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

Before starting their business ventures, which of the following would entrepreneurs recognize first:  

• Regulations
• Opportunity
• Associations
• Liability

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

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of  

• outsourcing
• success
• empathy
• productivity

What is the importance of an entrepreneur in the economy?

• Entrepreneurs are our community leaders.
• Entrepreneurs help stabilize and grow the economy with their ability to discover new business.
• Entrepreneurs make all their own rules and new products come from them. 
• Entrepreneurs rely only on themselves and do not hire anyone else

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