Entrepreneurship Chapter 1

Question 1

What is a type of entrepreneurial business?

Accepted Answer

Mining, Wholesaling

Question 2

Who is an example of an entrepreneur who had an idea and ran with it to start their business?

Accepted Answer

Jeffree Star, James Charles, Oprah Winfrey

Question 3

An entrepreneur's team has what traits?

Accepted Answer

Commitment

Question 4

Disadvantages of being an entrepreneur/being in entrepreneurship are:

Accepted Answer

Long hours., Decisions being made independently., Risks.

Question 5

What is another reason to become an entrepreneur?

Accepted Answer

Making more income for yourself.

Question 6

What is a trade show?

Accepted Answer

When companies of the same industry display their products.

Question 7

A self-assessment is to help you reflect in where you need to grow in certain places.

Accepted Answer

True

Question 8

After evaluation and selecting the best option...

Accepted Answer

Take action, implement the solution and evaluate the action.

Question 9

Retailing is when you process goods like fabrics, foods, vehicles and vehicles parts.

Accepted Answer

False

Question 10

What is the problem-solving process?

Accepted Answer

A way to help your business when a problem arises.

Question 11

What should you do when identifying various solutions?

Accepted Answer

Identify all opportunities before selecting a solution.

Question 12

Communication is a problem-solving skill.

Accepted Answer

True

Question 13

What is entrepreneurship?

Accepted Answer

A business run by someone, usually their own or another franchise/business.

Question 14

What question should you use when considering whether people will buy your product/service?

Accepted Answer

How many hours per week will it take to run my business?, How much money is needed to start my business?

Question 15

Entrepreneurs provide a _____ to meet _____ needs.

Accepted Answer

Product, unmet, Service, unmet

Question 16

What should non-financial goals be like?

Accepted Answer

Enjoying personal independence., Personal satisfaction and/or serving a community need.

Question 17

You don't have to consider whether people will buy your product/service.

Accepted Answer

False

Question 18

Aptitude is the inability to learn a certain type of job.

Accepted Answer

False

Question 19

One reason to become an entrepreneur is to follow your personal dream.

Accepted Answer

True

Question 20

You can research idea opportunities using the Small Business Administration.

Accepted Answer

True

Question 21

Where can ideas come from?

Accepted Answer

Past experience.

Question 22

What should you do when evaluating alternatives & selecting the best option?

Accepted Answer

Rank the alternatives.

Question 23

What should you do when defining a problem?

Accepted Answer

Write down the problem., Define why it is a problem.

Question 24

What should you do when gathering info on your problem?

Accepted Answer

Collect information on the problem.

Question 25

What should financial goals be like?

Accepted Answer

Realistic, measurable, easily attainable

Question 26

What is an entrepreneur?

Accepted Answer

An individual who takes risks in the business industry.

Question 27

Brainstorming is a creative technique that creates new ideas.

Accepted Answer

True

Question 28

As an entrepreneur, you can't learn from your mistakes.

Accepted Answer

False

Question 29

What quality/qualities do successful entrepreneurs have?

Accepted Answer

Self-confident, Determined, can act quickly

Entrepreneurship Chapter 1

Questions 29

Entrepreneurship Chapter 1

Questions 29