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Entrep Unit 1
| Question | Answer |
|---|---|
| What is a trend that affects the growth of entrepreneurial ventures? | A higher demand for more convenience products |
| Which of the following is most likely to have a negative effect on domestic small-business growth | Restrictive loan policies |
| Governments can encourage entrepreneurial development by | deregulating and reducing taxes |
| What is a disadvantage of entrepreneurship? | Uncertain income |
| What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal? | Risk taking |
| Which of the following statements is true regarding training for entrepreneurial ventures: | The type of training and education that entrepreneurs need depends on the nature of the start-up business |
| 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. | passion for |
| Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and | what needs to be done |
| A manager, said to his staff, "I know that many of you think that this is a risky course of action. But, I've decided that we should proceed. If successful, it could greatly benefit the company. If it fails, I'll accept consequences." What is Jack doing? | Accepting responsibility for his decision |
| 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? | Optimism |
| Which of the following is a financial concern that entrepreneurs often face when starting new businesses: | Irregular paychecks |
| 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? | Determination |
| Identifying new product opportunities usually requires a person to be | aware |
| Any business that is operated by one or a few individuals. Employs less than100 people and represent 99.7% of all employers | Small Business |
| An individual who undertakes the risk associated with creating, organizing, and owning a business | Entrepreneur |
| The process of starting and operating one’s own business | Entrepreneurship |
| A business undertaking involving risk | Venture |
| An idea that has commercial value | Opportunity |
| The owner of a business that was generally started to create jobs for the owners and referred to as a “mom and pop” business | Small Business Owner |
| Myra is interested in starting a new business venture. She does not know much about what type of taxes the business will need to pay. The best source of start-up information for this area would be | Myra is interested in starting a new business venture. She does not know much about what type of taxes the business will need to pay. The best source of start-up information for this area would be |
| Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat: | Coin laundry trade association |
| A reliable source of general business start-up information is | the Small Business Administration (www.sba.gov) |
| Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives Jack, a SCORE volunteer, agreed to act as Alaina's guide in the business start-up process. Jack is serving as Alaina's | mentor |
| Which of the following is an example of a written business inquiry: | An e-mail requesting vendor pricing and discounts |
| When writing a letter of inquiry, when should you identify the purpose of your letter? | At the beginning of the letter |
| What component is important to include in all types of inquiry letters? | Contact information |
| Kari would like to start her own restaurant. She has has some questions about specific services she would like to offer. What would be the best step for her to take before she proceeds? | Write a letter/email of inquiry to a successful chef asking for advice related to services. |
| What is one of the main reasons why small businesses are strongly promoted and supported by local government? | They are important to the economy. |
| Which of the following statements is most likely to have a negative effect on domestic small-business growth: | Restrictive loan policies |
Created by:
EddieS
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