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Questions and Answers
True or false: The entrepreneur outlines the course of his/her entrepreneurial venture in terms of short-term, medium-term, and long-term plans of action.
True
True or false: The owner of an ordinary small business tends to limit the funding of his/her business enterprise to personal resources.
True
True or false: The owner of an ordinary small business tends to outline the course of his/her business venture in terms of short-term, medium-term, and long-term plans of action.
False
True or false: Business venture under the direct supervision of the manager and not the owner fall within the strict concept of entrepreneurship.
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True or false: The entrepreneur seeks a wealth-creating venture rather than a profit generating venture.
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True or false: Entrepreneurship is solely about creating wealth and not focused on generating profits.
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Study Notes
Entrepreneurship vs. Small Business
- An entrepreneur outlines a course of action in terms of short-term, medium-term, and long-term plans.
- In contrast, the owner of an ordinary small business tends to lack such planning, focusing on short-term goals.
Funding Sources
- The owner of an ordinary small business typically relies on personal resources for funding.
Entrepreneurial Ventures
- A business venture under the direct supervision of the manager, not the owner, does not fall within the strict concept of entrepreneurship.
- Entrepreneurship involves seeking a wealth-creating venture, rather than just generating profits.
Key Distinctions
- Entrepreneurship is focused on creating wealth, not just generating profits.
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Description
Test your knowledge of entrepreneurship and small business ownership with this quiz. Explore the differences in funding and planning between entrepreneurs and small business owners.
