Entrepreneurship Class 2

What is the primary motivation for an entrepreneur?

• Passion for their idea

• Job security

• Desire for power

• Financial stability

The economic importance of an entrepreneur

• to create job opportunities

• to create a positive image for a business

• to attend workshops and seminars

• to sell products on credit

Personal resources of a successful entrepreneur

• Building

• Recognition

• Funds

• Technology

To avoid pitfalls in a small business...

• allow customers to buy on credit

• over invest in fixed assets

• manage people effectively

• be confident

New products never created before are...

• innovations

• inventions

• patents

• creativity

An entrepreneur who is not planning to apply for a bank loan does not need a business plan

• TRUE

• FALSE

An entrepreneur is a person who creates anew business and bears the risk of losing that business

• TRUE

• FALSE

People who owe you money are creditors

• TRUE

• FALSE

Reasons why entrepreneurs fail (Indicate the incorrect reason)

• Lack of profits

• Customer credit

• Management incompetence

• Unlimited profits

• Failure to plan

An Intrapreneur creates a new business in the face of risk

• TRUE

• FALSE