A characteristic common to entrepreneurs is:

Although you can make a pretty good living working for someone else, your chances of controlling your wages may be higher if you start your own business.

Being your own boss is a huge benefit of starting your own business. You answer only to yourself, and any investors whom you invite to participate in your business.

Running your own business provides a level of challenge unmatched by many other endeavors. Most business owners – especially newer ones – never find themselves bored!

Some entrepreneurs, called “necessity entrepreneurs”, launch their business because

A person who risks their time, money, and other resources to start and manage a business is called:

An internal locus of control can best be described as:

An external locus of control can best be described as:

Most entrepreneurs are wildly excited about their own new ideas.

Entrepreneurs simply cannot succeed without an enormous amount of energy.

Entrepreneurs tend to embrace uncertainty in the business environment, turning it to their advantage rather than shying away.

The first step in starting a business is usually:

To start brainstorming possible big business ideas, listen to people and their problems and challenges.

Every new business starts with an idea or product that is a breakthrough invention.

Sabrina just started her own business selling homemade gift baskets, and will be attending an event in her town to start networking and promoting her business. She prepared a quick speech that she will give to potential clients and investors, which is commonly called:

Elevator pitches should be interesting, memorable, and to the point, while explaining what makes your business or product unique.

Elevator pitches are also used by individuals for purposes such as networking and job seeking.

Which of the following correctly lists the four main forms of business ownership?

Martin and Joseph started their own business together, acting as co-owners, and signing a voluntary agreement together. The form of business ownership they chose is called a:

The form of business ownership in which a business is considered a legal entity that is separate from its owners is called a:

The term for when owners are not personally liable for claims against their business is called:

This form of business ownership is simply an extension of the owner, who actively manages the company:

This form of business ownership allows partners to have the right to participate in management and have limited liability for company debts:

LLC stands for:

This type of corporation is mandated to solve specific social and environmental problems:

This type of corporation avoids double taxation by having its income taxed as if it were a partnership:

A type of business ownership that offers both limited liability to its owners as well as flexible tax treatment is called a:

Meryl wants to own her own business, but would prefer to be supported by a successful brand with a proven business model, such as Dunkin’ or 7-Eleven. Which type of business should Meryl open?

An entrepreneur that is going to buy the rights to a business’ name, trademark, products, and methods is called a:

One of the disadvantages of owning a franchise location is the:

In a lean business plan, a business lists the ways it will gain a competitive advantage. Highlighted are things like selling direct to consumers, or using technology to tap into the sharing economy; in what sections?

A traditional business plan is more common, uses a standard structure, and encourages business owners to go into detail for each section. Traditional business plans are usually 25 to 50 pages long, and take months to write.

A traditional business plan starts with the executive summary and ends with financial projections.

Most business plans fall into one of two categories: traditional and lean.

A business plan is a formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.