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