Entrepreneurship Class
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