Micro-Enterprise pt 1 review

Characteristics of successful entrepreneurs include

• emotional

• determination

• self-importance

• regret

Logan has had a tough week. First, the bank rejected Logan’s application for $500,000 to purchase new equipment necessary to open the salon. Second, one of the stylists who had signed up to help launch the new salon has just called to say she intends to move out-of-state. Third, the landlord delivered the premises in a complete disarray – holes in the walls, the promised paint job not complete, the old air conditioner still non-operational. Logan has contacted a salon owner a few towns over who just retired, who has agreed to sell Logan his used equipment for $200,000, with payments over five years at 5% interest. Logan’s friends will come in over the weekend to clean up the new salon space. Now all Logan needs to do is recruit a cool new stylist and find a working air conditioner.

The type of entrepreneurial behavior that Logan has been exhibiting can best be described as:

• reflection

• problem solving

• talent

• friendliness

Which of the following best defines grit?

• ability to stop pursuing a task when experiencing initial defeats

• ability to follow instructions

• ability to seek a different job when a task becomes difficult

• ability to keep pursuing your goals despite initial defeats

Successful entrepreneurs can be described as:

• unaided

• hard to discourage

• hard to work with

• hard to understand

Which is an entrepreneur?

• a small business employee

• a small business owner

• a small business adviser

• A store employee

Entrepreneurs exhibit the following behaviors:

• desire for structure and routine

• ability to pursue goals despite uncertainty

• desire to pursue goals that others establish

• content with regular work hours

Characteristics of successful entrepreneurs include:

• grime

• difference

• conformity

• grit

Which of the following is an essential skill for a successful entrepreneur and small business leader?

• afraid to accept defeat

• unafraid to learn new things

• unafraid to reject new ideas

• afraid of new people and things

Which is an entrepreneur?

• the receptionist at the beauty salon

• the stylist who creates and sells new hair styling products after hours

• the stylist who has worked at the same salon for many

• the receptionist who is looking for a new position with a different salon

Fallah isn’t sure where to turn. All the plans for launching the new business are set – angel investors have provided the $30,000 Fallah needed to purchase the computer equipment necessary to launch a new online business that matches people who refurbish antique cars with both parts suppliers and potential purchasers. The mobile site is ready to go. The bank has promised to process all transactions for a 1% fee plus $2 per transaction.

But Fallah doesn’t know what type of insurance the new business will need. For example, will the business be liable if a supplier takes money and fails to deliver?

Fallah contacts each angel investor to see if anyone knows a lawyer or an insurance agent who might help. The angel investors respond with three recommendations. Fallah calls each one and leaves a message requesting help.

The type of entrepreneurial behavior that Falah has been exhibiting can best be described as:

• A. comfort engaging with strangers

• A. computer literacy

• financial literacy

• finding a mentor