ME Intro to Entrepreneurship

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of  

• advertising.
• money
• employees.
• commitment

What is a disadvantage of entrepreneurship?

• Personal satisfaction
• Uncertain income
• Lower taxes
• Flexible schedule

Technological advancements have made it possible for some entrepreneurs to  

• eliminate the need to pay taxes
• reduce the need for financial records.
• run their businesses with no resources
• operate their businesses entirely from their computers

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have _______________ what they do.  

• passion for
• concerns about
• apathy for
• reservations about

Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop. What entrepreneurial trait is Sidney exhibiting?  

• Organization
• Creativity
• Open-mindedness
• Willingness to take risks

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of  

• outsourcing
• success
• empathy
• productivity

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and  

• what was done in the past
• how things are being done
• what needs to be done.
• when changes were last made

What is the importance of an entrepreneur in the economy?

• Entrepreneurs are our community leaders.
• Entrepreneurs help stabilize and grow the economy with their ability to discover new business.
• Entrepreneurs make all their own rules and new products come from them. 
• Entrepreneurs rely only on themselves and do not hire anyone else

Jorge is an entrepreneur and owner of 2 successful businesses. Jorge’s colleagues value his ability to come up with new ways of doing things and to find solutions to seemingly impossible problems. What entrepreneurial trait do Jorge' colleagues admire?

• initiative
• goal setting
• integrity
• creativity

Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the _____________ she hopes to have as an entrepreneur.

• tax breaks and deductions
• flexibility and independence
• advanced technology
• personal commitment