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LEVEL 1 Your Potential as an Entrepreneur Flashcards | StudBud
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LEVEL 1 Your Potential as an Entrepreneur
LEVEL 1 Your Potential as an Entrepreneur
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Level 1 - Entrepreneurial Skills Challenge
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
The amount of money a person puts into their business is called
capital.
investment.
seed money.
cash outlay.
2
The difference between investment and capital is
capital includes everything along with money.
that capital is only equipment.
investment is money loaned to you.
nothing.
3
To develop your 'achiever' characteristics you would NOT
view your setbacks as opportunities to learn and grow.
write your goals down.
accept less than excellence from you or others.
set out to be the best at what ever you do.
4
The difference between Entrepreneurial Characteristics and Skills is
that Characteristics are learned.
really no difference.
that skills are natural and you have them or you don't.
Char. are distint. traits and qualities, skills are learned.
5
Research reveals that 62% of entrepreneurs had
completed a college degree
jobs when they were young.
a high school diploma or less.
parents or close relatives with owned a business.
6
A set of characteristics or qualities that identifies a type or category of a person is called
a marketing profile.
a profile.
Labeling.
personality traits.
7
A business owner's earnings are limited only by
customer demand
the potential of their business
debt
taxes
8
Which of the following would not be a foundational skill of an entrepreneur?
Enthusiastic
Decision-making skills
Math Skills
Communication skills
9
Having basic business skills does
not
include
understanding the fundamentals of marketing.
how the economy works.
knowing the fundamental concepts of finance.
having good social skills.
10
Creative Entrepreneurs
bring art skills to the business.
look for new ways to solve old problems.
usually have a strong background in the arts.
are good at developing Marking Plans.
11
A role model is someone
you never want to be like.
an actor who does modeling on the side.
a famous movie star.
whose attitudes and achievements are emulated.
12
A person with a record of successes is called
an achiever.
unusual.
reliable.
extraordinary.
13
You can strengthen your entrepreneurial characteristics by
observing.
reading.
writing.
all of the above.
14
Which of the following is not a draw back to owning your own business?
Long working hours.
Uncertain income.
Competition.
Opportunity to be creative.
15
It is possible to develop your entrepreneurial characteristics.
False
True
16
One of the best ways to develop technical and business skills is
to get a job in a similar or related business.
to get a college degree in Business.
interview buisness owners.
watch Shark Tank on TV.
17
One of three steps you would NOT use to gain competency in foundational skills is
put the skill to work in real-world or simulated situations.
to give up and hire someone with the skill.
to learn the techniques needed to use the skill.
assess the results you wanted, if not how would you improve?
18
One of the challenges of owning your own business is
whether to own or lease a company car.
that you are fully responsible for everything.
how you will spend your extra money earned.
which family members to hire.
19
One of the biggest rewards to owning a business is
prestige
becoming rich
having job security
being your own boss
20
The rivalry among businesses for consumer dollars is called
bad luck.
market penetration.
a price war.
competition.
21
Which of the following would not be a reward of owning your own business?
uncertain income
independence
prestige
personal satisfaction
