Entrepreneurship Chapter 1

An entrepreneur

• a. has the final say in business decisions

• b. may not employ anyone else

• c. is responsible for the success or failure of his or her business

• d. all of the above

Which of the following is not a risk for an entrepreneur?

• long hours and hard work

• potential business failure

• financial insecurity

• financial stability

How many business owners have home-based businesses?

• about 50 percent

• about 75 percent

• about 25 percent

• fewer than 10 percent

A natural ability to do a particular type of work or activity well is called

• a skill

• b. an attitude

• c. an aptitude

• d. self-esteem

When a business encourages employees to be creative within the company, the practice is called

• a. entrepreneurship

• b. creating a vision

• c. implementing a mission

• d. intrapreneurship

What is a dot-com company?

• a small company

• a company that adopts business practices aimed at protecting or improving the environment

• a company that runs most or all of its business from the Internet

• a foreign company

What is possibly the biggest reward of becoming an entrepreneur?

• a. empowerment

• b. fame

• c. money

• d. none of the above

A common standard that defines a non-manufacturing business as small is

• a. having fewer than 500 employees

• b. having fewer than 250 employees

• c. having fewer than 100 employees

• d. having fewer than 50 employees

As an entrepreneur, the amount of money you receive from your company

• a. is constant, like a paycheck for any other employee

• b. is typically less than for an employee

• c. is typically more than for an employee

• d. may go up or down, depending on the business

As an entrepreneur, the amount of time you spend working is typically

• a. constant—35 to 40 hours a week, just like an employee

• b. a little less than for an employee

• c. more than for an employee, particularly during initial startup

• d. significantly less than for an employee—around 20 hours a week