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Entrepreneurship Unit 1 Being an Entrepreneur

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Entrepreneurship Unit 1 Being an Entrepreneur

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Questions and Answers

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?

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?

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?

Strict policies on marketing and prices Signup and view all the answers

What is a benefit of buying a franchise?

Access to well-known name on the door Signup and view all the answers

Which type of business opportunity allows entrepreneurs to purchase a business that already has a location, products, and customers?

Franchise Signup and view all the answers

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.