Entrepreneurship Chapter 1

An evaluation of your strengths and weaknesses is a _______.

Self - Assessment

The ability to learn a particular kind of job is ______.

Aptitude

A creative problem-solving technique that involves generating a large number of fresh ideas is called a ______.

Brainstorming

Team members who have the right set of skills needed to get the job done are demonstrating ______.

Competency

People who work for someone else are _____.

Employees

People who own, operate, and take the risk of a business venture are _____.

Entrepreneurs

The process of running a business of one's own is _______.

Entrepreneurship

Thoughts or concepts that come from creative thinking are ______.

Ideas

Possibilities that arise from existing conditions are called _____.

Opportunity

Special meetings at which companies of the same industry or related industries display their products are _____.

Trade Shows

According to the Small Business Administration's Office of Advocacy, how many new businesses survive for at least two years? a. 67 percent c. 25 percent b. 44 percent d. 10 percent

a. 67 percent

The plant where Goodyear tires are made is an example of which type of business? a. manufacturing business c. retailing business b. wholesaling business d. service business

a. manufacturing business

Which step of the problem-solving model involves performing research and interviewing customers, suppliers, and employees? a. define the problem b. gather information c. identify various solutions d. evaluate alternatives

b. Gather information

Barbara Wall had a great recipe for sweet bell pepper sauce. Her friend Lynne Wilson convinced her that they should go into business together and sell the sauce. They now ship J.T.'s Red Sauce to stores in 35 states. Wall and Wilson are examples of: a. intrapreneurs c. employees b. entrepreneurs d. managers

b. entrepreneurs

Which of the following is not an advantage of entrepreneurship? a. Entrepreneurs are their own bosses. b. Entrepreneurs can be creative. c. Entrepreneurs take all the risks. d. Entrepreneurs can make large sums of money.

c. Entrepreneurs take all the risks

Which of the following is not an example of an entrepreneur? a. Diane Molberg started By Request, a successful home bakery business. b. Donna Cook started a cleaning service 10 years ago. c. Gwen Morgan manages The Secret Garden, a business owned by her sister. d. Elmer Olsen created Bayfield Apple Jam and distributes the jam nationally

c. Gwen Morgan manages The Secret Garden, a business owned by her sister.

H&R Block tax service is an example of which type of business? a. manufacturing business c. retailing business b. wholesaling business d. service business

d. service business