Are You Cut Out to be an Entrepreneur?

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Questions and Answers

Which of the following is a disadvantage of being an entrepreneur?

  • Working long and unpredictable hours (correct)
  • Having a regular and guaranteed salary
  • Having low stress levels
  • Having the potential to earn a higher income

What is the average salary of an entrepreneur according to the Bureau of Labor Statistics?

  • $80,000
  • $180,000 (correct)
  • $100,000
  • $45,000

What is a common characteristic of successful entrepreneurs?

  • Risk aversion
  • Creativity (correct)
  • Lack of motivation
  • Lack of knowledge

What percentage of entrepreneurs fail within the first year according to Bloomberg?

<p>80% (B)</p> Signup and view all the answers

What are two other characteristics of successful entrepreneurs?

<p>Self-motivation and determination (B)</p> Signup and view all the answers

Which of the following is a reason why most people choose to work for others instead of starting their own business?

<p>The need for a steady income (B)</p> Signup and view all the answers

What is the definition of entrepreneurship?

<p>Starting your own business (A)</p> Signup and view all the answers

According to the Global Entrepreneurship Monitor (GEM) report, which group has shown the most interest in becoming entrepreneurs?

<p>Women (A)</p> Signup and view all the answers

What are some advantages of being an entrepreneur?

<p>Excitement and flexibility (C)</p> Signup and view all the answers

What has been helpful in creating more opportunities for those interested in starting a business?

<p>Improving economy (A)</p> Signup and view all the answers

True or false: Being an entrepreneur means giving up the security of a regular paycheck?

<p>True (A)</p> Signup and view all the answers

True or false: Successful entrepreneurs are often considered knowledge seekers?

<p>True (A)</p> Signup and view all the answers

True or false: According to Bloomberg, 8 out of 10 entrepreneurs who start a business fail within the first year?

<p>True (A)</p> Signup and view all the answers

Match the following statements with being an advantage or disadvantage of being an entrepreneur:

<p>Deciding what you want to do and who you want to work with = Advantage Potential to earn a higher income = Advantage Long and unpredictable work hours = Disadvantage High stress = Disadvantage</p> Signup and view all the answers

Match the following characteristics with their description in context of entrepreneurship:

<p>Risk takers = Starting and running a business is full of risks Self-motivation = Motivation is needed to fuel an entrepreneur forward Determination = One needs to be determined to succeed Creative = Entrepreneurs need to continuously find ways to gain an advantage</p> Signup and view all the answers

Match the following facts about entrepreneurship with their corresponding statistics:

<p>Average salary of an entrepreneur = $180,000 Average annual salary for all jobs = $45,000 Chances of a new business succeeding = 20% Chances of a new business failing in the first year = 80%</p> Signup and view all the answers

Match the following characteristics with their relevance to entrepreneurship:

<p>Knowledge seekers = Entrepreneurs with the right knowledge have an advantage Lazy = If a person is lazy, little will get done and the business will fail Risk takers = A business owner is risking their time and money Determined = Entrepreneurs will need to be determined to build their business</p> Signup and view all the answers

Match the following statements to their corresponding facts about entrepreneurship:

<p>There is no regular or guaranteed salary = Disadvantage of being an entrepreneur Most entrepreneurs have failed two or three times before = Fact about success rate of entrepreneurs Entrepreneurs need to continuously find ways to gain an advantage = Characteristic of successful entrepreneurs Starting a business is full of new challenges and opportunities = Advantage of being an entrepreneur</p> Signup and view all the answers

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