1.02 Explain career opportunities in entrepreneurship

One difference between entrepreneurs and small-business owners is that

• entrepreneurs usually purchase existing businesses or franchise rights.

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

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

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

While managers help to make entrepreneurs’ visions a reality, they aren’t required to

• set business objectives.

• assume the risk involved.

• formulate company policy.

• implement procedures.

Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.

• advanced technology

• tax breaks and deductions

• personal commitment

• flexibility and independence

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?

• Personal satisfaction

• Uncertain income

• Lower taxes

• Fewer resources

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

• empathy.

• productivity

• outsourcing

• success

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 __________ what they do.

• passion for

• concerns about

• apathy for

• reservations about

How are entrepreneurs similar?

• They have strong personal traits, such as determination and confidence.

• They are born with excellent leadership and communication skills.

• Start-up business owners rarely fail at their entrepreneurial ventures.

• Most entrepreneurs go on to start other businesses.

Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop. What entrepreneurial trait is Sidney exhibiting?

• Organization

• Creativity

• Open-mindedness

• Willingness to take risks

Which of the following statements is true regarding training for entrepreneurial ventures:

• The type of training and education that entrepreneurs need depends on the nature of the start-up business.

• Most successful entrepreneurs have degrees from four-year colleges or universities.

• Once entrepreneurs are educated or trained in their business field, they rarely need further education.

• Most entrepreneurs must pass state-mandated exams to operate their businesses.