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Entrepreneurship Unit 1 Test Flashcards | StudBud
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Entrepreneurship Unit 1 Test
Strategic plans are the road map to growth.
Venture capital funding means
Entrepreneurship Unit 1 Test
20 terms
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StudBud Administration
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Unit 1 part 2
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Venture capital funding means
getting money from investors
getting money from a bank
getting money from family
all of the above
2
Strategic plans are the road map to growth.
false
true
3
Putting processes in place tend not to be important as change is good
true
false
4
Entrepreneurs will often experience growth when they come up with a new idea.
false
true
5
For an Entrepreneur to be successful they would need to
do all of the items listed
be willing to risk personal finances
work to connect with the community
identify problems and solve them
6
Which of the following is NOT a risk of being an Entrepreneur?
helping your community
potential business failure
long hours and hard work
Unexpected obstacles
7
Innovation can be emphasized through which of the following
new products
new organizations
all of the above
new markets
8
When small business owners hire an employee they should make sure to
give them a key to the office
none of the above
welcome the employee
define the job they want done by the employee
9
Which of the following would NOT be a reward of being an Entrepreneur?
financial risk
making your own rules
doing work you enjoy
creating greater wealth
10
Which would be a positive (Pro) of being an Entrepreneur?
Flexible schedule
Handling administrative duties (paper work)
all are "pro's " of being an entrepreneur
No regular salary
11
Which is not important to a small business when organizing
consistent information
current information
correct information
contemporary information
12
An Entrepreneur will often see growth in their business when they
come up with a new idea
sell the business to a chain
hire more employees
have been in business a long time
13
Which is NOT a way an Entrepreneur might contribute to society?
donate to charity
all are ways to contribute
adviser to local government
sponsor a community team
14
For a small business owner to be successful they need to
hire someone to run the business
own their building
expect growth to happen without planning
carefully delegate responsibility
15
It is important for Entrepreneurs to connect to their local community
false
true
16
The acronym KISS stands for
keep independence simple stupid
keep it simple silly
keep it simple stupid
keep sales simple
17
A small business owner will see expenses climb before revenue early on
false
true
18
Superior customer service is not a priority when running a small business.
false
true
19
One key thing that sets a small business apart from a chain store is
there is no difference
prices are less in a small buiness
customer service tends to be better in a small business
chain stores often require private financing
20
An Entrepreneurial venture is different from a small business in which way
Entrepreneurs engage in extensive innovation
small businesses engage in extensive innovation
they are not very difference
small businesses take extensive risk
