Entrepreneurship

What is an entrepreneur?

• A person who only invests in existing businesses

• A person who works for the government

• A person who avoids taking risks

• A person who risks their own resources to start and operate a business

Which of the following is NOT a type of business mentioned?

• Producer

• Non-profit organization

• Intermediary

• Service business

What must an entrepreneur starting a company that completes income tax returns understand?

• Web design

• Fashion design

• Accounting and tax laws

• Agriculture

What are hard skills?

• Skills that are difficult to learn

• Skills that are not valuable

• Skills necessary to perform the tasks of the position

• Skills necessary for social interaction

What does a franchisee pay for?

• The franchisor's personal expenses

• Use of a logo, name, and products

• A one-time fee without ongoing costs

• Only the location of the business

What is a producer?

• A company that provides financial services

• A company that only sells products online

• A company that creates goods and services

• A company that only operates in the agricultural sector

What is the role of an intermediary?

• To provide legal advice

• To produce raw materials

• To take goods and services from producers to the end user

• To offer free goods and services

What is necessary for an idea to evolve into a business?

• A large investment from a venture capitalist

• A ready market or current demand for the new good or service

• Approval from the government

• A celebrity endorsement

What is one way to start a new business?

• Finding a treasure

• Buying a franchise

• Winning a lottery

• Inheriting a business

What does entrepreneurship involve?

• Never having to work with others

• Following a strict set of instructions without deviation

• Taking the risks and responsibilities of starting a new business

• Avoiding all risks