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Entrepreneurship Flashcards | StudBud

Explore/Entrepreneurship

Entrepreneurship

10 terms·StudBud Administration·72 plays

Mark Friedenthal

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Questions 10

Answers

1
Which of the following is NOT a common myth about starting a business?
You need to invent a unique product
You must have a business degree
Entrepreneurship isn’t for everyone
You must be young to start a business
2
What do you need to be a successful entrepreneur?
A good idea for goods or services
Ability to execute a business plan
All of the above
Sufficient Capital
3
Which of the following are common legal structures for a start-up?
SEP IRA
Limited Liability Company (LLC)
401(k)
Healthcare.gov
4
What is the name of someone that starts several businesses, one after another?
Powerful Executive
Glutton for punishment
Serial Entrepreneur
Conglomerate
5
Common misconceptions of budding entrepreneurs include:
All of the above
Being the boss means answering to no one.
You love all the work you do.
There isn’t a lot of flexibility when working 70 hrs. per week.
6
A common pitfall when launching a startup is:
You have too much capital to utilize.
Netflix is too big of a distraction during the day.
Good idea with no ability to execute properly.
Not enough office space.
7
Mark Friedenthal graduated from MFS in:
1995
1982
1991
1987
8
The Lean Startup concept suggests:
Get enough exercise to handle the stress of entrepreneurship.
Quickly and inexpensively determine if your business is likely to fail.
Never give up on your business.
Make sure you are sure you’ve got a winning idea before you begin.
9
A good reason to start a business is:
You can create the perfect job for yourself.
You’ve invented a solution without a problem.
Your parents own their own business.
You can deliver a superior product at a price that people are willingto pay
10
The percentage of Americans that work for small businesses in the US is:
71%
48%
28%
14%