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Chapter 1 - Entrepreneurship Flashcards | StudBud
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Chapter 1 - Entrepreneurship
Chapter 1 - Entrepreneurship
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1
One of the rewards of being an entrepreneur is being able to help your community.
True
False
2
By definition, an entrepreneur
has fewer benefits than an employee
risks more than an employee
earns less than an employee
works in a larger company
3
A dot-com company does most or all of its business through the ________.
Internet
Small Business Entity of America
4
Which of the following entrepreneurs made his contribution in the 1800s?
Stephen Wozniak
William Harley
P. T. Barnum
Ingvar Kamprad
5
Which of the following is a reward of being an entrepreneur?
doing work you enjoy
acting on your own decisions
all of the above
making your own hours
6
A small, non-manufacturing business is defined as having fewer than how many employees?
20
50
100
10
7
Entrepreneur Maggie Lena Walker was
the first woman to charter a bank
the inventor of the phonograph
a co-founder of Apple computers
the founder of IKEA
8
Russell Simmons turned his passion for hip-hop music into a multi-million-dollar businesses.
False
True
9
Which of the following is not a risk of being an entrepreneur?
getting fired
losing time with family
not making much money
making a bad business decision
10
People who start successful businesses one after another are called ________ entrepreneurs.
serious
serial
11
In today's business world, most entrepreneurs use the Internet in some way.
False
True
12
Entrepreneurs have a great need for
personal freedom
making a lot of money
all of the above
taking risks
13
A serial entrepreneur is
someone who learns from previous successes and failures
someone who starts more than one business
all of the above
someone who uses money from sale of a business to start another business
14
The entrepreneur who invented the phonograph was ________.
Steve Jobs
Jeff Bezos
Thomas Edison
Russell Simmons
15
Thinking like an entrepreneur means to be thinking entrepreneurial.
True
False
16
The Small Business Administration defines a small, non-manufacturing business as having fewer than ________ employees.
100
75
20
50
17
Long hours and hard work is not a risk of entrepreneurship.
False
True
18
The primary motivation for becoming an entrepreneur is to make money.
False
True
19
________ is the chance of losing something.
reward
risk
20
A person who works in a business owned by someone else is a(n) ________.
entrepreneur
serial entrepreneur
employee
customer
21
Employees typically work longer hours than entrepreneurs.
True
False
22
An organization that provides products or services, usually to make money, is a(n)
business
corporation
23
The classic entrepreneur is one who starts a new business based on an existing concept.
True
False
24
Someone who creates and operates a business is called a(n) ________.
serial entrepreneur
entrepreneur
customer
25
An entrepreneur
works for someone else
is responsible for his or her business success
must employ more than five people
must take college level courses
26
Entrepreneur Steve Jobs was one of the founders of Apple Computer.
True
False
27
A dot-com company is
a company that operates internationally
a company that runs most of its business from the Internet
a company focused on protecting the environment
a company that has more than 100 employees
28
Because small businesses generate the majority of new jobs, they are considered the ________ of the economy.
engine
soul
heart
29
Entrepreneur Thomas Edison revolutionized the world of personal computers.
True
False
