Entrepreneurship Answers
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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 competition2
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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 materials3
Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?
A
job security.B
personal fulfillment.C
financial risk.D
a flexible working environment.4
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
they are willing to take fewer risks.C
their products or services were unneeded.D
they were unwilling to take financial responsibility.5
What led to Henry Ford’s success as an entrepreneur?
A
His personal wealth.B
His innovative production methods.C
His commitment to improving labor laws.D
His desire to pay high wages.6
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.7
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 2009.8
An entrepreneur is someone who
A
starts and runs a business.B
is an employee of a business.C
invents products for other businesses.D
works for multiple developing businesses.9
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.10
What must an entrepreneur do after creating a business plan?
A
open the businessB
finance the businessC
file the right paperworkD
identify an opportunityDid you find these answers helpful?
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