Chapter 1: Becoming An Entrepreneur

1.

What are entrepreneurs?
- A.
  
  People who interpret problems as opportunities
- B.
  
  People who take action in response to needs
- C.
  
  People who accept calculated risks in hopes of creating value
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
Entrepreneurs are individuals who possess a specific mindset and set of characteristics. They are people who interpret problems as opportunities, meaning they are able to identify potential business ideas or solutions in challenging situations. Additionally, entrepreneurs are individuals who take action in response to needs, meaning they actively seek to address and fulfill market demands. Lastly, entrepreneurs are known for accepting calculated risks in hopes of creating value, indicating their willingness to venture into uncertain territory for the potential of achieving success. Therefore, all of the given options accurately describe what entrepreneurs are.

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2.

True or False. Financial risks are always possible when starting a business.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Starting a business involves various financial risks. This is because there are always uncertainties and potential challenges associated with launching and running a new venture. These risks can include the possibility of not generating enough revenue to cover expenses, facing unexpected expenses, difficulty in obtaining funding or loans, market fluctuations, and competition. Therefore, it is true that financial risks are always possible when starting a business.

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3.

What does Bill Gates mean when he says, "Big Wins Require Big Risks"?
4.

What is an exit strategy? Define and give one example.
5.

Which of the following is NOT a characteristic of entrepreneurs:
- A.
  
  Careless
- B.
  
  Desire
- C.
  
  Responsible
- D.
  
  Self-Discipline
Correct Answer
A. Careless

Explanation
Entrepreneurs are typically known for their desire and motivation to start and grow their own businesses. They are responsible individuals who take ownership of their actions and decisions. Self-discipline is another important characteristic as entrepreneurs need to stay focused and motivated to achieve their goals. However, being careless is not a characteristic of entrepreneurs. They are usually meticulous and pay attention to details in order to ensure the success of their ventures.

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6.

True or False. Entrepreneurs should not have any knowledge in their chosen field.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Entrepreneurs should have knowledge in their chosen field. This is because having expertise and understanding of the industry they are entering allows entrepreneurs to make informed decisions, identify opportunities, and effectively navigate challenges. Without knowledge in their field, entrepreneurs may struggle to develop innovative ideas, build a competitive advantage, and make informed strategic choices. Therefore, it is important for entrepreneurs to have a strong foundation of knowledge in their chosen field to increase their chances of success.

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7.

A personal vision is:
- A.
  
  Personal market assessment
- B.
  
  Personal reality
- C.
  
  Perosnal political views
- D.
  
  Personal objectives or goals
Correct Answer
D. Personal objectives or goals

Explanation
A personal vision refers to an individual's personal objectives or goals. It represents the aspirations, ambitions, and desired outcomes that a person aims to achieve in their life. It encompasses their long-term plans, dreams, and the direction they want to take in various aspects of their life, such as career, relationships, personal growth, and overall happiness. Personal objectives or goals serve as a guiding force, providing clarity and motivation to individuals in their decision-making process and actions to achieve their desired future.

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8.

Name three lifestyle criteria that should be considered in a personal vision.
9.

True or False. Written goals help entrepreneurs work smarter.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Written goals help entrepreneurs work smarter because they provide a clear direction and focus for their efforts. When goals are written down, they become more tangible and can be easily referred to and tracked. This helps entrepreneurs stay organized, prioritize tasks, and make strategic decisions that align with their overall objectives. Additionally, written goals can serve as a source of motivation and accountability, as entrepreneurs can review their progress and make adjustments as needed. Overall, having written goals helps entrepreneurs stay on track and maximize their productivity and success.

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10.

What is a business plan and its major purpose?
11.

A business plan also identifies potential r_________, p_____________, and trade-offs.

Correct Answer
risks
problems

Explanation
A business plan is a comprehensive document that outlines the goals, strategies, and operations of a business. It also helps in identifying potential risks and problems that may arise during the course of running the business. By acknowledging these risks and problems in the business plan, the entrepreneur can develop contingency plans and strategies to mitigate them. This ensures that the business is prepared to handle any challenges that may come its way and increases the chances of success.

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4

Chapter 1: Becoming An Entrepreneur

What are entrepreneurs?

True or False. Financial risks are always possible when starting a business.

What does Bill Gates mean when he says, "Big Wins Require Big Risks"?

What is an exit strategy? Define and give one example.

Which of the following is NOT a characteristic of entrepreneurs:

True or False. Entrepreneurs should not have any knowledge in their chosen field.

A personal vision is:

Name three lifestyle criteria that should be considered in a personal vision.

True or False. Written goals help entrepreneurs work smarter.

What is a business plan and its major purpose?

A business plan also identifies potential r_________, p_____________, and trade-offs.

A business plan also identifies potential r_, p_____, and trade-offs.