BUSI 1005 Chapter 7 Entrepreneur

Question 1

How many employees do Small Businesses have?

Accepted Answer

Fewer than 100

Question 2

Why might entrepreneurs need stamina?

Accepted Answer

Long workdays

Question 3

True or false: All businesses need a physical store.

Accepted Answer

False

Question 4

Which is NOT a solid source of early stage funding

Accepted Answer

Personal Credit

Question 5

What's a common startup funding source?

Accepted Answer

Friends and family

Question 6

True or false: All entrepreneurs are wealthy.

Accepted Answer

False

Question 7

True or false: Innovation is unnecessary in entrepreneurship.

Accepted Answer

False

Question 8

What can lead to business failure?

Accepted Answer

Poor planning

Question 9

What is a 'lifestyle business'?

Accepted Answer

Small, personal income

Question 10

Entrepreneurs often face what?

Accepted Answer

Risk

Question 11

True or false: Business plans are optional.

Accepted Answer

False

Question 12

What's crucial for business success?

Accepted Answer

Proper planning

Question 13

Main reason to start a business?

Accepted Answer

Financial independence

Question 14

What defines entrepreneurship?

Accepted Answer

Innovation

Question 15

What sector do most small businesses belong?

Accepted Answer

Service-producing

Question 16

True or false: All small businesses innovate.

Accepted Answer

False

Question 17

True or false: Small businesses don't create jobs.

Accepted Answer

False

Question 18

A small business is one that is independently owned and operated, exerting ________ influence in its industry.

Accepted Answer

Little

Question 19

Who benefits from small businesses?

Accepted Answer

Whole community

Questions 19