Bus. Ownership & Entrepreneurship - End of Year Review #1

Over 1/2 of all businesses do not survive beyond four years.

• True

• False

Entrepreneurs do not need good teamwork skills, because they are the ones calling the shots.

• True

• False

Sometimes a business opportunity arises from a discovery or an invention.

• True

• False

If one of your goals as an entrepreneur is to make large sums of money quickly, you almost certainly will be disappointed.

• True

• False

The most successful entrepreneurs make decisions based on their intuition or a "gut feeling" about a situation.

• True

• False

The problem-solving process is not complete until you evaluate the action, since even a well-thought-out solution may not work.

• True

• False

Everyone's wants and needs are the same.

• True

• False

Economic wants are the basis of an economy.

• True

• False

As entrepreneurs create more goods and services, consumers have fewer wants and needs.

• True

• False

Communism is an example of a traditional economy.

• True

• False