Entrepreneurship A final exam#2 review

A disadvantage of entrepreneurship is that entrepreneurs:

• face irregular incomes

• must make all decisions by themselves

• work long hours

• all of these

A person who takes the risk of a business venture is:

• not directly affected by the consequences of his or her decisions

• an employee

• an entrepreneur

• sure to be successful

Which of the following is a major factor in a small business's success?

• having adequate capital

• the owners education level

• the owners reason for starting the business

• all of these

Which of the following is not a characteristic of a successful entrepreneur?

• Determination

• Creativity

• Dependence

• Self-confidence

Competency can best be described as:

• being able to look at things from different perspectives

• sharing ideas with others both verbally and in written form

• working well with others

• having the right set of skills needed to get the job done

The Small Business Administration (SBA)

• holds trade shows

• publishes information that may be helpful for small businesses

• has a department in most public libraries

• buys products from entrepreneurs to help them make a profit

People who excel at their jobs

• have generally learned much about their profession

• see how successful marketing is conducted

• know how to satisfy customer needs

• all of these

All of the following can help you determine if a business opportunity is realistic except:

• the rate of business failure

• the market for that kind of business

• the background needed to run that kind of business

• the interest rates for loans at different banks

Products you can see and touch are called?

• services

• goods

• intangibles

• all of these

Good communication is important in the problem-solving process because when trying to resolve problems and make decisions, you will likely need to:

• Interact with others

• request information and express your ideas

• Listen to suggestions from others

• all of these