Entrepreneurship Basics

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Questions and Answers

What is the primary goal of owning a business?

To sell goods at a loss

To create employment opportunities

To make a profit (correct)

To provide services for free

Which of the following is considered a startup expense?

Utilities for one year

Loan repayment

Employee bonuses

Marketing materials (correct)

What percentage of new businesses typically do not survive their first year?

50%

30%

80% (correct)

20%

Which entrepreneur is known for starting a technology company in a garage?

Steve Jobs Signup and view all the answers

What is a common risk that entrepreneurs face when starting a business?

Losing all invested money Signup and view all the answers

What does it mean to have more expenses than income in a business?

The business is unsustainable Signup and view all the answers

How much is estimated to be the average cost of starting a business?

$30,000 Signup and view all the answers

What is a common characteristic of entrepreneurs?

Problem-solving skills Signup and view all the answers

What is the primary role of an entrepreneur in an economy?

To take risks and create new goods and services Signup and view all the answers

Which entrepreneur is known for founding the Atlanta Life Insurance Company?

Alonzo Herndon Signup and view all the answers

What characteristic is NOT typically associated with successful entrepreneurs?

Fear of failure Signup and view all the answers

What does profit indicate in a business?

Earnings after all expenses are paid Signup and view all the answers

How do entrepreneurs contribute to GDP growth?

By creating jobs and producing goods/services Signup and view all the answers

Which entrepreneur is best known for founding Chick-fil-A?

Truett Cathy Signup and view all the answers

What main benefit do entrepreneurs receive from generating profit?

They can reinvest and grow their business Signup and view all the answers

Which of the following best describes a new venture's startup expenses?

The initial costs required to start a business, including equipment and supplies Signup and view all the answers

What is the annual value of the agriculture industry in Georgia?

$71 billion Signup and view all the answers

Which entrepreneur founded a company that evolved into one of the most successful brands, known as Apple?

Steve Jobs Signup and view all the answers

Which product is Georgia known for producing the most?

Pecans Signup and view all the answers

What impact did tax incentives have on Georgia's film industry?

Increased profitability for TV shows and movies Signup and view all the answers

Which of the following best describes the startup expenses of new agriculture businesses in Georgia?

High, requiring substantial investment for technology Signup and view all the answers

In the context of entrepreneurship, what is a significant risk associated with starting a business in the agriculture industry?

Dependence on climate and weather conditions Signup and view all the answers

What is one of the primary benefits of Georgia's vibrant music scenes?

It attracts film and entertainment productions Signup and view all the answers

What percentage of Georgians work in agriculture, forestry, or a related field?

One in seven Signup and view all the answers

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.