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WorksheetsRandom Questions on Entrepreneurship
Total questions: 80
Worksheet time: 40mins
Which is a characteristic of a successful entrepreneur?
Motivated
Takes very little risk
Passionate
Hard-working
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
Entrepreneurs create ____________________ for themselves and others.
wealth
risk
plans
none of these
Which trait or characteristic would describe a successful entrepreneur?
Lazy
Shy
Bossy
Self Starter
What % of small businesses will fail in the first five years?
30%
15%
50%
70%
60% of __________________ fail in the first three years
Coffee shops
Restaurants
Retail shops
Manufacturing plants
What % of jobs are created by small businesses?
60%
50%
80%
30%
What are the four P's of marketing
product, produce, production, price
person, place, produce, practice
promotion, product, practice, price
promotion, place, price, product
Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)
Motivated
Takes very little risk
Passionate
Hard-working
What is a disadvantage of being an entrepreneur?
You have more control over your work
You have a more flexible schedule
You do not always receive a regular paycheck
Your work schedule is always predictable
What is the difference between a startup and a small business?
Startups intend to grow larger compared to a small business
Startups have been in business longer
Small businesses have multiple locations, startups do not
A small business has more employees than a startup
Which is NOT part of the procedure of developing an advertising campaign?
Define your market
Prototype your product
Establish your budget
Create an advertising strategy
The process of creating something new that makes life better is called...
Technology
Innovation
Brand recognition
Opportunity cost
Which is NOT one of the reasons startups typically fail?
Run out of cash
No business model
Poor marketing
Market demand
Which is a way to advertise your business or product? ( hint: choose 2 correct answers :)
Support Media
Product Placement
Broadcast Media
The Internet
The capacity for innovation, investment and expansion in new markets, products and techniques.
Business
Businessman
Entrepreneur
Entrepreneurship
Any person who can create something new or something different has already acquired a competitive advantage.
Business
Businessman
Entrepreneur
Entrepreneurship
DETERMINATION, BRAVERY AND COURAGE
ENTREPRENEURIAL GUTS FRAME
ENTREPRENEURIAL HEART FRAME
ENTREPRENEURIAL MIND FRAME
Wealth Creation
Entrepreneurs invest their own resources and attract capital (in the form of debt, equity, etc.) from investors, lenders and the public.
Entrepreneurs setting up new businesses and industrial units help with regional development by locating in less developed and backward areas.
Involves dedicating yourself to something, like a person or a cause.
COMMITMENT
CREATIVE
PASSION
RISK TAKER
They genuinely love their work.
COMMITTED
DEDICATION
PASSION
STRONG PEOPLE SKILL
Why are Entrepreneurs important?
An important money maker
An important engine of growth in the economy
An important business model
An important way to increase traffic
When investigating trends, it is important to look at current and global trends.
True
False
Why do people want to become entrepreneurs?
Make a guaranteed amount of money
To be their own boss and make decsions
To work longer hours
To show off how talented they are
Your company decided to produce and stock 100,000 of their newest product. Sales are not moving as quickly as you thought and the merchandise just taking up space in the warehouse. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
Last night, you got a call that your warehouse had caught on fire. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
Which trait or characteristic would describe a successful entrepreneur?
Lazy
Shy
Bossy
Self Starter
Libraries have publications that provide data of interest to entrepreneurs
true
false
_____ is an asset pledged that will be claimed by the lender if the loan is not repaid.
Equity Financing
Venture Capital
Debt Financing
Collateral
______ projects revenues and expenses to show whether or not a business is profitable.
Pro Forma Cash Statements
Pro Forma Balance Sheet
Pro Forma Income Statement
Pro Forma Financial Statement
Which of the following is a non profit association of more than 13,000 retired and active business people?
US Small Business Administration (SBA)
Securities Exchange Commission (SEC)
Bureau of Labor Statistics (BLS)
Service Corps of Retired Executives
Which of the following is an independent agency of the federal government dedicated to helping entrepreneurs start, build and grow their business?
US Small Business Administration (SBA)
Securities Exchange Commission (SEC)
Bureau of Labor Statistics (BLS)
Service Corps of Retired Executives
Someone with experience who can provide advice, suggestions, and ideas.
leadership
planner
mentor
job-specific skills
Skills gained through life experience or working on a job that help an individual perform in the workplace or gain success in a career; also known as foundation skills.
leadership
trait
mentor
transferable skills
Which component of a business plan is brief description of the key points of each section of the business plan?
Executive Summary
Product/Service plan
Management Team plan
Industry/Market Analysis
Which component of a business plan presents all the processes involved in producing and delivering products and services to customers?
Operational plan
Organizational plan
Marketing plan
Financial Plan
What information should NOT be included in a business plan?
Your financing needs
Your basic business concept
Your marketing plan
Your assets and liabilities
What is the purpose of a business plan? (hint: choose 2 correct answers)
To document your financial activity during one year
Legal document to be filed with the SEC
States the purpose and vision of your company
States the amount of capital you need to run the company
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
The right or license granted by a company to an individual or group to market its products or services in a specific territory
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
this is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are.
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
This is a legal entity owned by stockholders and operated by a board of directors It operates as a separate legal entity apart from the owners.
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
This is a business owned by two or more people
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
WHAT KIND OF EXTERNAL PROFESSIONALS ARE REQUIRED IN BUSINESSES?
DOCTORS AND NURSES
CHEFS AND VETERINARIES
LAWYERS AND ACCOUNTANTS
TEACHERS AND PROFESSORS
ALL BUSINESSES FACE THE WHOLE LIST OF PROBLEMS AT THE SAME TIME
NO
YES
Why is it important for an entrepreneur to have problem solving skills?
They can find solutions and turn such problems into opportunities. Problem solving relates to all aspects of business.
So they can identify problems quickly and make the necessary changes.
They are able to see where things go wrong.
They need to be able to find solutions quickly.
Commitment to get something done.
Obligation
Determination
Credit-worthiness
Debt owed to someone that is paid monthly.
Obligation
Default
Installment Payment
A payment that is owed every month.
Default
Obligation
Installment payment
Understanding how individuals and businesses earn money and what they spend money on.
Financial Literacy
Determination
Legal Filings
If you offer someone 10% of your company in exchange for $100,000, you value your company at:
$10,000
$100,000
10%
$1,000,000
Most start-up funding for new business will come from:
A bank
A personal savings account
A shark
A friend
A business that does $10,000 in sales, and has $7,000 in expenses has a profit of?
$17,000
$10,000
$7,000
$3,000
Expenses required to start a business are __________.
Insurance
Start-up Costs
Rent
Salaries
