ENTREPRENEURSHIP

Identify a successful sole proprietor must exhibit all of the following except

• Leadership skills

• Be fully responsible for the firm’s performance

• Be willing to work 40 hours per week

• Organization skills

Identify disadvantages of a partnership except

• Decision making must be shared among partners

• General partners are subject to unlimited liability

• Profits are shared among partners

• Multiple partners bring additional funds to the business

Select disadvantages of a sole proprietorship

i. Easy to set up

ii. Not regarded as a separate legal entity

iii. More responsibilities

iv. Owner keeps all the profit

v. Liability is unlimited

• i, iii and iv

• ii, iii and iv

• ii, iii and v

• ii and iii only

Identify secondary sources in entrepreneurial ideas and opportunities except

• Reliable existing data

• References

• Mass media and electronic media

• Internet

Select type of business

i. Sole Proprietorship

ii. Partnership

iii. Private Limited Company

iv. Public Limited Company.

• i, iii and iv

• ii, iii and iv

• i, ii, iii and iv

• ii and iii only

Identify entrepreneurship support facilities.

i. Financial

ii. Management Training and Entrepreneurship

iii. Advertising

iv. Technology

v. Location and business space

• i, ii, iii and iv

• i, ii, iii, iv and v

• i, ii, iii and v

• i, ii, iv and v

What type of business that most entrepreneurs start

• Partnership

• Corporation

• Sole Proprietorship

• Private limited company

Describe an entrepreneur

• An entrepreneur must know only the parts of the business they like

• An entrepreneur must know no parts of the business management

• An entrepreneur must know all parts of business: finance, marketing, etc

Recognize an entrepreneur must be

• Disorganized

• Organized

• Lazy

• Clumsy

Identify creative thinking technique except

• Personnel

• Brainstorming

• The six thinking hats

• Business process re-engineering