Intro to Entrepreneurship

While managers help to make entrepreneurs’ visions a reality, they are NOT required to  

• formulate company policy
• establish business objectives.
• assume the risk involved
• implement procedures

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of  

• advertising.
• money
• employees.
• commitment

What is a disadvantage of entrepreneurship?

• Personal satisfaction
• Uncertain income
• Lower taxes
• Flexible schedule

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have _______________ what they do.  

• passion for
• concerns about
• apathy for
• reservations about

Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop. What entrepreneurial trait is Sidney exhibiting?  

• Organization
• Creativity
• Open-mindedness
• Willingness to take risks

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and  

• what was done in the past
• how things are being done
• what needs to be done.
• when changes were last made

Jorge is an entrepreneur and owner of 2 successful businesses. Jorge’s colleagues value his ability to come up with new ways of doing things and to find solutions to seemingly impossible problems. What entrepreneurial trait do Jorge' colleagues admire?

• initiative

• goal setting

• integrity

• creativity

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 an entrepreneur.

• tax breaks and deductions
• flexibility and independence
• advanced technology
• personal commitment

In the early stages of a start-up business, entrepreneurs assume sole responsibility for  

• global economic growth rates.
• all aspects of their businesses
• the daily activities of competitors
• reducing the need for financial records products.

Why would someone be reluctant to become an entrepreneur?

• Because options are limited for creative enterprises.

• Because the government discourages entrepreneurs.

• Because people do not trust entrepreneurs.

• Because you often use your own personal wealth to fund initial costs.