Business Management-EOP Skills Standards: Bell Ringer Day 8

What is the definition of an entrepreneur?

• Someone who manages a business

• Someone who creates, owns, and potentially runs a business

• Someone who owns a business and makes profit from that business

• None of the above

Which of the following is NOT true about an entrepreneur?

• Gets to act as his own boss

• Salary is evaluated based on his/her ability to complete the tasks assigned to him/her.

• Responsible for the success of their business.

• Has ownership in the business

An example of an asset is:

• time

• money

• a car

• all of the above

Which of the following is NOT a true statement about business plans?

• They should never be revised.

• They can help lower the risk of starting a new business.

• They are created before starting a business.

• They include an overview of your business goals and how you think you are going to achieve them.

Which of the following is NOT necessarily a characteristic of successful entrepreneurs?

• Creativity & Collaboration

• Comfort with Risk

• Aggressiveness & Intensity

• Initiative & Self-Direction

Which of the following is an advantage of starting your own business?

• During start-up, you do not have to think about funding.

• You are in charge of the decision-making so there is little to no risk.

• You have control over where and when you work.

• As long as you make a business plan, you will know what obstacles to expect.

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

• Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.

• Knowing about entrepreneurship means you'll never have to work for a boss.

• Entrepreneurs do not have to worry about getting good grades in school because they start their own business.

• None of the above

What is the main difference between a personal characteristic and a skill?

• You can learn a personal characteristic, but it is not possible to learn a skill.

• Personal characteristics become skills over time.

• Many people are born with business skills but you can't be born with characteristics.

• Skills can be learned and developed while personal characteristics are inherent qualities within.

Which one of these is NOT considered a skill?

• Determination skills

• People skills

• Business skills

• Communication skills

What role do entrepreneurs play in economics?

• Entrepreneurs tell consumers what they should want or need.

• Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.

• Entrepreneurs borrow money from the economy to start their businesses.

• None of the above.