Entrepreneurship Mid-Term Review

TRUE/FALSE - Many businesses fail because of the owner's lack of business knowledge

• True

• False

The process of running a business of one's own.

• Opportunities

• Entrepreneurship

• Aptitude

Possibilities that arise from existing conditions.

• Opportunities

• Self-assessment

• brainstorming

Step 1: Define the problem

Step 2: Gather the information

Step 3: ________________

Step 4: Evaluate Alternatives and select the best option

Step 5: Take Action

Step 6: Evaluate Action

What is Step 3?

• Always use the same solution other companies have used

• Identify a solution

• Identify various solutions.

TRUE/FALSE - Manufacturing, Wholesaling, Retailing and Service are types of Entrepreneurial businesses.

• FALSE

• TRUE

Thoughts or concepts that come from creative thinking.

• Ideas

• Opportunities

• Brainstorming

Gathering together the necessary elements needed to start a business, including capital and people.

• Market Plan

• Resourcing

• Business Plan

The ability to learn a particular kind of job

• Aptitude

• Entrepreneurs

• Employees

A roadmap of the business' goals and objectives, and the strategy and details of how they will be achieved.

• Investors

• Business Plan

• Marketing

People hired to work for someone else

• Entrepreneurs

• Employees

• Employers