Entrepreneurship

What is the first step in starting a business?

• Having confidence and the capability to run a business

• Finding the desired location

• Identify an opportunity

• Having the right marketing strategy

Most businesses will fail the first year.

• True

• False

What is not a characteristic of an entreprenuer?

• Confidence

• strong work ethic

• laziness

• responsibility

Entrepreneur's are guaranteed a paycheck each week.

• True

• False

Investing your own money or getting a loan to support your business is called _________________.

• filing paperwork

• financing your business

• identifying an opportunity

• creating a business plan

How do successful businesses help the economy?

• help create new jobs

• create competition

• create income

• all of the above

Advantage of starting a business are:

• having a secure job

• having a strict work environment

• having a stress free life

• all of the above

An example of identifying an opportunity is researching the market and identifying a niche.

• True

• False

What is NOT one of the 5 steps of starting a business?

• creating a business plan

• having an innovative idea

• filing paperwork

• identifying an opportunity

Check the boxes that identify the risks that entrepreneurs need to be aware of?

• Long term debt

• being your own boss

• not being guaranteed a paycheck

• with success you will gain financial benefits