Answers HSA 26-27 EconomicsEconomic Policy: Influential Theories

Entrepreneurship Answers

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What must an entrepreneur do after creating a business plan?

open the business

finance the business

file the right paperwork

identify an opportunity

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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

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

job security.

personal fulfillment.

financial risk.

a flexible working environment.

How are Bill Gates and Henry Ford similar? Check all that apply.

They both streamlined factory production.

They both became wealthy and successful.

They both helped better the lifestyles of others.

They both developed products that filled a human need or needs.

They both founded a company when they were very young.

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goal

problem

loss

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

to prove that the new company will be successful

to show that the enterprise is realistically based

to have a useful tool when applying for funding

to differentiate the new company from the competition

What was the main effect of entrepreneurship in China?

Poverty noticeably declined.

Foreign investment declined.

New products were invented.

Product exports exceeded imports.

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.

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