E - OBJ 1.01 - 1.02 Review

Entrepreneurship is

• the process of starting and operating one's own business

• managing a business for someone else

• working at McDonald's

• an individual who undertakes the risks associated with owning a business

An entrepreneur is

• an individual who undertakes the risk associated with creating, organizing, and owning a business

• the process of starting and operating one's own business

• working at Burger King

• managing a Burger King

An intrapreneur

• innovates within a business

• builds their own business

• more responsibility

• process of starting one's own business

Entrepreneurs are motivated by financial freedom, corporate freedom, environmental freedom, and personal freedom

• True

• False

Which of the following is a way that entrepreneurship helps our society:

• Creates new jobs

• Reduces taxes

• Eliminates financial concerns

• Decreases economic growth

One difference between entrepreneurs and small-business owners is that

• small-business owners generally are not interested in expanding their businesses.

• entrepreneurs usually purchase existing businesses or franchise rights.

• entrepreneurs rarely manage the day-to-day aspects of their businesses.

• small-business owners usually employ between 500 and 1,000 workers.

In the early stages of a start-up business, entrepreneurs assume sole responsibility for

• all aspects of their businesses.

• global economic growth rates.

• the demand of their products.

• the daily activities of competitors.

What is a disadvantage of entrepreneurship?

• Uncertain income

• Personal satisfaction

• Lower taxes

• Fewer resources

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of

• success.

• empathy.

• productivity.

• outsourcing.