Entrepreneurship Review Part I

The act of assuming the risk of organizing productive resources to produce goods and services.

• business
• critical thinking
• entrepreneurship
• risk management

Who created Facebook?

• Mark Zuckerberg
• Elon Musk
• JK Rowling
• Walt Disney

Which is NOT a common characteristic of an entrepreneur?

• risk-taker
• creative
• organized
• irresponsible

Most entrepreneurs work long hours, but they create their own schedule.

• True
• False

What % of small businesses will fail in the first five years?

• 30%

• 15%

• 50%

• 70%

What is a disadvantage of being an entrepreneur?

• You have more control over your work

• You have a more flexible schedule

• You do not always receive a regular paycheck

• Your work schedule is always predictable

True or False: A standard business plan is one page in length.

• True

• False

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of  

• advertising.
• money
• employees.
• commitment

What is a disadvantage of entrepreneurship?

• Personal satisfaction
• Uncertain income
• Lower taxes
• Flexible schedule

The chance of danger or loss

• Risk
• Options
• Reward
• Benefit