Fundamentals of Entrepreneurship

Starting and owning a person's own business

• corporation
• entrepreneurship
• sole proprietorship
• partnership

Some people become entrepreneurs by turning part-time work experiences into full-time businesses.

• True 
• False

When setting the prices of goods or services, business owners must consider the prices charged by competitors.

• True
• False

Which is NOT a common characteristic of an entrepreneur?

• risk-taker
• creative
• organized
• irresponsible

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

• True
• False

ALL entrepreneurs have a college degree.

• True
• False

A target market is

• a group of investors willing to put capital into a business

• a generational group of individuals

• a group of consumers at which a product/service is aimed

• an industry willing to sell and market your product

Entrepreneurs create ____________________ for themselves and others.

• wealth

• risk

• plans

• none of these

What is the purpose of a business plan? (hint: choose 2 correct answers)

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

Why do you need a business plan? (hint: choose 3 correct answers)

• To raise capital

• Gets everyone involved to focus on the same goals

• Gives an objective look at what you are doing and why

• It is required by law