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Entrepreneurship

Terms in this set (10)

What is one way for an entrepreneur to decrease risk?

by mimicking popular products
by maintaining personal flexibility
by creating a strong business strategy
by developing reliable sources for materials
c
What must an entrepreneur assume when starting a business?

that the correct location guarantees success
that every product has a customer who wants it
that clever market strategies may still fail to sell a product
that raising funds is the most difficult step in starting a business
c
An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

a dedication to hard work
a willingness to admit failure
an ability to learn from mistakes
an assumption of responsibility
c
An entrepreneur would most likely be a

low risk taker.
trained manager.
person who works well alone.
person who has a brief work week.
c
What must an entrepreneur do after creating a business plan?

open the business
finance the business
file the right paperwork
identify an opportunity
b
Because many successful business owners fail on their first attempts, the reader should assume that

they learned from their mistakes.
their business plans were incomplete.
their products or services were unneeded.
they were unwilling to take financial responsibility.
a
A new business should be based on an entrepreneur's individual interests because the entrepreneur must

have sufficient confidence to succeed.
be willing to take personal responsibility.
have enough determination to work alone.
dedicate as many hours as needed to the work.
d
According to the article by Brooks, successful entrepreneurs are most interested in

job security.
financial gain.
personal fulfillment.
a flexible working environment.
c
What led to Henry Ford's success as an entrepreneur?


His personal wealth.
His innovative production methods.
His commitment to improving labor laws.
His desire to pay high wages.
b
Read the graph.



What can the reader reasonably conclude from information in the graph?

Fewer new businesses were started in 2010 than in other years.
The opening of new businesses peaked between 2007 and 2008.
More new businesses were started in 2006 than in 2005.
The number of new businesses remained constant between 2006 and 2009.
a
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