Entrepreneurship Unit 1 – Flashcards
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Which of the following is an example of a written business inquiry?
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B.An e-mail requesting vendor pricing and discounts
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When writing a letter of inquiry, when should you identify the purpose of your letter?
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A.At the beginning of the letter
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What component is important to include in all types of inquiry letters?
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A.Contact information
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What is one of the main reasons why small businesses are strongly promoted and supported by local government?
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D.They are important to the economy.
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Which of the following is most likely to have a negative effect on domestic small-business growth:
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C.Restrictive loan policies
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Which of the following statements is true about entrepreneurship and small business growth:
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B.Many people start entrepreneurial ventures during times of economic recession.
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Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operating costs for a self-serve laundromat:
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C.Coin laundry trade association
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A reliable online source of general business start-up information is
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C.the Small Business Administration (www.sba.gov).
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Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as Alaina's guide in the business start-up process. Jack is serving as Alaina's
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D.mentor.
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Home-based businesses are attractive to many people because the businesses generally
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B.have lower start-up costs.
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What is a trend that affects the growth of entrepreneurial ventures?
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C.A higher demand for more convenience products
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Governments can encourage entrepreneurial development by
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C.deregulating and reducing taxes.
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What is a disadvantage of entrepreneurship?
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D.Uncertain income
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What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
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C.Risk taking
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Which of the following statements is true regarding training for entrepreneurial ventures:
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C.The type of training and education that entrepreneurs need depends on the nature of the start-up business.
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Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.
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D.passion for
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Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
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D.what needs to be done.
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Even when times are tough for Caitlin's business venture, she tends to remain positive—she looks at the glass as half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?
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B.Optimism
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Which of the following is a financial concern that entrepreneurs often face when starting new businesses:
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A.Irregular paychecks
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As a new business owner, Thomas is willing to work long hours, watch his spending, and sacrifice his social life to focus on building his clientele. What entrepreneurial trait is Thomas exhibiting?
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D.Determination
