Unit 1.1 & Unit 1.2 Entrepreneurs

What should students be able to do according to the first learning objective (BIT6136.039)?

• Identify the differences between service-based and product-based industries.

• List the types of business ownerships and compare them.

• Compare the types of business ownerships, organizations, and industries in service-based and product-based industries.

• Explain the benefits of service-based industries over product-based industries.

What is the focus of the second learning objective (BIT6136.040)?

• To describe the financial aspects of entrepreneurship.

• To explain the risks, rewards, and requirements of entrepreneurship.

• To compare different entrepreneurial ventures.

• To investigate the impact of entrepreneurship on the economy.

What is the aim of the third learning objective (BIT6136.041)?

• To create a business plan for small business ownership.

• To investigate resources related to entrepreneurship and small business ownership.

• To compare resources for large corporations and small businesses.

• To explain the legal structure of small businesses.

What is an entrepreneur?

• Someone who invests in stocks.

• Someone who starts, owns, and operates a business.

• Someone who works for a government organization.

• Someone who teaches business courses.

Which of the following is NOT a component that an entrepreneur comes up with for their business?

• Idea

• Operation

• Marketing

• Entertainment

What does the 'Operation' aspect of a business involve?

• Financial investments only.

• Products, pricing, and promotion.

• Location, employees, hours of operation, etc.

• Designing logos and branding materials.

What does 'Financing' of the business refer to?

• The process of hiring financial advisors.

• Where the money is going to come from to start and operate the business.

• The way the business will be marketed.

• The legal structure of the business.

Who is primarily responsible for the success or failure of a business according to the "Risks for the Entrepreneur"?

• The employees

• The customers

• The government

• The entrepreneur

What type of risks do entrepreneurs face when they use their life savings and personal loans to start a business?

• Sole responsibility for success

• Personal financial risks

• Lack of financial security

• Guaranteed profit

What does the "Lack of financial security" risk imply for entrepreneurs?