Entrepreneurship Class

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A travel agency is a retailing businesses

False

Aptitude is the ability to evaluate your strengths and weaknesses

False

Entrepreneurial businesses include retailing businesses, such as clothing and furniture stores, but do not include service businesses

False

Entrepreneurs and employees are both directly affected by the consequences of the decisions they make

False

Everyone has the qualities and aptitude needed to become a successful entrepreneur

False

Small companies cannot take as many risks as large companies, so small companies are less likely to innovate

False

Small firms with fewer than 500 employees represent about 25 percent of all businesses in the United States today

False

Successful entrepreneurs need to be self-confident because they must make decisions alone, but they do not need to be creative because they can hire creative people

False

Entrepreneurship involves risk, which is both an advantage and disadvantage

True

Manufacturing businesses produce the products they sell

True

Small businesses contribute billions of dollars to the U.S economy every year

True

The owner's business experience is a factor that contributes to the likelihood of success

True

To determine if entrepreneurship is right for you, you need to perform a self-assessment

True

Your past experiences are a key factor in determining your commitment to a business

True

A self-assessment is an evaluation of your a) hobbies and interests b) strengths and weaknesses

b) strengths and weaknesess

A person who works for someone else is ____________. a) an entrepreneur b) an employee c) taking the risk of business venture d) the one who receives the profits of the business

b)an employee

An advantage if entrepreneurship is that nobody tells an entrepreneur what to do

True

An advantage of entrepreneurship is that owners make all the decisions by themselves

True

Before starting a business, it is important to identify the kinds of entrepreneurial opportunities that match your aptitudes and interests

True

Entrepreneurs constantly change U.S. business and contribute to the nation's overall good

True

Entrepreneurs need to be able to make quick decisions

True

Entrepreneurs try to meet the needs of the marketplace by supplying a product or service

True

About how many new businesses do not survive beyond four year? a) about half b) nearly one-quarter c)almost 90 percent d) about 10 percent

a) about half

Manufacturing businesses... a) produce the products they sell b) sell products directly to consumers c) sell service d) take resources out of the ground

a) produce the products they sell

Researchers have determined that successful entrepreneurs a) want to make their own decisions b) do not always know what they want c) like to have someone else make decisions d) do not need to set goals

a) want to make their own decisions

Which of the following is a retailing business? a) Auto repair shop b) Grocery store c) Gold mine d) farm

b) Grocery store

Two key factors that aid an entrepreneur's commitment to a business are a) hobbies and sales experience b) interests and past experiences c) interests and sales experience d) hobbies and athletic ability

b) interests and past experiences

Which of the following is not a characteristic of a successful entrepreneur a) Determination b) Creativity c) Dependence d)Self-confidence

c) Dependece

A person who takes the risk of a business venture is... a) not directly affected by his or her decisions b) an employee c)an entrepreneur d) sure to be successful

c) an entrepreneur

In U.S history, entrepreneurs have.. a) changed American business by developing unneeded products b) invented machines that decreased productivity c) been an important part of the American economy d) helped the American economy remain unchanged

c) been an important part of the American economy

Bernie Marcus and Arthur Blank... a) invented a harvesting machine b) founded Starbuck's Coffee Company c) opened the first Home Depot stores d) cofounded an aircraft company

c) opened the first Home Depot stores

Entrepreneurs must realize that there are other stakeholders in their businesses, such as a) partners b) investors c) employees d) all of these

d) all of these

Entrepreneurs try to ___________. a) identify the needs of the marketplace b) meet the needs of the marketplace c) make a profit d) all of these

d) all of these

In the United States today, small companies... a) can be more creative than large companies b) have innovating ideas that lead to technological change c) contribute billions of dollars every year to the U.S economy d) all of these

d) all of these

Major factors in a firm's success include a) having adequate capital b) providing a product or service that meets customer needs c) the owner's reason for starting the firm in the first place d) all of these

d) all of these


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