1A-ENTREP: Written Work 2 (CH1L4-5)

TRUE OR FALSE

Having a degree in entrepreneurship will assure a person that his/her business endeavor will succeed.

• True

• False

TRUE OR FALSE

Entrepreneurship does not start and end with simply opening a small business.

• True

• False

TRUE OR FALSE

An entrepreneur finds business opportunities in both flourishing and distressed economies.

• True

• False

TRUE OR FALSE

Entrepreneurship is only applicable to manufacturing but not to merchandising and service.

• True

• False

TRUE OR FALSE

Entrepreneurial concepts and principles do not make any distinctions as to the size of the business venture.

• True

• False

It is a nature of entrepreneurial venture that is engaged in the buying and selling of products or goods.

• service

• merchandising

• manufacturing

It is a nature of entrepreneurial venture that is engaged in the process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications.

• service

• merchandising

• manufacturing

Lorccan said that Tom’s General Merchandise, is NOT an entrepreneurial venture. What kind of misconception is being shown?

• Entrepreneurship applies only to small businesses.

• Entrepreneurship applies only to manufacturing businesses.

• Entrepreneurship is simply opening a small business.

Henry wants to take a business course because he believes that this is a guarantee to become a successful entrepreneur. What kind of misconception is being shown?

• Entrepreneurship applies only to a good economy.

• Entrepreneurship applies only to small business.

• Entrepreneurship applies mostly to persons with good educational background in business courses.

relies upon luck in maintaining the status quo of his or her business

• entrepreneur

• owner of ordinary small business