ITB: 2-10 Entrepreneur versus Small Business Owner/Operator

What is the definition of a small business?

• A business with fewer than 500 employees

• A business with more than 500 employees

• A business with fewer than 100 employees

• A business with more than 1000 employees

Which of the following is an example of a small business?

• A locally-owned bakery

• A multinational corporation

• A government agency

• A technology startup

What is the primary focus of a small business?

• Constant innovation and growth

• Producing a secure, steady income

• Identifying opportunities and assuming risk

• Managing scarce resources and creating a business plan

What is the entrepreneurial process about?

• Running a stable business

• Creating a business plan

• Assuming risk and managing scarce resources

• Constant innovation and growth

What is the role of innovation in entrepreneurship?

• To challenge the status quo and create solutions

• To focus on running a stable business

• To assume risk and manage scarce resources

• To generate growth and wealth

What is the relationship between risk and return?

• Higher risk leads to higher return

• Higher risk leads to lower return

• Lower risk leads to higher return

• Lower risk leads to lower return

What is the primary goal of entrepreneurs in terms of growth?

• To grow rapidly and seek outside investment

• To stay small and self-fund their operations

• To serve the local community and build a reputation

• To generate a secure, steady income

How do entrepreneurs raise investment capital?

• By serving the local community and building a reputation

• By self-funding their businesses

• By seeking outside investment from angel investors and venture capitalists

• By utilizing small business loans

What is the role of vision in entrepreneurship?

• To serve the local community and build a reputation

• To challenge the status quo and create solutions

• To generate growth and wealth

• To have a broader impact on society and the world