Principles of Entrepreneurship Unit 1 Review

An entrepreneur is someone who works for themselves.

• True
• False

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these

Which is NOT a common characteristic of an entrepreneur?

• risk-taker
• creative
• organised
• irresponsible

The act of assuming the risk of organizing productive resources to produce goods and services.

• business
• critical thinking
• entrepreneurship
• risk management

Most entrepreneurs work long hours, but they create their own schedule.

• True
• False

Which one of these is NOT a characteristic of an entrepreneur?

• risk taker
• idea person
• generalist
• specialist

ALL entrepreneurs have a college degree.

• True
• False

Entrepreneurs look for business ideas and new and better ways to solve problems.

• True
• False

All of the following are advantages of entrepreneurship, except

• isolation
• independence
• control
• personal satisfaction

The chance of danger or loss

• Risk
• Options
• Reward
• Benefit