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Rutiri-Entrep. Chap1

Rutiri - Entrepreneurship Chapter 1"What is Entrepreneurship"

QuestionAnswer
Businesses buy and sell _______ and ___________ to make a profit to make a profit. goods and services
People who work for someone else’s business to earn wages are _________. employees
People who start their own businesses and work for themselves are not entrepreneurs False - They are entrepreneurs!
Profit is the money a company has left after expenses and taxes are paid. True
Successful businesses sell products and services exercise these practices: 1. That customers need. 2. At prices customers are willing to pay. 3.To earn a profit.
Entrepreneurship is a way of thinking that includes: Listening to new ideas
Entrepreneurship is a way of thinking that includes: Observing opportunities and needs.
Entrepreneurship is a way of thinking that does not include thinking about solutions to problem. False - Entrepreneurs think about how to solve problems, always!
Recognizing that business principles are basically the same for large and small businesses True
To earn a profit, a business must take in less money than it spends. False - It must take in MORE money than it spends!
Start-up costs do not influence a new business from earning a profit. False - The do influence a new business earning profit.
Closing a business means the entrepreneur has failed. False - It means an entrepreneur has learned from the failure.
Successful entrepreneurs often close a failing business, then start a new one. True
Our economy is a not a capitalist, free enterprise system. FALSE! It is a capitalist, free enterprise system.
Free enterprise means that anyone can start a business. TRUE! That is what is so TERRIFIC about the USA!
Capitalism relies on capital (______) to start new businesses MONEY
____________ ____________ is the freedom to trade money for a product or service: Voluntary exchange
A voluntary exchange only happens when both parties feel they will benefit. True
Being an entrepreneur in a free enterprise system has advantages: Control over time.
Being an entrepreneur in a free enterprise system has advantages: Opportunity to create wealth.
Being an entrepreneur in a free enterprise system has advantages: Control over working conditions.
8. Opportunities to help one’s community. Being an entrepreneur has disadvantages: Risk of failure.
Being an entrepreneur has disadvantages: Loneliness.
Being an entrepreneur has disadvantages: Long hours, hard work.
Being an entrepreneur has disadvantages: Financial insecurity.
Owning a successful business rewards an entrepreneur through: Earning profits.
Owning a successful business rewards an entrepreneur through: Increasing the value of the business, which might eventually be sold for a profit.
Which entrepreneur created the first maternity fashions in the early 1900's? Lane Bryant
Which entrepreneur was the founder of such magazines as Ebony and Jet. John Johnson
Which entrepreneur created a successful business by selling hair-care and beauty products made for African-American women. Sarah Breedlove Walker
Who was the founder of Def Jam Records and the first promoter of rap music and hip-hop culture? Russell Simmons
Which entrepreneur recognized a need for children in that they develop critical intellectual ability before the age of 3. Julie Aigner-Clark
Created by: eva_rutiri on 2010-09-27



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