Understanding Entrepreneurship PP1 Review

   What is a key advantage entrepreneurs have over employees?

• Guaranteed regular income

• Less personal risk

• More flexibility and autonomy

• Limited work resposibilities

2. Which of the following is NOT a common entrepreneurial personality trait?

• Passion

• Patience

• Persistence

• Risk-Taking

2. What is a major risk entrepreneurs take when starting a business?

• Losing corporate benefits like insurance

• Investing significant money upfront

• Alienating friends and family

• Having to manage employees

4. How can an entrepreneur increase chances of success?

• Planning and preparation

• Waiting for perfect timing

• Minimizing startup costs

• Copying competitors

5. What is an advantage of entrepreneurship to local communities?

• Job creation

• Local reinvestment

• Meeting unmet needs

• All of the above

6. Which of these is NOT a source of startup funding for entrepreneurs?

• Business loans

• Venture capital

• Personal equity

• Salary

7. What business structure offers entrepreneurs the MOST personal liability protection?

• Sole Proprietorship

• Partnership

• LLC

• Corporation

8. What term refers to entrepreneurship within an established company?

• Intrepreneurship

• Intrapreneurship

• Corporate venturing

• Social innovation

9. Microlending helps _____________ become entrepreneurs.

• Scientist

• Celebreties

• The Poor

• Doctors

10. Which entrepreneurial activity would NOT be considered social entrepreneurship?

• Employing disabled workers

• Reducing pollution

• Making education accessible

• Selling fair trade crafts