Venture- Lesson 2 and Lesson 3

What is the definition of an entrepreneur?

• An entrepreneur is someone who manages a business.

• An entrepreneur is someone who owns a business and makes profit from that business

• An entrepreneur is someone who creates, owns and potentially runs a business

• None of the above

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 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

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

• Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.

• Knowing about entrepreneurship means you'll never have to work for a boss

• Entrepreneurs do not have to worry about getting good grades in school because they start their own business.

• None of the above

What is the main difference between a personal characteristic and a skill?

• You can learn a personal characteristic, but it is not possible to learn a skill.

• Personal characteristics become skills over time.

• Many people are born with business skills but you can't be born with characteristics.

• Skills can be learned and developed while personal characteristics are inherent qualities within

Which one of these is NOT considered a skill?

• Determination Skills

• People Skills

• Business Skills

• Communication Skills

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

• Challenge the Usual

• Think Backward

• Judge Each Idea as Realistic or Not

• Draw Idea Maps

What are the four parts of a SWOT Analysis?

• Sales, Work ethic, Organization, Training

• Strengths, Weaknesses, Obstacles, Threats

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Options, Threats

Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

• Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.

• Discuss the situation with her cousin who has shopped at the local bakery a few times

• Discuss the situation with a family friend who has money and might want to invest in her idea.

• Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning.

George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

• Go online to find trade associations, listings of local and national competitors, and any information on financials

• Explore websites of other shoe retail businesses and take notes.

• Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

• All of the above