TOU2212 Week 2 Review Questions - Section 1 | Chapter 2

Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set?

• Human resource management

• Inventory management

• Directing Business Operations

• Financial management

Answer explanation

Page 28

Directing Business Operations is more day-to-day such as filling orders, purchasing supplies, etc.

Which of the following are ways you can acquire skills needed before becoming an entrepreneur? Check all that apply!

• Previous job experience

• Organizational (club) activities (volunteer)

• Managing a home

Answer explanation

Pages 29-30

Education is a method that can be used to acquire skills needed to be an entrepreneur.

• True

• False

The higher your number of most desirable responses on the Entrepreneurial Quiz, the:

• less your responses agree with those of successful entrepreneurs.

• more your responses agree with those of successful entrepreneurs.

• less likely you are to become a successful entrepreneur.

• more likely you are to abandon your attempts at an entrepreneurial venture because of stress.

This type of entrepreneur does not typically start their own venture, but they innovate within a larger organization.

• Innovative entrepreneur

• Intrapreneur

• Social entrepreneur

• Disruptive entrepreneur

Answer explanation

Intrapreneurs have entrepreneurial traits such as thinking outside the box, they are action oriented and self-motivated. However, they do not head up their own independent ventures. Rather, they typically work as employees in a larger organization

The personal net worth required to start a business is generally thought to be in the range of:

• $5,000-$10,000

• $20,000-$50,000

• $100,000-$500,000

• It varies

Answer explanation

Since every business opportunity has its own unique capital (money) requirements, there is no specific dollar value for the personal net worth necessary to start a business.

Research into attributes shared by successful entrepreneurs and detailed in our textbook found that:

• All entrepreneurs have the attribute of "integrity"

• Those attributes can be learned.

• Most required attributes cannot be learned.

• The confidence attribute is always at the top of the list.

Lack of mentors and advisers can lead a business owner to:

• be goal oriented

• be a good listener and a quick learner

• have their business fail

• ask for government help

Answer explanation

A mentor is a person that offers business advice and is there when you need them.

It can be hard for a single individual to wear all these hats at once. Partnerships or the use of outside technical or general business assistance can be an excellent supplement for any deficiencies in characteristics and skills a small-business owner may have.

Imitative entrepreneurs imitate already established business ideas that have been established as successful.

• True

• False

Answer explanation

Imitative entrepreneurs typically look at a newly successful business idea that have very few other competitors and competes with them.