Business quiz chapter 1 and 2
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
