Entrepreneurship Midterm Exam

Starting and owning a person's own business

• corporation

• entrepreneurship

• sole proprietorship

• partnership

Some people become entrepreneurs by turning part-time work experiences into full-time businesses.

• True 
• False

Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.

• True
• False

When setting the prices of goods or services, business owners must consider the prices charged by competitors.

• True
• False

Which is NOT a common characteristic of an entrepreneur?

• risk-taker
• creative
• organized
• irresponsible

Most entrepreneurs work long hours, but they create their own schedule.

• True
• False

ALL entrepreneurs have a college degree.

• True
• False

Which is a characteristic of a successful entrepreneur?

• Motivated

• Takes very little risk

• Passionate

• Hard-working

A target market is

• a group of investors willing to put capital into a business

• a generational group of individuals

• a group of consumers at which a product/service is aimed

• an industry willing to sell and market your product

Entrepreneurs create ____________________ for themselves and others.

• wealth

• risk

• plans

• none of these