Intro to Business: Chapter 5

Why do people become entrepreneurs?

• To avoid work
• For independence, financial goals, and personal fulfillment
• Because they dislike teamwork
• To avoid taking risks

What type of entrepreneur starts multiple businesses?

• Classic entrepreneur
• Multipreneur
• Intrapreneur
• Social entrepreneur

What is an intrapreneur?

• Someone who starts multiple businesses
• Someone who innovates within a corporation
• A business owner focused on social change
• A franchise owner

What percentage of U.S. companies are small businesses?

• Less than 20%
• About 50%
• The majority
• None

What is one major characteristic of successful entrepreneurs?

• They avoid risk at all costs
• They rely only on luck
• They take calculated risks
• They dislike hard work

Which of the following is NOT a key characteristic of entrepreneurs?

• Ambition
• Independence
• Risk aversion
• Creativity

Why is adaptability important for entrepreneurs?

• It helps them navigate challenges
• It allows them to avoid responsibility
• It guarantees success
• It replaces financial planning

What is the first step in starting a business?

• Hiring employees
• Self-assessment
• Buying office space
• Launching a website

Why is market research important for entrepreneurs?

• It guarantees profit
• It identifies the target market and competition
• It replaces advertising
• It helps avoid taxes

What is the purpose of a business plan?

• To impress friends
• To outline the company's vision and strategy
• To avoid legal requirements
• To eliminate competition