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Entrepreneurship — Quiz Answers

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21
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What must an entrepreneur do after creating a business plan?

A
file the right paperwork
B
identify an opportunity
C
finance the business
D
open the business
22
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A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
dedicate as many hours as needed to the work.
B
have sufficient confidence to succeed.
C
be willing to take personal responsibility.
D
have enough determination to work alone.
23

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
dedicate as many hours as needed to the work.
B
have sufficient confidence to succeed.
C
be willing to take personal responsibility.
D
have enough determination to work alone.
24

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
responsible for organizing the business.
B
expected to dedicate the most hours to the business.
C
expected to contribute positively to society.
D
part of the management team.
25

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to have sufficient income to pay loans.
C
They have to contribute both to the market and society.
D
They need to spend time training employees.
26

What is one way for an entrepreneur to decrease risk?

A
by mimicking popular products
B
by creating a strong business strategy
C
by maintaining personal flexibility
D
by developing reliable sources for materials
27

What must an entrepreneur assume when starting a business?

A
that the correct location guarantees success
B
that clever market strategies may still fail to sell a product
C
that every product has a customer who wants it
D
that raising funds is the most difficult step in starting a business
28

What must an entrepreneur do after creating a business plan?

A
finance the business
B
open the business
C
file the right paperwork
D
identify an opportunity
29

What is one purpose of writing a business plan before entering the market?

A
to prove that the new company will be successful
B
to differentiate the new company from the competition
C
to have a useful tool when applying for funding
D
to show that the enterprise is realistically based
30

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they were unwilling to take financial responsibility.
B
they learned from their mistakes.
C
they are willing to take fewer risks.
D
their products or services were unneeded.
31

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
their products or services were unneeded.
C
they were unwilling to take financial responsibility.
D
they are willing to take fewer risks.
32

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
financial risk.
C
personal fulfillment.
D
a flexible working environment.
33

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
personal fulfillment.
B
financial risk.
C
a flexible working environment.
D
job security.
34

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
expected to dedicate the most hours to the business.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
part of the management team.
35

What must an entrepreneur assume when starting a business?

A
that clever market strategies may still fail to sell a product
B
that raising funds is the most difficult step in starting a business
C
that the correct location guarantees success
D
that every product has a customer who wants it
36

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
their products or services were unneeded.
C
they are willing to take fewer risks.
D
they were unwilling to take financial responsibility.

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