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Duplicate of Setting Up a Business 1 Flashcards | StudBud
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Duplicate of Setting Up a Business 1
Duplicate of Setting Up a Business 1
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Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
T/F: Viable business ideas will always lead to business success
False
True
2
T/F: Entrepreneurs must be prepared to take risks
True
False
3
Which statement is most correct?
Franchised businesses will always succeed
A franchise is generally a riskier option
All franchises sell fast food
Franchises are generally safer options for entrepreneurs
4
Which is NOT a stakeholder in a business?
The Global Economy
Employees
Customers
Shareholders
5
Which is the least likely decision to be made before starting a small business?
Is the business viable?
Where should the business be located?
Am I suitable to run a small business?
Who will make my television advertisements?
6
Which is the LEAST true statement about entrepreneurs:
Entrepreneurs require a capacity to work hard
Entrepreneurs take risks to develop / exploit their concept
Entrepreneurs may experience failure
Entrepreneurs always invent new ideas and concepts
7
Which is not a skill required for small business success?
Negotiation
Marketing and Promotion
Communication
Flexibility
8
T/F: A franchise is less likely to be successful than a business started from scratch.
False
True
9
Which is not part of the external operating environment of a small business?
Customers
Suppliers
Employees
Competitors
10
Which is least likely to be character trait of a successful entrepreneur?
Confidence
Determination
A laid back attitude
A preparedness to take risks
11
Which of the following statements is NOT correct?
An advantage of small business is flexible working hours
Good decision making skills are key for small business owner
Small business owners must be able to adapt to change
Communicationskills are less important than financial skills
12
Which is NOT a reason an entrepreneur might start a small business?
To be their own boss
To have a 9 - 5 job
To become wealthy
To follow in family tradition
13
T/F: Innovative small business owners are more likely to be successful
True
False
14
T/F: Franchisors and franchisees are the same thing
True
False
