Questions and Answers
What is the primary goal of owning a business?
Which of the following is considered a startup expense?
What percentage of new businesses typically do not survive their first year?
Which entrepreneur is known for starting a technology company in a garage?
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What is a common risk that entrepreneurs face when starting a business?
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What does it mean to have more expenses than income in a business?
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How much is estimated to be the average cost of starting a business?
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What is a common characteristic of entrepreneurs?
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What is the primary role of an entrepreneur in an economy?
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Which entrepreneur is known for founding the Atlanta Life Insurance Company?
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What characteristic is NOT typically associated with successful entrepreneurs?
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What does profit indicate in a business?
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How do entrepreneurs contribute to GDP growth?
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Which entrepreneur is best known for founding Chick-fil-A?
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What main benefit do entrepreneurs receive from generating profit?
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Which of the following best describes a new venture's startup expenses?
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What is the annual value of the agriculture industry in Georgia?
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Which entrepreneur founded a company that evolved into one of the most successful brands, known as Apple?
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Which product is Georgia known for producing the most?
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What impact did tax incentives have on Georgia's film industry?
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Which of the following best describes the startup expenses of new agriculture businesses in Georgia?
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In the context of entrepreneurship, what is a significant risk associated with starting a business in the agriculture industry?
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What is one of the primary benefits of Georgia's vibrant music scenes?
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What percentage of Georgians work in agriculture, forestry, or a related field?
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Study Notes
Entrepreneurship and Persistence
- Colonel Sanders faced 1,009 rejections before KFC accepted his recipe for franchising.
- KFC now generates over $3.1 billion in revenue, highlighting the importance of persistence.
Business Fundamentals
- Entrepreneurs create goods or services to generate income.
- Business expenses include machinery, payroll, rent, office supplies, marketing materials, vehicles, and inventory.
- The primary goal of a business is to make a profit by selling goods or services.
Business Survival Statistics
- Over 80% of new businesses fail within their first year, and 50% do not make it past five years.
- Companies with expenses exceeding their earnings face a higher risk of failure.
Risks in Entrepreneurship
- Starting a business involves financial risks, with the average startup cost estimated at $30,000.
- Entrepreneurs often lose security as wage earners and may sacrifice time with family to pursue their business dreams.
Notable Entrepreneurs and Innovations
- Steve Jobs focused on computer innovation, co-founding Apple at the age of 21 with Steve Wozniak.
- Sam Walton founded Walmart in 1962, which revolutionized retail by offering a wide variety of goods in one location.
Famous Entrepreneurs from Georgia
- Alonzo Herndon: Known for barbershops and Atlanta Life Insurance Company.
- Anne Cox Chambers: Associated with Cox Enterprises.
- Ted Turner: Media pioneer and founder of various ventures including CNN.
- Arthur Blank and Bernie Marcus: Co-founders of Home Depot.
- Truett Cathy: Founder of Chick-fil-A.
- Founders of Coca-Cola: John Pemberton, Asa Candler, and Robert Woodruff.
Traits of Successful Entrepreneurs
- High motivation to achieve and a solid work ethic are crucial.
- Independence, strong leadership skills, and good business instincts are essential.
- Self-belief and confidence in one's ideas are vital traits for entrepreneurs.
Understanding Profit
- Profit occurs when a business's earnings surpass its expenses.
- Profit serves as an incentive for entrepreneurs, driving business growth and investments.
Economic Impact of Entrepreneurs
- Entrepreneurs contribute to GDP growth by creating jobs and generating products/services.
- States with a high number of entrepreneurs tend to foster strong job markets and positive economic conditions.
Agriculture Industry in Georgia
- Agriculture is Georgia's leading industry, generating over $71 billion annually.
- The state excels in producing cotton, peanuts, and soybeans, benefiting from ideal climate conditions.
- Georgia is the world's top pecan producer and a leading producer of blueberries, peaches, and poultry.
Entertainment Industry in Georgia
- Georgia has emerged as a hub for film and entertainment, including a vibrant music scene.
- Tax incentives initiated by Governor Nathan Deal have boosted profitability in the film industry.
- The entertainment industry contributes over $10 billion annually to Georgia's economy.
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Description
This quiz explores the principles of entrepreneurship, focusing on the importance of persistence in business. Discover how expenses play a crucial role in startup success and the journey of successful franchises like KFC. Test your knowledge about the costs associated with running a business.
