Chapter 1-Entrepreneurs and Entrepreneurship Part 1

Entrepreneurs try to meet the needs of the marketplace by supplying a product or service.

• True

• False

A person who takes the risk of a business venture is

• not directly affected by the consequences of his or her decisions.

• an employee.

• an entrepreneur.

• sure to be successful.

A person who works for someone else is

• an entrepreneur.

• an employee.

• the one who receives the profits of the business.

• taking the risk of business venture.

Successful entrepreneurs need to be self-confident because they must make decisions alone, but they do not need to be creative because they can hire creative people.

• True

• False

Entrepreneurship involves risk, which is both an advantage and a disadvantage.

• True

• False

An advantage of entrepreneurship is that entrepreneurs make all decisions by themselves.

• True

• False

Which of the following is not a characteristic of a successful entrepreneur?

• Determeination

• Creativity

• Dependence

• Self-confidence

A disadvantage of entrepreneurship is that entrepreneurs

• face irregular incomes.

• must make all decisions by themselves.

• work long hours.

• all of these.

An opportunity is a thought or concept that comes from creative thinking.

• True

• False

You can learn about business opportunities by talking to other entrepreneurs.

• True

• False