Chapter 1: Should You Become and Entrepreneur?

Which step of the problem-solving model involves performing research and interviewing customers, suppliers, and employees?

• define the problem

• gather information

• identify various solutions

• evaluate alternatives

Barbara Wall had a great recipe for sweet bell pepper sauce. Her friend Leonard Wilson convinced her that they should go into business together and sell the sauce. They now ship WW's Red Sauce to stores in 35 states. Wall and Wilson are examples of____

• Intrapreneurs

• Entrepreneurs

• Employees

• Managers

The plant where Goodyear tires are made is an example of which type of business?

• manufacturing business

• wholesaling business

• retailing business

• service business

Which of the following is not an example of an entrepreneur?

• Diane Molberg started By Request, a successful home bakery business.

• Donna Cook started a cleaning service ten years ago.

• Gene Morgan manages The Secret Garden, a business owned by her sister.

• Elmer Olsen created Bayfield Apple Jam and distributes the jam nationally.

According to the Small Business Administration's Office of Advocacy, how many new businesses survive for at least ten years?

• one-third

• one-half

• one-fourth

• three-fourths

Jackson Hewitt, a tax preparation company, is an example of which type of business?

• manufacturing business

• wholesaling business

• retailing business

• service business

Which of the following is not an advantage of entrepreneurship?

• Entrepreneurs are their own bosses.

• Entrepreneurs can be creative.

• Entrepreneurs take all the risks involved with starting a business.

• Entrepreneurs can make large sums of money.