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Entrepreneurship Counseling Flashcards

7 cards from real CCC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Entrepreneurship Counseling flashcards as text

  1. A counselor helps a client list skills, contacts, and resources the client already has before choosing a venture. This reflects which entrepreneurial approach?

    Answer: Effectuation (starting with available means)

    Sarasvathy's effectuation theory says entrepreneurs start from who they are, what they know, and whom they know.

  2. Which item belongs on a Business Model Canvas?

    Answer: Customer segments

    The Business Model Canvas includes nine building blocks, including customer segments and value propositions.

  3. A client's spouse strongly opposes the business idea. In entrepreneurship counseling, how should this be handled?

    Answer: Treat family support as an important factor and explore ways to address the concerns

    Family support strongly affects entrepreneurial persistence and well-being, so it should be addressed openly.

  4. Which funding source involves selling small amounts of equity or rewards to many people, usually online?

    Answer: Crowdfunding

    Crowdfunding raises small contributions from many backers through online platforms.

  5. A client plans to classify workers as independent contractors to save money. What should the counselor advise?

    Answer: Misclassification can lead to IRS and Department of Labor penalties, so the client should review the legal tests

    Worker status depends on legal tests of control and economic dependence, not on what the parties prefer.

  6. What is 'bootstrapping' in startup financing?

    Answer: Funding the business through personal savings and early revenue without outside investors

    Bootstrapping means growing with internal resources so the owner keeps full control.

  7. An older client (age 58) is thinking about an 'encore' business after retirement. Which issue should the counselor make sure the client weighs?

    Answer: How much of their retirement savings they would risk, and health insurance coverage before Medicare eligibility

    Late-career entrepreneurs should protect their retirement assets and plan for health coverage before Medicare starts at 65.