back

30%

Answer explanation

About 30% of new businesses survive after 10 years, making this the correct choice. This statistic highlights the challenges of sustaining a business long-term.

Front

What is the top reason entrepreneurs provided when asked why their startup failed? Options: Lack of funding, Poor marketing, High competition

Back

No market need

Answer explanation

The top reason entrepreneurs cite for startup failure is 'no market need.' This indicates that many startups fail because they create products or services that do not address a real demand in the market.

Front

As your business’s Chief Financial Officer, what are the two major skills you will need?

Back

Budgeting and Accounting

Answer explanation

As CFO, strong skills in Budgeting and Accounting are essential for managing financial resources, ensuring accurate financial reporting, and making informed decisions that drive the business's financial health.

Front

All of the following are responsibilities of the person in charge of a business's Human Resources EXCEPT...
Hiring and training employees, Payroll and benefits, Health insurance and retirement plans, Product research and development

Back

Product research and development

Answer explanation

The responsibilities of Human Resources include hiring, training, payroll, and benefits management. Product research and development is typically handled by other departments, not HR.

Front

Which skill set is needed for the role of Marketing Director at a leading tech company? Options: Data analysis, Graphic design, A mix of statistics, psychology, and art, Social media and advertising

Back

A mix of statistics, psychology, and art

Answer explanation

The role of a Marketing Director requires a blend of statistics for data-driven decisions, psychology to understand consumer behavior, and art for creative marketing strategies, making 'a mix of statistics, psychology, and art' the best choice.

Front

If Marketing is your public image, then Sales is your...

Back

Responsibility with the most face-to-face interaction

Answer explanation

Sales involves direct interactions with customers, making it the responsibility with the most face-to-face engagement. This contrasts with Marketing, which focuses on broader public image.

Front

The term “ethics” can also refer to rules or guidelines that establish what ______ is ____________ for individuals and groups.

Back

behavior is acceptable

Answer explanation

The term 'ethics' pertains to rules that define what behavior is acceptable for individuals and groups, making 'behavior is acceptable' the correct choice. The other options focus on outcomes rather than ethical guidelines.

Front

It is important for an entrepreneur to consider ethics in the world of business because:

Back

it ensures long-term success and trust

Answer explanation

Considering ethics in business fosters long-term success and builds trust with customers and stakeholders, which is essential for sustainable growth. The other options focus on short-term gains or cost reductions, which may not be ethical.