MAN 1107 SLO CH 6

Which one of the following is not a type of Entrepreneur:

• Serial Entrepreneurs
• Lifestyle Entrepreneurs
• Social Entrepreneurs
• Typical Entrepreneurs

For an Entrepreneur, the main purpose of starting and operating a business is to:

• make a profit
• increase owner wealth
• become famous
• provide jobs

Entrepreneurs are motivated to take risks by their:

• desire to gamble with their futures.
• confidence in their understanding of the business environment.
• ability to raise funding to start their business.
• knowing that they will work harder than anyone else.

One of the challenges of running a home-based business is:

• managing the extra time on your hands.
• an increase in business risk.
• keeping work and family tasks separate.
• burdensome tax laws.

All of the following are fears that most Entrepreneurs have that they must overcome in order to turn their idea into reality except:

• Lack of Competition
• Lack of Ideas
• Lack of Security
• Lack of Money

Most Entrepreneurs get their financing from:

• SBA Loans and Grants
• Venture Capitalists and Angel Investors
• Self-Financing and Loans from Family
• Bank Loans and Lines of Credit

Which of the following statements is characteristic of entrepreneurs?

• They look at problems and see opportunities.
• They prefer to be inventive rather than worry about whether the invention solves a customer need.
• They like certainty.
• They have the ability to visualize a clear path.

Which of the following is the highest cost and lowest risk option for Entrepreneurs?

• Take over a family business.
• Buy an existing business.
• Buy a franchise.
• Start a business from scratch.