WorksheetsEntrepreneurship review
Total questions: 42
Worksheet time: 37mins
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?
Advancements in technology
Changes in travel habits
Differences in priority
Shifts in popularity demographics
Which of the following is NOT a benefit of being an entrepreneur?
Steady, reliable income because you always get to pay yourself first
Work in a field, on a project, that you're passionate about and that you enjoy
Be your own boss rather than reporting to someone else
Ability to provide a good or service that no existing company is doing
Connie lives in Tallahassee, FL, and wants to start an exercise studio that focuses on low-impact fitness classes that can be done in a seated position with light weights. Which of these groups most likely represents Connie's target demographic?
Pre-school age children
Professional athletes
International viewers who could stream the workouts online
Retirees who live in the community
Angelo thinks he has an outstanding idea for a startup, and he's pretty confident he's got all the qualities to be a successful entrepreneur -- he's confident, passionate about his work, not afraid to take risk -- but he's not so great at managing money and keeping to a budget. What should Angelo do next?
Not form the startup -- he doesn't have all the necessary skills
Start a nonprofit instead of a business, so that he doesn't need to worry about finance at all
Find a partner to join the startup who IS good with finances, so his chances of success are higher
Go forward with the startup and don't worry about the money -- his idea is so good the finances won't be an issue
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
Get a mentor
Immediately put down a deposit for a storefront property
Estimate the target market
Create a business pitch
___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
A Direct Competitor
Sales force
An Indirect Competitor
The Market
What kind of research would be used to effectively evaluate a potential business opportunity?
Conduct market research to determine whether the business opportunity meets a customer need or want
Analyze national chains that are similar and model your store after it
Talk to your cousin that shops at local stores
Talk to a friend that has money to invest
___________ is an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.
A customer report
Market Research
Competition report
Audience analysis
The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
contribution margin
profit
overhead
salary
By definition, an entrepreneur
Works in a larger company than an employee
Risks more than an employee
Earns less than an employee
Has fewer benefits than an employee
Which of the following is NOT true about competition between businesses?
It encourages innovation
It pushes prices upward
It pushes prices downward
It is good for consumers
Demographics include age, marital status, and education
True
False
Many small businesses have an advantage over larger businesses because they are better able to _____
Provide unique services to customers
Market their products
Raise large amounts of financial capital
Mass produce products
A(n) ____ is an invention or creation that is brand new.
Development
Improvement
Innovation
Advancement
The two most important contributions made by small businesses to the U.S. economy are:
Economic activity and innovation
Innovation and internships
Economic activity and social growth
Job training and working capital
Check all that apply. What are different types of innovation entrepreneurs and small businesses create?
new products
new markets
new processes
new sources of supply
According to the Global Entrepreneurship Monitor (video 1), over __________ million businesses are launched each year.
100
200
50
10
Customer feedback is important because it can direct your next steps within a business.
True
False
What is not an advantage of the gig economy (video 1)?
Temporary hires - fill a need
No long-term commitment to pay
Employees earn full benefits
Entrepreneurs can do more with less financially
Entrepreneurial success is typically the result of multiple entrepreneurial failures.
True
False
Defining your "why" - what success is to you - is one of the most important first questions you should ask yourself before entering into a business venture.
True
False
If successful, entrepreneurial innovations may...
(video 2) check all that apply
improve standards of living
create jobs
contribute to a growing economy with new products or processes
spur on a recession
promote social change
Entrepreneurs can disrupt obsolete systems and technologies, paving the way for a reduced dependence on antiquated products/processes.
True
False
The practice of giving employees the chance to try out new ideas within a company is called
mentoring
envisioning
intrapreneurship
entrepreneurship
Developing an entrepreneurial mindset will help you
whether you start a business or work as an employee for a company
invest your money
only if you start a business
only if you work as an employee
An intrapreneur is someone who
thinks and behaves like an entrepreneur even when working as an employee
has been given some freedom by his or her employer to be creative and try new ideas
is more likely to feel inspired in his or her job
all of the above
Some reports state that as many as ___% of new business pursuits fail.
80
85
90
95
Which of the following is not a common obstacle entrepreneurs face?
financial woes
lack of a support network
lack of creativity
lack of time or lack of skills
