ENT 3-1 Barriers and Factors Affecting Entrepreneurial Success

What is one way to overcome regulatory issues as an entrepreneur?

• Ignore the rules and regulations
• Move to a different country with less regulations
• Hire a lawyer to handle all legal matters
• Stay informed and comply with regulations

What is a common external factor that can impact entrepreneurial growth related to innovation?

• Economic factors
• Racial factors
• Political factors
• Social factors

What role does passion play in being an entrepreneur?

• Passion is a myth in entrepreneurship
• Passion can limit entrepreneurial success
• Passion is the only factor that matters for entrepreneurial success
• Passion is not important for entrepreneurial success

What is a key performance indicator (KPI)?

• A metric for measuring business health
• A type of regulatory issue
• A measure of passion
• A type of competition

What is a common barrier to entrepreneurial success related to competition?

• Ineffective sales and marketing strategy
• Lack of innovation
• Risk aversion
• Poor vision

What is one way to manage cash flow?

• Ignore expenses
• Increase prices
• Hire more employees
• Create a budget

What is direct competition?

• When companies offer essentially the same product or service
• When companies are located in the same city
• When companies have similar logos
• When companies have similar names

What is one of the barriers to entrepreneurial success due to the nature of entrepreneurship?

• Excessive hours required
• People challenges
• Regulatory issues
• Lack of capital funding

What is the definition of direct competition?

• When products or services are not the same, but they could satisfy the same need
• When products or services are not related to each other
• When companies offer essentially the same product or service
• When companies offer different products or services

What is a common barrier to entrepreneurial success related to resources?

• Lack of innovation
• Risk aversion
• Poor vision
• Lack of proper resources