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Questions and Answers
Which of the following best describes an entrepreneur?
Which of the following best describes an entrepreneur?
- A person who dreams of being their own boss
- A person who competes in a business investment TV show
- A person who leads workshops and helps others
- A person who takes risks in search of new business opportunities (correct)
What is one motivation for becoming an entrepreneur?
What is one motivation for becoming an entrepreneur?
- Creating new business opportunities (correct)
- Being your own boss
- Managing employees
- Setting your own schedule
Which option describes the risks and benefits of starting a new business from scratch?
Which option describes the risks and benefits of starting a new business from scratch?
- High risk and low potential for growth
- Low risk and low potential for growth
- High risk and high potential for growth (correct)
- Low risk and high potential for growth
What is a disadvantage of buying a franchise?
What is a disadvantage of buying a franchise?
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What is a benefit of buying a franchise?
What is a benefit of buying a franchise?
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Which type of business opportunity allows entrepreneurs to purchase a business that already has a location, products, and customers?
Which type of business opportunity allows entrepreneurs to purchase a business that already has a location, products, and customers?
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Study Notes
Characteristics of an Entrepreneur
- An entrepreneur is someone who organizes and operates a business, often taking on financial or operational risks in the process.
Motivations for Becoming an Entrepreneur
- One motivation for becoming an entrepreneur is the desire to be your own boss and have control over your work.
Risks and Benefits of Starting a Business
- Starting a new business from scratch involves risks, such as financial uncertainty and potential failure, but also offers benefits, including the potential for high profits and personal fulfillment.
Disadvantages of Buying a Franchise
- A disadvantage of buying a franchise is the loss of autonomy and independence, as the business owner must follow the rules and guidelines set by the franchisor.
Benefits of Buying a Franchise
- A benefit of buying a franchise is the access to a proven business model, training, and support, which can increase the chances of success.
Types of Business Opportunities
- Buying an existing business allows entrepreneurs to purchase a business that already has a location, products, and customers, providing a established foundation for operations.
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