Entrepreneurship Standard 1 - LAP PD066

Why do we need entrepreneurs?

• To eliminate financial concerns

• To decrease taxes

• To save money

• To increase economic growth

What is the main difference between small-business owners and entrepreneurs?

• Small-business owners are not involved in daily management

• Small-business owners are not interested in expanding their businesses

• Entrepreneurs employ 500 or fewer people

• Entrepreneurs buy existing businesses or franchise rights

What do entrepreneurs assume in their businesses?

• The risk involved

• The responsibility of managers

• The setting of business objectives

• The financial concerns

What is a personal reward for engaging in hobbies or interests?

• Personal satisfaction

• Higher tax rates

• Financial security

• Sales quotas

What motivates many individuals to become entrepreneurs?

• Purchasing and using advanced technology

• Enjoying tax breaks and deductions

• Flexibility and independence

• Fulfilling personal commitment

Why do many businesses fail?

• Lack of advertising

• Insufficient capital

• Lack of employees

• Lack of commitment

In the beginning stages of an entrepreneurial venture, who makes all the decisions about the business?

• The business owner

• The managers

• The consumers

• The competitors

How have technological advancements made starting a business more accessible?

• By allowing businesses to operate entirely online

• By helping entrepreneurs run their businesses with fewer computer skills

• By eliminating the need to pay taxes

• By reducing the need to maintain financial records

How can governments support startup businesses?

• By passing laws with strict trade guidelines

• By deregulating and reducing taxes

• By exhibiting ethical behavior

• By increasing interest rates on loans

What is one disadvantage of entrepreneurship?

• Lower tax rates

• Personal satisfaction

• Access to resources

• Uncertain income