Entrepreneurship Unit 1 Review

Which of the following is a disadvantage of starting a business from scratch (the ground up).

• Difficult to establish credit with lenders, suppliers and other vendors

• You can create your own unique vision

• Innovate with fresh ideas and processes

• Choose who you will work with

Which of the following is NOT an advantage of entering the family business

• Established reputation in the community

• Help and training from previous owner (family member)

• Fighting and family conflict about how the business should be run

• Relationships with customers, vendors, suppliers, employees etc.

Which of the following trends continue to create opportunities for entrepreneurs?

• focus on health and fitness

• Interest in ethnic products

• indulgence in luxury services and expensive goods

You can identify opportunities by watching ______ change such the aging of the Baby Boomers or the large number of Millennials now between the ages of 20-35.

• geographic

• demographic

• psychographic

• none of these

Opportunities are ideas that have commercial potential

• True

• False

Entrepreneurs are born, not made.

• This statement is false because you can learn skills and develop the traits needed to be an entrepreneur

• This statement is true because you either have it, or you don't.

Which of the following is a skill needed by successful entrepreneurs? (mark all that apply)

• communication

• problem-solving

• teamwork

• organizing and planning

Which of the following is NOT a common trait of an entrepreneur?

• independent

• lazy

• persistant

• creative

Which of the following is NOT a common reason to start a business?

• Freedom to set your own schedule

• Risk losing investment

• Do what you love and turn a passion into a career.

• Potential for greater career success

Which of the following is a common reason to start a business?

• Uncertain Income

• Hard Work and Long Hours

• Be Your Own Boss and work for yourself

• Risk losing your investment