Entrepreneurship Flashcards

Questions and Answers

What is a main reason why entrepreneurs experience daily stress?

They have considerable responsibility. (correct)

They need to have sufficient income to pay loans.

They need to spend time training employees.

They have to contribute both to the market and society.

What was the main effect of entrepreneurship in China?

Product exports exceeded imports.

Foreign investment declined.

New products were invented.

Poverty noticeably declined. (correct)

What is one way for an entrepreneur to decrease risk?

By creating a strong business strategy. (correct)

By developing reliable sources for materials.

By maintaining personal flexibility.

By mimicking popular products.

What characteristic must an entrepreneur have to succeed after many failed experiments?

An ability to learn from mistakes. Signup and view all the answers

How are Bill Gates and Henry Ford similar? (Check all that apply)

They both helped better the lifestyles of others. Signup and view all the answers

An entrepreneur is someone who:

Starts and runs a business. Signup and view all the answers

A new business should be based on an entrepreneur's individual interests because they must:

Dedicate as many hours as needed to the work. Signup and view all the answers

An entrepreneur would most likely be interested in:

Personal fulfillment. Signup and view all the answers

If an entrepreneur's first business fails but their second attempt is succeeding, you can assume that:

They learned from their mistakes. Signup and view all the answers

Successfully starting and running a business requires drive, talent, and a clear vision of a long-range:

Goal. Signup and view all the answers

Study Notes

Daily Stress in Entrepreneurship

Entrepreneurs face significant daily stress due to considerable responsibility.

Entrepreneurship Impact in China

A notable outcome of entrepreneurship in China was the decline of poverty.

Risk Management in Business

Entrepreneurs can reduce risk effectively by creating a strong business strategy.

Characteristics of Successful Entrepreneurs

Learning from mistakes is crucial for entrepreneurs, especially after unsuccessful projects.

Comparisons Between Influential Entrepreneurs

Bill Gates and Henry Ford share similarities such as wealth, success, contribution to lifestyle improvements, and developing products addressing human needs.

Definition of an Entrepreneur

An entrepreneur is defined as someone who starts and runs a business.

Commitment to Business Interests

A new business should align with an entrepreneur's interests to ensure they are willing to dedicate ample hours to it.

Interests of Entrepreneurs

Personal fulfillment stands out as a primary interest for entrepreneurs, outweighing factors like job security or financial gain.

Learning from Failure

Success in subsequent business attempts suggests that an entrepreneur has learned from past mistakes.

Essential Traits for Business Success

Successfully establishing and managing a business demands drive, talent, and a clear long-range goal.

Description

Test your knowledge on entrepreneurship concepts with this flashcard quiz. Covering key reasons for entrepreneur stress and the impact of entrepreneurship in regions like China, this quiz will enhance your understanding of the entrepreneurial landscape.