8.1 Entrepreneurship

An entrepreneur would most likely be a low risk taker. spontaneous person with an unclear vision. person who works well alone. person who has a brief work week.

Person who works well alone.

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is part of the management team. responsible for organizing the business. expected to contribute positively to society. expected to dedicate the most hours to the business.

responsible for organizing the business.

Successfully starting and running a business requires drive, talent, and clear vision of a long-range goal problem loss.

✔ goal

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed? a dedication to hard work a willingness to admit failure an ability to learn from mistakes an assumption of responsibility

An ability to learn from mistakes.

What is one way for an entrepreneur to decrease risk? by mimicking popular products by maintaining personal flexibility by creating a strong business strategy by developing reliable sources for materials

By creating a strange business strategy,

What can the reader reasonably conclude from information in the graph? Fewer new businesses were started in 2010 than in other years. The opening of new businesses peaked between 2007 and 2008. More new businesses were started in 2006 than in 2005. The number of new businesses remained constant between 2006 and 2009.

Fewer new businesses were started in 2010 than in other years.

What must an entrepreneur do after creating a business plan? open the business finance the business file the right paperwork identify an opportunity

Finance the business

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback? job security. personal fulfillment. financial risk. a flexible working environment.

Financial Risk.

What led to Henry Ford's success as an entrepreneur? His personal wealth. His innovative production methods. His commitment to improving labor laws. His desire to pay high wages.

His innovative production methods.

An entrepreneur is someone who starts and runs a business. is an employee of a business. invents products for other businesses. works for multiple developing businesses.

Starts and runs a business.

What must an entrepreneur assume when starting a business? that the correct location guarantees success that every product has a customer who wants it that clever market strategies may still fail to sell a product that raising funds is the most difficult step in starting a business

That clever market strategies may still fail to sell a product.

What is a main reason why entrepreneurs experience daily stress? They have considerable responsibility. They need to spend time training employees. They need to have sufficient income to pay loans. They have to contribute both to the market and society.

They have considerable responsibility,

To be successful, an entrepreneur must be willing to invest money, considerable effort, and _______.

Time.

What is one purpose of writing a business plan before entering the market? to prove that the new company will be successful to show that the enterprise is realistically based to have a useful tool when applying for funding to differentiate the new company from the competition

To differentiate the new company from the competition.