Starting a Business, Unit Test REVIEW

An individual would NOT choose to open a business if they wanted to:

• Be challenged
• Have a lot of free time
• Have flexibility
• Have the opportunity for greater financial success

A characteristic common to entrepreneurs is:

• Lack of confidence
• Low energy
• Reliance on others
• Vision

Although you can make a pretty good living working for someone else, your chances of controlling your wages may be higher if you start your own business.

• True
• False

Being your own boss is a huge benefit of starting your own business. You answer only to yourself, and any investors whom you invite to participate in your business.

• True
• False

Running your own business provides a level of challenge unmatched by many other endeavors. Most business owners – especially newer ones – never find themselves bored!

• True
• False

Some entrepreneurs, called “necessity entrepreneurs”, launch their business because

• they believe they are the only ones who have great ideas.
• they believe it is their only economic option.

A person who risks their time, money, and other resources to start and manage a business is called:

• An entrepreneur
• An executive
• A leader
• A manager

An internal locus of control can best be described as:

• A feeling that random luck and chance will ultimately control your fate
• A feeling that the actions of others will ultimately control your fate
• A sense that you are not personally responsible for what happens in your life
• A sense that you are personally responsible for what happens in your life

An external locus of control can best be described as:

• A feeling that random luck and chance will ultimately control your fate
• A feeling that the actions of others will ultimately control your fate
• A sense that you are not personally responsible for what happens in your life
• A sense that you are personally responsible for what happens in your life

Most entrepreneurs are wildly excited about their own new ideas.

• True
• False