Entrepreneurship and Ownership

An entrepreneur is what?

• a person who assumes the risk of a business or enterprise

• sees an opportunity

• works effectively to find a solution

• All of the above

The following are common traits of an Entrepreneur except what?

• Ideas and Drive

• Good at finances

• people skill

• having a lot of money to begin with

Which of the following are reasons to be an entrepreneur?

• Opportunity to make an impact.

• The thrill of creation and the ongoing challenges of growth

• Ability to live by your own rules, from values and culture

• All the above are reasons.

The following are DISADVANTAGES of small business ownership except what?

• You must take responsibility for the decisions you make and the results of those decisions

• As a small business owner, you will probably be risking your own (and, perhaps, friends & family) money

• Freedom to choose your business’s purpose and goals

• There’s no guarantee of a regular paycheck and no paid or subsidized benefits

What percent of businesses in the U.S. are small businesses?

• 50%

• 99%

• 75%

• 90%

Sole Proprietorships are Businesses structures that are:

• Owned and operated by a group of people

• Owned and operated by One individual

• Owned by a neighborhood or community

• Organized to act as a committee

An ADVANTAGE of owning a small business is which of the following except...

• a person has to do what another person says

• a person can make their own decisions

• a person has the freedom to choose the business purpose and goals

• unlimited impact and revenue

A disadvantage of owning a small business is the following except what?

• you must take responsibility for decisions made

• you get a continuous and stable paycheck every two weeks.

• you can't say "it's not my job"

• risking your own or family's money

The following are things to consider when choosing an organization type for a business except what?

• taxation

• control vs responsibility

• risk tolerance

• location of the business

An advantage of sole proprietorship is the following except what?

• Easy and inexpensive to form

• Personal time commitment

• No special taxation

• Direct control of the business