Business Management 1 Review

Front

Which of the following is a way that entrepreneurship helps our society?

Back

Creates new jobs

Front

One difference between entrepreneurs and small-business owners is that

Back

entrepreneurs usually purchase existing businesses or franchise rights.

Front

What are managers not required to do while helping make entrepreneurs’ visions a reality?

Back

assume the risk involved.

Front

Reason to turn a woodworking hobby into a business.

Back

personal satisfaction.

Front

Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.

Back

flexibility and independence

Front

Insufficient capital is also known as a lack of

Back

money.

Front

In the early stages of a startup business, entrepreneurs assume sole responsibility for

Back

all aspects of their businesses.

Front

What is a disadvantage of entrepreneurship?

Back

Uncertain income

Front

How are entrepreneurs similar?

Back

They have strong personal traits, such as determination and confidence.

Front

What entrepreneurial trait is Sidney exhibiting by intending to open a sports memorabilia shop despite a significant chance of failure?

Back

Willingness to take risks