Entrepreneurship Review

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 which characteristic for what they do?

• Reservations
• Concerns
• Apathy
• Passion

Home-based businesses are attractive to many people because of which factor?Home-based businesses usually:

• yield higher profit margins.
• provide owners a steady income.
• have lower start-up costs.
• require less technical training.

What is a disadvantage of entrepreneurship?

• Fewer resources
• Personal satisfaction
• Lower taxes
• Uncertain income

Which is a financial concern that entrepreneurs often face when starting new businesses?

• Irregular paychecks
• Long working hours
• Shorter vacations
• Lower production standards

What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?

• Creativity
• Self-discipline
• Risk-taking
• Flexibility

Which is considered a reliable information source for a business start-up?

• Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
• The Project Management Institute (www.pmi.org)
• The Small Business Administration (www.sba.gov)
• The National Retail Federation (www.nrf.com)

Which statement is true about a business environment?

• It can be avoided.
• It is always changing.
• It consists of the economy and technology.
• It may not affect the business, depending on the industry.

Which is an example of a demographic trend?

• The aging of the population
• Shifting political climates
• Rising interest rates
• A concern for fitness and health

What might be a motivation to become an entrepreneur

• Lack of responsibility

• Risk of financial ruin

• Being your own boss

• Doing paperwork

What is a benefit of starting a new business from scratch

• The business will make profits quickly

• The business will have name and brand recognition

• Your start-up costs will be small

• You are creating something that is uniquely your own