Entrepreneurship review

Local governments strongly promote and support small businesses mainly due to which factor?

• Businesses serve only the local communities.
• Businesses are owned by one person.
• Businesses may become big businesses.
• Businesses are important to the economy.

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

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.

What is a disadvantage of entrepreneurship?

• Fewer resources
• Personal satisfaction
• Lower taxes
• Uncertain income

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

What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?

• Creativity
• Self-discipline
• Risk-taking
• Flexibility

Which is considered a reliable information source for a business start-up?

• Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
• The Project Management Institute (www.pmi.org)
• The Small Business Administration (www.sba.gov)
• The National Retail Federation (www.nrf.com)

Identifying new product opportunities usually requires a person to possess which characteristic?

• Decisiveness
• Emotional
• Awareness
• Indifference

After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?

• Advancements in technology

• Changes in travel habits

• Differences in priority

• Shifts in popularity demographics

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal?

• Satisfy an unmet demand
• Form a technological monopoly
• Improve economic sanctions
• Change legal requirements