FREE Entrepreneurship Characteristics Questions and Answers

Question 1

What are some disadvantages of being a business owner?

Accepted Answer

You do not always receive a regular paycheck

Answer

Your work schedule is always predictable

Answer

You have more control over your work

Answer

You have a more flexible schedule

Question 2

A target audience is

Accepted Answer

a group of consumers at which a product/service is aimed

Answer

a generational group of individuals

Answer

an industry willing to sell and market your product

Answer

a group of investors willing to put capital into a business

Question 3

What details should be omitted from a business plan?

Accepted Answer

Your assets and liabilities

Answer

Your marketing plan

Answer

Your basic business concept

Answer

Your financing needs

Question 4

One of the most creative people in the past 30 years is Reid Hoffman. He established the

Accepted Answer

Answer

Groupon

Answer

Snapchat

Answer

Twitter

Question 5

One of the most creative people in the past 30 years is Reid Hoffman. He established the

Accepted Answer

Self-funding a business or project

Answer

Starting a business with very few assets

Answer

Tying yourself to a business partner to fund a venture

Answer

Strapped with maximum amount of debt to start a business

Question 6

With the support of this round of finance, a business can hire a few people and introduce a new product.

Accepted Answer

Seed Funding

Answer

Series A Funding

Answer

Series B Funding

Answer

Series C Funding

Question 7

Which is NOT one of the main reasons why startups fail.

Accepted Answer

Poor marketing

Answer

Market demand

Answer

Run out of cash

Answer

No business model

Question 8

A approach to communicate information about your company is through an elevator pitch. How much time should pass?

Accepted Answer

30 seconds

Answer

60 seconds

Answer

3 minutes

Answer

5 minutes

Question 9

This well-known inventor and businessman was also a scientist, printer, inventor, writer, and businessman.

Accepted Answer

Benjamin Franklin

Answer

John D. Rockefeller

Answer

Henry Ford

Answer

Thomas Edison

Question 10

The act of making something new that improves life is known as...

Accepted Answer

Innovation

Answer

Technology

Answer

Opportunity cost

Answer

Brand recognition