Entrepreneurship Ch 1 & 2

SMART goals are:

• safe

• measurable

• approximate

• all of these

An assessment of your interests is:

• self-discipline

• an advantage of entrepreneurship

• helpful in deciding what business is right for you

• a nonfinancial goal

Disadvantages of entrepreneurship include:

• uncertain income

• all of these

• risk

• working long hours

In a market economy, whether or not a good sells determines whether it will continue to be produced.

• True

• False

Characteristics of successful entrepreneurs include:

• optimism

• independence

• self-control

• indiscretion

Which of the following is a retailing business?

• Jewelry store

• Paper mill

• Appliance repair shop

• Orange grower

To determine whether a business opportunity is realistic, you should find out:

• how much money is needed to start the business

• the rate of failure for this type of business

• how many hours a week it is likely to take to run the business

• all of these

Which of the following is not a step in the problem-solving process?

• Take action

• Define the problem

• Identify various solutions

• Define the solution

The most basic human needs are the physiological need for food, clothing, and shelter.

• True

• False

An employee:

• takes the risk of a business venture

• works for someone else

• sets financial goals for a business

• sets nonfinancial goals for a business