Business mindset

Trying and trying again even if people say you will fail. Successful entrepreneurs often failed in their first attempt but they refused to be discouraged. What characteristic of an Entrepreneur is being described?

• Practice Persistence

• Take moderate risks

• Set High Standards of Quality and Efficiency

• Be Committed to What you Set Out to Do

According to the textbook, entrepreneurs are ________.

• gamblers

• moderate risk takers

• aggressive risk takers

• not risk takers

Jam Cruz, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Jam's desire is to sell his food blender to as many people as possible because he firmly believes in the merits of his product. Jam's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

• Product/customer focus

• Execution intelligence

• Tenacity despite failure

• A desire to gain financial rewards

________ is the process of creating something new, which is central to the entrepreneurial process.

• Modernism

• Innovation

• Execution

• Creativity

Entrepreneurial firms ________.

• are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer

• bring to market new products and services that are not particularly innovative

• provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so

• bring new products and services to market by creating and seizing opportunities

The three primary reasons that people become entrepreneurs and start their own firms are to ________.

• gain prestige, realize financial rewards, and eliminate risk in their lives

• do what they were "born" to do, be their own boss, and gain prestige

• take big risks, be their own boss, and do what they were "born" to do

• be their own boss, pursue their own ideas, and pursue financial rewards

The internet is a great tool for starting and running a business.

• True

• False

The process of identifying an opportunity then setting up and running a business to address that opportunity.

• Entrepreneurship

• Responsibility

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

Entrepreneurs who teaches other how to do things and share ideas are____

• good leaders and role models

• with high EQ

• passionate

• opportunity finder