3.8 Entrepreneurship Answers
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A new business should be based on an entrepreneur's individual interests because the entrepreneur must
A
have sufficient confidence to succeed.B
be willing to take personal responsibility.C
have enough determination to work alone.D
dedicate as many hours as needed to the work.23
An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is
A
part of the management team.B
responsible for organizing the business.C
expected to contribute positively to society.D
expected to dedicate the most hours to the business.24
What is one way for an entrepreneur to decrease risk?
A
by mimicking popular productsB
by maintaining personal flexibilityC
by creating a strong business strategyD
by developing reliable sources for materials25
What must an entrepreneur assume when starting a business?
A
that the correct location guarantees successB
that every product has a customer who wants itC
that clever market strategies may still fail to sell a productD
that raising funds is the most difficult step in starting a business26
Read the graph.
A
Fewer new businesses were started in 2010 than in other years.B
The opening of new businesses peaked between 2007 and 2008.C
More new businesses were started in 2006 than in 2005.D
The number of new businesses remained constant between 2006 and 2009.27
How are Bill Gates and Henry Ford similar? Check all that apply.
A
They both streamlined factory production.B
They both became wealthy and successful.C
They both helped better the lifestyles of others.D
They both developed products that filled a human need or needs.E
They both founded a company when they were very young.28
An entrepreneur would most likely be a
A
low risk taker.B
spontaneous person with an unclear vision.C
person who works well alone.D
person who has a brief work week.29
Read the graph.
A
A company selling telephones most likely has only a 40 percent chance of surviving for at least four years.B
A company offering physical therapy most likely has only an 80 percent chance of surviving for at least two years.C
A company offering cleaning services most likely has only a 50 percent chance of surviving for at least eight years.D
A company selling diabetes supplies has only a 60 percent chance of surviving for at least three years.30
What is one purpose of writing a business plan before entering the market?
A
to prove that the new company will be successfulB
to show that the enterprise is realistically basedC
to have a useful tool when applying for fundingD
to differentiate the new company from the competition31
What is a main reason why entrepreneurs experience daily stress?
A
They have considerable responsibility.B
They need to spend time training employees.C
They need to have sufficient income to pay loans.D
They have to contribute both to the market and society.Did you find these answers helpful?
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