Entrepreneurship Unit 1

When writing a letter of inquiry, when should you identify the purpose of your letter?

A.At the beginning of the letter

What component is important to include in all types of inquiry letters?

A.Contact information

Which of the following is a financial concern that entrepreneurs often face when starting new businesses:

A.Irregular paychecks

Which of the following is an example of a written business inquiry?

B.An e-mail requesting vendor pricing and discounts

Which of the following statements is true about entrepreneurship and small business growth:

B.Many people start entrepreneurial ventures during times of economic recession.

What is one of the main reasons why small businesses are strongly promoted and supported by local government?

D.They are important to the economy.

What is a disadvantage of entrepreneurship?

D.Uncertain income

Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as Alaina's guide in the business start-up process. Jack is serving as Alaina's

D.mentor.

Even when times are tough for Caitlin's business venture, she tends to remain positive—she looks at the glass as half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?

B.Optimism

Home-based businesses are attractive to many people because the businesses generally

B.have lower start-up costs.

What is a trend that affects the growth of entrepreneurial ventures?

C.A higher demand for more convenience products

Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operating costs for a self-serve laundromat:

C.Coin laundry trade association

Which of the following is most likely to have a negative effect on domestic small-business growth:

C.Restrictive loan policies

What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?

C.Risk taking

Which of the following statements is true regarding training for entrepreneurial ventures:

C.The type of training and education that entrepreneurs need depends on the nature of the start-up business.

Governments can encourage entrepreneurial development by

C.deregulating and reducing taxes.

A reliable online source of general business start-up information is

C.the Small Business Administration (www.sba.gov).

As a new business owner, Thomas is willing to work long hours, watch his spending, and sacrifice his social life to focus on building his clientele. What entrepreneurial trait is Thomas exhibiting?

D.Determination

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.

D.passion for

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

D.what needs to be done.