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Entrepreneurship — Quiz Answers

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An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
their products or services were unneeded.
C
they are willing to take fewer risks.
D
they were unwilling to take financial responsibility.
2
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What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to have sufficient income to pay loans.
C
They have to contribute both to the market and society.
D
They need to spend time training employees.
3

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
expected to dedicate the most hours to the business.
B
responsible for organizing the business.
C
part of the management team.
D
expected to contribute positively to society.
4

What is one purpose of writing a business plan before entering the market?

A
to differentiate the new company from the competition
B
to have a useful tool when applying for funding
C
to show that the enterprise is realistically based
D
to prove that the new company will be successful
5

What is one way for an entrepreneur to decrease risk?

A
by maintaining personal flexibility
B
by developing reliable sources for materials
C
by mimicking popular products
D
by creating a strong business strategy
6

What must an entrepreneur assume when starting a business?

A
that every product has a customer who wants it
B
that clever market strategies may still fail to sell a product
C
that raising funds is the most difficult step in starting a business
D
that the correct location guarantees success
7

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a willingness to admit failure
B
an ability to learn from mistakes
C
an assumption of responsibility
D
a dedication to hard work
8

What must an entrepreneur do after creating a business plan?

A
file the right paperwork
B
identify an opportunity
C
finance the business
D
open the business
9

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
financial risk.
C
a flexible working environment.
D
personal fulfillment.
10

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
dedicate as many hours as needed to the work.
B
have sufficient confidence to succeed.
C
have enough determination to work alone.
D
be willing to take personal responsibility.
11

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
an assumption of responsibility
C
a willingness to admit failure
D
an ability to learn from mistakes
12

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
expected to contribute positively to society.
C
expected to dedicate the most hours to the business.
D
responsible for organizing the business.
13

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
an assumption of responsibility
C
an ability to learn from mistakes
D
a willingness to admit failure
14

What is one purpose of writing a business plan before entering the market?

A
to differentiate the new company from the competition
B
to prove that the new company will be successful
C
to have a useful tool when applying for funding
D
to show that the enterprise is realistically based
15

What must an entrepreneur assume when starting a business?

A
that raising funds is the most difficult step in starting a business
B
that every product has a customer who wants it
C
that the correct location guarantees success
D
that clever market strategies may still fail to sell a product
16

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
have sufficient confidence to succeed.
B
dedicate as many hours as needed to the work.
C
have enough determination to work alone.
D
be willing to take personal responsibility.
17

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
an assumption of responsibility
B
a willingness to admit failure
C
a dedication to hard work
D
an ability to learn from mistakes
18

What must an entrepreneur do after creating a business plan?

A
open the business
B
finance the business
C
file the right paperwork
D
identify an opportunity
19

What is a main reason why entrepreneurs experience daily stress?

A
They need to have sufficient income to pay loans.
B
They have considerable responsibility.
C
They need to spend time training employees.
D
They have to contribute both to the market and society.
20

What is a main reason why entrepreneurs experience daily stress?

A
They need to have sufficient income to pay loans.
B
They need to spend time training employees.
C
They have to contribute both to the market and society.
D
They have considerable responsibility.

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