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