Chapter 2

Question 1

Creativity

Answer 1

Entrepreneurs look for new ways to solve old problems

Question 2

Inquisitive

Answer 2

Entrepreneurs want to know as much as possible about whatever affects their venture. They conduct research and ask questions to solve problems.

Question 3

Restless

Answer 3

Once entrepreneurs achieve their goals they begin looking for new challenges

Question 4

Risk taking

Answer 4

Entrepreneurs take calculated risks but they are not reckless

Question 5

Responsible

Answer 5

Entrepreneurs not pass the buck. They take responsibility for their decisions and actions

Question 6

Competition

Answer 6

The rivalry among businesses for consumers dollars

Question 7

Investment

Answer 7

Amount of money someone puts into their business as capital

Question 8

Capital

Answer 8

Goods needed to produce a product or the money used to buy these things

Question 9

Role model

Answer 9

A person whose attitudes and achievements they tried to emulate

Question 10

Foundation skills

Answer 10

Skills that entrepreneurs use regularly in setting up and running a business

Question 11

Profile

Answer 11

Set of characteristics or qualities that identifies a type or category of person

Question 12

Achiever

Answer 12

A person with a record of successes

Question 13

Goal oriented

Answer 13

Entrepreneurs set and achieve goals.

Question 14

Boss

Answer 14

Person in charge of worker or organization

Question 15

Entrepreneur

Answer 15

An individual who undertakes the creation organization and ownership of an innovative business with potential for growth

Question 16

Action oriented

Answer 16

Entrepreneurs are doers as opposed to spectators. They set goals make decisions and act on their decisions

Question 17

Team work skills

Answer 17

Entrepreneurs have to coordinate and manage work teams. This involves respecting others being flexible and knowing when to exercise leadership

Question 18

Self-confidence

Answer 18

Entrepreneurs believe in themselves and trust their own ability to make decisions

Question 19

Human relation skills

Answer 19

You need good social skills to interact well with employees customers and vendors. This involves both verbal and nonverbal behavior

Question 20

Educational backgrounds

Answer 20

Entrepreneurs should have basic understanding of how the economy works and an understanding of fundamental concepts of finance marketing and management to create a successful business