Business quiz chapter 1 and 2

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Entrepreneurial mindset

A blend of characteristics, attitudes, and skills that describe how successful entrepreneurs think and act

Becoming an entrepreneur is best tried when one is young

False

Creativity is a characteristic needed to be a successful entrepreneur

False

More than half of all businesses started in the U.S. each year fail

False

Most entrepreneurs work less than 40 hours per week

False

People skills help entrepreneurs analyze financial statements

False

Small firms employ 90% of the U.S. workforce

False

What is one famous entrepreneur from the early 1900's and describe their contribution?

Harley Davidson has the softail which is the Harley motorcycle

Maggie Lena Walker's philosophy that made her a success was "____________ ______ __________".

Nichols into Dollars

Should an entrepreneur give up if the business fails?

No, because even if your business fails, you have to keep trying so that you succeed

Entrepreneurship

Process of being an entrepreneur

Professionalsm

The ability to show respect to everyone around you while you perform your responsibilities as best as you can

Risk

The chance of losing something, in including money, time, and energy

How have entrepreneurs changed the world?

They fix daily problems

Why is it important to do self-assessment before becoming an entrepreneur?

This is important because it will show you your strengths and weaknesses

What is one famous entrepreneur from the 1800's and describe their contribution?

Thomas Edison invented the light bulb, made an electric power generation, mass communication, sound recording, and motion pictures

An employee works in a business owned buy someone else

True

An entrepreneurial mindset is something that can practice and developed over time

True

Anyone can become an entrepreneur

True

Both young and old people can become entrepreneurs

True

Business knowledge can increase your entrepreneurial potential

True

Entrepreneurs need to pay attention to social trends to be successful

True

A small business is one that has fewer than ________ employees.

100

Making money is the major reward of being an entrepreneur

True

Serial entrepreneurs are motivated by innovation rather than money

True

Attitude

Way of viewing or thinking about something that affects how you feel about it

Reward

What entrepreneurs get in exchange for starting a business

What are the rewards of being an entrepreneur?

You get to make your own rules and decisions, you do the work that you enjoy, and you choose who you want to work with

An entrepreneur that listens carefully to people and also speaks and writes well has good ___________ __________.

communication skills

An __________________ is someone who creates and runs his or her own business.

entrepreneur

Entrepreneurs typically have ____________ attitudes.

positive

Courage is a willingness to take _________ in spite of possible ______________.

risk, failures

A skill is learned through _____________ and ____________.

training, practice

The U.S. Census Bureau reports that ____________ of business owners had some college education when they started the business.

67%

Dot-com company

A business run entirely on the internet. Typically, their website ends in "dot.com"

What is the difference between a characteristic and a skill?

A characteristic is something that can be used to describe a quality or behavior of a person. A skill is an ability that's learned through training and practice.

Product

A physical, tangible, item that a business sells to a customer

Why are most businesses considered small?

A small business that is manufacturing has less than 100 employees. Half of the work force are small businesses

Skill

Ability that's learned through training and practice

How do employees and entrepreneurs differ?

An entrepreneur owns a business and an employee works for someone

What does it mean to have an entrepreneurial mindset?

Because you have a blend of characteristics, attitudes, and skills that describe how successful entrepreneurs think and act

What are some skills that an entrepreneur needs to posses?

Business skills, communication skills, computer skills, mathematical skills, organization skills, people skills, decision making, and problem solving skills

What are some personal characteristics that an entrepreneur needs to posses?

Courage, creativity, curiosity, determination, discipline, empathy, enthusiasm, flexibility, honesty, patience, and responsibility

Characteristic

Describes a quality or behavior of a person; can conclude determination, honesty, and patience

Self-assessment

Evaluating your strengths and weaknesses

All entrepreneurs want their businesses to become big

False

An attitude is a natural ability to do well at a task or ability

False

What are some risks that entrepreneurs face?

Financial, security, your business could fail, there are unexpected obstacles, long hours, and hard work

Why is a positive attitude important to being entrepreneurial?

If something happens to your business you need to have a positive outcome to keep trying because you never know what's going to happen.

Business

Organization that provides products, services, usually to make money

Serial entrepreneur

People who take what they learn starting a business to start many more

Mentor

Person who provides free guidance, tutoring, and suggestions for achieving your goals

Employee

Person who works in a business owned by someone else

What are some current trends in entrepreneurship?

Social media

Entrepreneur

Someone who creates and runs their own business

What is an entrepreneur?

Someone who starts and owns their own business

Service

Something that a business does for a customer in exchange for money

What is one entrepreneur from the mid-to late-1900's and describe their contribution?

Steve Jobs made Apple

Entrepreneurial

To think or act like an entrepreneur

Entrepreneurs with enthusiasm can see problems as opportunities

True

Entrepreneurs can affect the economy, the ________________, and the world.

community

Today, the _____________ is a primary resource for businesses.

internet

Edison's achievement that changed the world was the _________ _________.

light bulb

Volunteering in the community is one of the six ways to increase one's entrepreneurial _______________.

potential

Before starting your own business weigh the _____________ vs. _______________.

risks, rewards

A _____________________ is an evaluation of your strengths and weaknesses.

self-assessment


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