Exploring Entreneurship Unit Assessment

This famous entrepreneur is known for creating Apple, Inc. His name is ​ (a)  

• Steve Jobs
• Elon Musk
• Jeff Bezos
• Mark Zuckerberg

What role do entrepreneurs play in the economy?

• • They only create new products.

• • They manage government policies.

• • They contribute to job creation and economic growth.

• • They provide funding for non-profits.

How do entrepreneurs contribute to innovation?

• • By avoiding risks and uncertainties.

• • By copying existing business models.

• • By introducing new ideas and technologies.

• • By focusing solely on profit maximization.

Which of the following is a characteristic of successful entrepreneurs?

• • Aversion to change.

• • Dependence on external funding.

• • Preference for routine tasks.

• • Strong leadership and vision.

What is a common challenge faced by entrepreneurs?

• • Lack of competition.

• • Overabundance of skilled labor.

• • Excessive government support.

• • Securing initial funding.

What is a common challenge faced by entrepreneurs?

• Guaranteed profit 

• Competition in the market 

• c) Working regular hours 

• Lack of creativity 

What is one way to differentiate your business from competitors?

• 1. Offering the same products at lower prices 

• 1. Developing a unique selling proposition 

• 1. Copying successful marketing strategies

• 1. Reducing operational costs 

What is entrepreneurship?

• The process of working for someone else 

• The process of starting and managing a new business 

• The act of investing in stocks 

• A type of small business loan 

Identify whether the description shown is a lifestyle or growth business.

• Growth Business

• A tech startup seeking venture capital

• Lifestyle Business

• A freelance graphic designer

• Lifestyle Business

• A group of Attorneys that have formed a Corporation

• Growth business

• An artist selling handmade crafts online

• Lifestyle Business

• A local bakery that serves the community

1. Business Structures

• Limited Liability corporation

• 1. A business owned by two or more individuals.

• Sole Proprietorship

• 1. A business owned and operated by one person.

• Partnership

• 1. A business that is a separate legal entity.

• Corporation

• A business that is a combinaiton of a partnership and corporation