ENTP: Unit 1 Review, #2

Market research is a systematic process of collecting, analyzing and interpreting information.

• True

• False

Which statement is true regarding training for entrepreneurial ventures?

• Once entrepreneurs are educated or trained in their business field, they rarely need further education.

• Most successful entrepreneurs have degrees from four-year colleges or universities.

• The type of training and education that entrepreneurs need depends on the nature of the start-up business.

• Most entrepreneurs must pass state-mandated exams to operate their business.

When writing a letter of inquiry, when should the purpose of the letter be revealed?

• At the beginning of the letter

• After describing the company

• Once the recipient has agreed to meet

• After identifying what prompted the inquiry (such as an advertisement)

Governments can encourage entrepreneurial development by performing which action?

• Increasing interest rates on loans

• Deregulating and reducing taxes

• Establishing higher ethical standards

• Passing more legislation with strict guidelines

What component is important to include in all types of inquiry letters?

• Contact information

• Personal qualifications

• Project specifications

• Attention-getting title

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

Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor?

• How things are being done

• What was done in the past

• When changes were last made

• What needs to be done

Which positive effect do small businesses have on the local community?

• Reduction of competition

• Pay in of taxes

• Limitation on job growth

• Charging of interest

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