Entrepreneurship Midterm

Which one is TRUE about an entrepreneurship?

• They are always well-funded and carefully planned
• There are no known risks
• They do not hire any employees
• There are lots of risks and rewards involved

What is the definition of an entrepreneur?

• An entrepreneur is someone who creates a business and potentially makes money and runs the business.
• none of these
• An entrepreneur is someone who manages a business.
• An entrepreneur is someone who owns a business and makes profit from that business

Which type of entrepreneurship works at making the world a better place by solving crises and problems?

• Corporate
• Scalable startup
• Small business
• Social

Local grocery stores and hair salons are examples of what type of entrepreneurship?

• Small business
• Social
• Corporate
• Large company

Someone who creates a new product to sell and takes on all of the risks and responsibility is known as what?

• A venture capitalist
• A corporation
• An accountant
• An entrepreneur

Which type of entrepreneurship focuses on being able to grow with more financial backing?

• Private
• Scalable startup
• Social
• Small business

How do focus groups help companies in developing new products?

• They help determine the prices of their products.
• They provide relevant and new feedback about their products.
• They perform research for the company in real world setting.
• They develop the marketing strategies with the company to promote their products.
• They create surveys for the companies to gather answers to specific questions about their products.

Which of the following will most likely result in the growth of your company?

• Increasing the quality of your product.
• Increasing the number of your employees from 500 to 600.
• Increasing your market share from 50% to 60%.
• Lowering the interest rate.

A ______________ is a quick description of your business that you use to explain it to potential investors.

• business plan
• business analysis
• business picth
• sales forecast

__________________ are the operating expenses that a business must pay regardless of how many sales are made.

• profits
• variable expenses
• production cost
• fixed operating expenses