Becoming an Entrepreneur Quiz 100%
A person who organizes a business and then runs it is called a(n) _____.
A. entrepreneur
A disadvantage to joining a family business is that _____.
B. family relationships may be negatively affected
The advantages of being an entrepreneur are _____.
B. flexibility, independence, and salary potential
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 _____.
B. sight and foresight
A proven product, established management systems, and customer goodwill are three advantages of _____.
C. buying a franchise
A business' success depends on four key factors: financing, location, management, and _____.
C. competition
The three traits an entrepreneur must possess to be successful are _____.
C. sight & foresight, decision making, and motivation
A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.
D. corporation
Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.
D. financial plan
If you purchase a franchise, you get to keep all of the profits you make.
F. (False)