Entrepreneurship 2.01 and 2.02

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

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

The chance of danger or loss

• Risk
• Options
• Reward
• Benefit

Which of these are some of the reasons startups fail?

• Run out of cash.

• They have an idea, but don't come up with something that they can actually use.

• They are bored.

• Their idea doesn't uniquely solve a big problem.

Which of these are some reasons startups succeed?

• Can't adapt to change--They get stuck in their way of doing something and can't change when the market changes.

• Vision--They have a goal and can see it done in their imaginations.

• Discipline--They have a positive work ethic, they keep working.

• Determination--They keep trying even when it is hard or it doesn't look like they are succeeding.

Three ways to identify an opportunity are …..

• observing trends, solving problems, and dreaming.

• observing trends, solving problems, and finding gaps in the marketplace.

• planning, observing trends, and finding gaps in the marketplace.

• solving problems, observing trends, and planning.

The process of making changes to something that adds value to customers is …………..

• an innovation

• an idea

• an opportunity

• a creativity

Which statement is true about entrepreneurial discovery?

• It ensures that start-up businesses have continuous funding

• It is an ongoing process that facilitates the success rate of a business

• It provides entrepreneurs with professional development training

• It is a way to determine the long-term profit that a start-up company can generate