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ENTREPRENEURSHIP Flashcards | StudBud
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ENTREPRENEURSHIP
ENTREPRENEURSHIP
20 terms
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StudBud Administration
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80 plays
Unit 5 - ENTREPRENEURSHIP
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Entrepreneurs are NOT gamblers, but do take moderate risk(s).
False
True
2
A entrepreneur failing can be caused by a bad attitude...
False
True
3
A big range of target market can be seen as a...
Weakness
Opportunity
Competition
Threat
4
Entrepreneurs are born, not made.
True
False
5
Competition for your new business can be seen as a
Weakness
Opportunity
Threat
Strength
6
When entrepreneurs fail it can be because of:
Too little support
Over eagerness
Poor business skills
Lack of sleep
7
Entrepreneurs create the new products and services that fill the wants and needs of customers.
True
False
8
An advantage of a partnership is that you carry less risk...
True
False
9
Which of the following is NOT a characteristic of a successful entrepreneur?
Passion for the business
Procrastination towards work
Product/Customer focus
Tenacity despite failure
10
Which of the following is NOT an economic impact of entrepreneurs?
Innovation
Job elimination
Job creation
11
Which of the following is NOT as reason to become an entrepreneur?
Be your own boss
Profit motive
Pursue own ideas
Long Hours
12
Entrepreneurs are motivated primarily by money.
True
False
13
To revive old products is not seen as entrepreneurship.
False
True
14
The process of acquiring and organizing resources to turn an idea into a business is know as
Management
Entrepreneurship
Leadership
Procrasitination
15
Entrepreneurs should be young and energetic.
False
True
16
Product specification includes the size of packaging.
False
True
17
To formulate an idea you need to be very specific and know how to measure the standards.
False
True
18
To identify a potentially profitable business opportunity I need to...
Ask myself: Do I have the necessary knowledge / skills?
Be patient for new opportunities to come my way.
19
A disadvantage of a partnership is that there is potential for personality conflicts.
True
False
20
A good quality of an entrepreneur is:
Micro managing staff
Working long hours
