Entrepreneurship Review

Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)

• Motivated

• Takes very little risk

• Passionate

• Hard-working

What is a disadvantage of being an entrepreneur?

• You have more control over your work

• You have a more flexible schedule

• You do not always receive a regular paycheck

• Your work schedule is always predictable

Elon Musk is one of the greatest innovators in the last 30 years. He... ((hint: choose 3 correct answers)

• Co-founded Google

• Co-founded Paypal

• Founded the company SpaceX

• Founded the company Tesla

What is the purpose of a business plan? (hint: choose 2 correct answers)

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

Why do you need a business plan? (hint: choose 3 correct answers)

• To raise capital

• Gets everyone involved to focus on the same goals

• Gives an objective look at what you are doing and why

• It is required by law

What information should NOT be included in a business plan?

• Your financing needs

• Your basic business concept

• Your marketing plan

• Your assets and liabilities

True or False: A standard business plan is one page in length.

• True

• False

Entrepreneurship involves risk, which is both an advantage and a disadvantage

• True
• False

Entrepreneur is someone who

• Organizes, leads, manages, and assumes the risks of a business

• Makes mass amounts of money

• Is very controlling and close-minded

• You would not want to work for

Which of the following is NOT a trait of successful entrepreneurs?

• Passion

• Procrastination

• Resilience

• Strong sense of self