Entrepreneurship

What role do entrepreneurs play in economics?

• Entrepreneurs tell consumers what they should want or need

• Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers

• Entrepreneurs borrow money from the economy to start their businesses

• None of the above

Which of the following is NOT true about an entrepreneur?

• An entrepreneur gets to act as his own boss.

• An entrepreneur has ownership in the business.

• An entrepreneur is responsible for the success of their business.

• An entrepreneur’s salary is evaluated based on his/her ability to complete the task assigned to them

Which of the following is NOT a benefit provided by successful entrepreneurs?

• They bring jobs to the community

• They bring less crime to a community

• They bring wealth to the community

• None of the above are true of entrepreneurs

An entrepreneur is defined as someone who

• Invents a new product never seen before

• Invests their own capital in order to start a business

• Organizes, operates and assumes the risk of a business venture

• Is the chief executive of a business

Which of the following is NOT an advantage to becoming an entrepreneur?

• Be your own boss

• Chance to earn passive income

• Provides entrepreneur with lots of free time for vacations

• Potential for very high income

Which of the following would NOT be a disadvantage to becoming an entrepreneur?

• Inconsistent income

• High risk of failure

• Requires a lot of time and effort

• Takes away from your freedoms

The difference between an internal and external entrepreneur is __________

• Internal entrepreneurs pursue a line of business they are passionate about

• Internal entrepreneurs use their gut instinct to find unique business enterprises that have not been attempted before

• Internal entrepreneurs start a business because they recognize a problem in a particular industry and have found a solution to it.

• Internal entrepreneurs inherit their businesses from their family members or close friends

What is a common reason why internal entrepreneurs fail in their business ventures?

• They provide poor quality of product

• They lack the passion needed to consistently invest the time and effort into the business

• They are unwilling to delegate the tasks of the business to others and eventually burn out

• They lack ingenuity

Which of the following is NOT necessarily a characteristic of successful entrepreneurs?

• Creativity and collaboration

• Comfort with risk

• Aggressiveness and intensity

• Initiative and self-direction

Which of the following is an advantage of starting your own business?

• During the start-up phase, you do not have to think about funding

• You are in charge of the decision-making so there is little to no risk

• You have control over where and when you work.

• As long as you make a business plan, you will know what obstacles to expect.