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Entre Chapter 2: Your Potential as an Entrepreneur Flashcards | StudBud
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Entre Chapter 2: Your Potential as an Entrepreneur
Entre Chapter 2: Your Potential as an Entrepreneur
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Chapter 2 Review Quiz
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Research reveals that 62% of entrepreneurs had
a high school diploma or less.
completed a college degree
jobs when they were young.
parents or close relatives with owned a business.
2
A business owner's earnings are limited only by
the potential of their business
taxes
customer demand
debt
3
Having basic business skills does
not
include
understanding the fundamentals of marketing.
how the economy works.
having good social skills.
knowing the fundamental concepts of finance.
4
The rivalry among businesses for consumer dollars is called
market penetration.
a price war.
competition.
bad luck.
5
It is possible to develop your entrepreneurial characteristics.
False
True
6
Which of the following is not a draw back to owning your own business?
Uncertain income.
Competition.
Long working hours.
Opportunity to be creative.
7
The difference between investment and capital is
investment is money loaned to you.
nothing.
that capital is only equipment.
capital includes everything along with money.
8
Which of the following would not be a reward of owning your own business?
uncertain income
personal satisfaction
independence
prestige
9
Entrepreneurs see many benefits in joining _____.
professional organizations
fraternal groups
neighborhood watch groups
unions
10
Successful _____ have the same characteristics as successful entrepreneurs.
managers
competitors
athletes
CEOs
11
The difference between Entrepreneurial Characteristics and Skills is
really no difference.
that Characteristics are learned.
that skills are natural and you have them or you don't.
Char. are distint. traits and qualities, skills are learned.
12
A set of characteristics or qualities that identifies a type or category of a person is called
personality traits.
a marketing profile.
Labeling.
a profile.
13
One of three steps you would NOT use to gain competency in foundational skills is
assess the results you wanted, if not how would you improve?
to give up and hire someone with the skill.
put the skill to work in real-world or simulated situations.
to learn the techniques needed to use the skill.
14
Entrepreneurs are doers as opposed to _____.
spectators
philosophers
challengers
adventurers
15
Which of the following would not be a foundational skill of an entrepreneur?
Decision-making skills
Math Skills
Enthusiastic
Communication skills
16
People with more _____ are more likely to start a business.
education
relatives
contacts
money
17
_____ includes the buildings, equipment, tools, other goods or money to produce or buy things.
Investment
Assets
Inventory
Capital
18
Creative Entrepreneurs
bring art skills to the business.
are good at developing Marking Plans.
look for new ways to solve old problems.
usually have a strong background in the arts.
19
One of the biggest rewards to owning a business is
becoming rich
having job security
prestige
being your own boss
20
One of the best ways to develop technical and business skills is
watch Shark Tank on TV.
interview buisness owners.
to get a college degree in Business.
to get a job in a similar or related business.
21
Develop your _____ by practicing and acting as though you have the traits you want to develop.
positive characteristics
entrepreneurial characteristics
weak characteristics
financial characteristics
22
Obtaining employment in a similar or related business is a good to develop _____.
technical skills
confidence
new friends
business contacts
23
You can strengthen your entrepreneurial characteristics by
writing.
reading.
observing.
all of the above.
24
The amount of money a person puts into their business is called
seed money.
capital.
cash outlay.
investment.
25
Entrepreneurs must be expert organizers and _____.
talkers
planners
socializers
coordinators
26
A role model is someone
an actor who does modeling on the side.
you never want to be like.
whose attitudes and achievements are emulated.
a famous movie star.
27
A person with a record of successes is called
extraordinary.
unusual.
reliable.
an achiever.
28
One of the challenges of owning your own business is
how you will spend your extra money earned.
which family members to hire.
whether to own or lease a company car.
that you are fully responsible for everything.
29
To develop your 'achiever' characteristics you would NOT
view your setbacks as opportunities to learn and grow.
accept less than excellence from you or others.
set out to be the best at what ever you do.
write your goals down.
30
_____ is a good reason not everyone wants to be an entrepreneur.
Technology
Reward
Competition
Risk
