Influences to Establish SME's

Which of the following is NOT listed as a key term in the chapter?

• Business plan

• Invoice

• Internal Influences of a Business

• Dividend

What is the purpose of discussing a variety of establishment options in this chapter?

• To help students understand different ways to start a business

• To teach students about biology

• To explain only one method of business establishment

• To focus on government regulations only

Why is it important to analyse and evaluate the influence of the market, finance, legal, human resources, and taxation issues when establishing a small to medium enterprise?

• Because these factors can significantly impact the success and sustainability of the business

• Because it is required by law

• Because it is only relevant for large businesses

• Because it is not important for business owners

Which of the following statements is true regarding formal qualifications required to start a business?

• It is necessary to have formal qualifications to start a business.

• Only people with a Bachelor degree can start a business.

• Formal qualifications are not necessary to start a business.

• A diploma is the minimum requirement to start a business.

Which of the following is NOT listed as an intrinsic quality for entrepreneurs?

• Good health and a high level of energy

• The ability to tolerate uncertainty

• The ability to memorize facts quickly

• Charisma and natural leadership ability

Which of the following best describes a willingness to seek advice and accept constructive criticism in the context of entrepreneurship?

• An important entrepreneurial characteristic

• A sign of weakness

• Unnecessary for business success

• Only needed for large companies

Which of the following is a positive outcome of motivation for a business owner?

• Increased wealth

• Increased competition

• Higher taxes

• More regulations

Explain how motivation can provide positive outcomes for a business owner, using evidence from the diagram and text.

• Motivation can lead to increased wealth, improved quality of life, and self-satisfaction, as well as provide prestige, social recognition, and the freedom to be your own boss.

• Motivation always results in financial loss and stress.

• Motivation discourages individuals from starting a business.

• Motivation only benefits large corporations, not individual business owners.

What achievement did Canva co-founders Cliff Obrecht, Melanie Perkins, and Cameron Adams reach in December 2020?

• They were among the Top 10 Young Australian Entrepreneurs after their company doubled in value and reached two million paid subscribers.

• They won a sports competition.

• They started a new music company.

• They opened a chain of restaurants.

Why is having up-to-date information important for entrepreneurs?

• It helps them make better plans and gain an advantage over competitors

• It guarantees immediate business success

• It reduces the need for professional advisers

• It eliminates all business risks