Entrepreneurship

1. Check the individuals who would be considered an entrepreneur:

• A woman who starts her own life insurance agency
• A college student who starts a club to promote school spirit at campus events
• A teenager who sells his hand-painted snowboards and surfboards on his own website and through social media
• A teenager who sells homemade signs and banners on Etsy

2. Which of the following is NOT a benefit of being an entrepreneur?

• Steady, reliable income because you always get to pay yourself first
• Work in a field, on a project, that you're passionate about and that you enjoy
• Be your own boss rather than reporting to someone else
• Ability to provide a good or service that no existing company is doing or doing well

3. Which of these is a recommended approach to generating business ideas?

• The problem/solution lens
• The return on investment calculation
• The pros/cons approach
• An equity/inflation tradeoff

4. From the list below, select reasons why it's important to create a business plan.

• To avoid big mistakes
• To help in the fundraising process
• So business partners, investors, and employees are all on the same page
• To make sure you've really thought through your business model
• To make filing your business taxes easier

5. Which answers below describes the way a start-up could be funded initially?

• Startup is self-funded by the founder and their family & friends

• Startup applies for and receives a small business loan from their bank or the Federal Government

• Startup applies for and receives seed funding from Venture Capitalists or Angel Investors

• Startup raises funds through an online crowdfunding campaign

6. What is the most significant difference between a small business and a startup?

• Startups intend to grow large quite rapidly, whereas small business tend to remain small
• Startups tend to be self-funded, whereas small businesses tend to have investors
• Startups are typically technology companies, whereas small businesses are typically restaurants
• Startups are far less risky than starting your own small business

7. What are the 4 Ps of Marketing?

• Product, Place, Price, Promotion
• Partner, Product, Promotion, Publicity
• Partnership, Product, Promote, Place
• Place, Promote, Purchase, Profit

8. How many kinds are advertising promotions are there?

• Two

• Three

• Four

• Unlimited

Answer explanation

Think publicity and advertising.

9. Connie lives in Tallahassee, FL, and wants to start an exercise studio that focuses on low-impact fitness classes that can be done in a seated position with light weights. Which of these groups most likely represents Connie's target demographic?

• Pre-school age children
• Professional athletes
• International viewers who could stream the workouts online
• Retirees who live in the community

10. Ben thinks he has an outstanding idea for a startup, and he's pretty confident he's got all the qualities to be a successful entrepreneur -- he's confident, passionate about his work, not afraid to take risk -- but he's not so great at managing money and keeping to a budget. What should Ben do next?

• Not form the startup -- he doesn't have all the necessary skills
• Go forward with the startup and don't worry about the money -- his idea is so good the finances won't be an issue
• Start a nonprofit instead of a business, so that he doesn't need to worry about finance at all
• Find a partner to join the startup who IS good with finances, so his chances of success are higher