Answer: Sensitive to thoughts and feelings of others
What are three characteristics of entrepreneurs?
Answer: Creativity, Determination, Enthusiasm
After a self-assessment, a potential entrepreneur has learned that she has a very low
risk tolerance. Based upon this finding, which approach might be less stressful for the
entrepreneur to have her own business?
Answer: Buy an existing business that is already successful.
,An entrepreneur moves into a small town and notices several stores selling guns and
ammunition. The entrepreneur loves to compete in competitive shooting events. Based
on the scenario provided, what should be emphasized in marketing to attract
customers?
Answer: Location
An entrepreneur has been working for a flooring business in a neighboring town. He
feels he is ready to open his own flooring business in his local community. Which should
be emphasized in marketing to attract customers to his new business?
Answer: Lower Prices
Which is one of the greatest benefits of entrepreneurship?
Answer: Being your own boss
Which are three risks of entrepreneurship?
Answer: Long hours, potential business failure, financial insecurity
Gabe has worked as a journeyman electrician for an employer for the past 16 years. He
is paid a good salary. His only dissatisfaction is the hours are long and often when he
requests time off he is denied because of customer workload.
Which benefit of entrepreneurship will Gabe most enjoy?
Answer: Autonomy
, What is a primary benefit of starting a new business without purchasing a franchise or
buying an existing business?
Answer: Developing your own rules
A mechanic just graduated from motorcycle repair school and wants to start a business
because there is a lack of motorcycle repair shops in the local town. Given the facts
provided, which opportunity would be the best choice for the motorcycle mechanic to
open a business?
Answer: Start a new business and invest $50,000 in modern diagnostic tools.
An entrepreneur who has a hobby in leathercraft wants to turn it into a business. She
wants to sell purses, belts, and other leathercrafts from her home. Which opportunity for
starting a leathercraft business would have the highest probability of success?
Answer: Build an online storefront
Based upon the education and skills gained from the years of vocational training as an
auto mechanic, as well as having grown up in a family of entrepreneurs, a young adult
decides to open an auto mechanic shop. Which customer group will this new auto
mechanic business support?
Answer: Businesses
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