Becoming an Entrepreneur
A disadvantage to joining a family business is that _____. a. more can be achieved by working in a team b. family relationships may be negatively affected c. one individual must take on all of the financing responsibilities d. there is little trust and loyalty
B
In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____. a. interpretation b. sight and foresight c. independence d. decision making skills
B
The expenses involved in going into business, such as buying a space and purchasing equipment, are examples of _____. a. marketing funds b. start-up costs c. financial plans d. operating expenses
B
A business' success depends on four key factors: financing, location, management, and _____. a. opportunity costs b. retail sales c. competition d. employment opportunities
C
A proven product, established management systems, and customer goodwill are three advantages of _____. a. joining a family business b. starting a new business c. buying a franchise d. working from home
C
The three traits an entrepreneur must possess to be successful are _____. a. motivation, humility, and decision making b. conflict management, motivation, and decision making c. sight & foresight, decision making, and motivation d. humility, conflict management, and sight & foresight
C
An entrepreneur's life has few challenges, few risks, and minimal rewards.
F
If you purchase a franchise, you get to keep all of the profits you make.
F
Location is not important for a business.
F
Franchises tend to have better success rates that non-franchised businesses.
T