Final Review

Question 1

What is an entrepreneur?

Answer 1

Someone who starts their own business, and is willing to take risks.

Question 2

What is an example of someone who is not an entrepreneur who might be in business?

Answer 2

Freelancers

Question 3

What are some personality traits of an entrepreneur?

Answer 3

Innovative, creative willing to work hard and able to work smart. Confident and will persevere. Confident, gregarious, forward-thinking, and action-oriented. Ability to delay gratification.

Question 4

What is something that entrepreneurs are able to do that makes them more successful?

Answer 4

They are able to coordinate with other people well, find talent in others and utilize it for their business.

Question 5

What is the most important characteristic for an entrepreneur?

Answer 5

Some level of risk tolerance.

Question 6

What are the four phases of business?

Answer 6

Pre-launch, or ideas phase. Startup. Growth. Maturity.

Question 7

In which phases of business are the entrepreneurial traits the most important?

Answer 7

Pre-launch and start up. Will their traits becoming less important in the growth phase, and not useful in the maturity phase.

Question 8

What are the four steps in recognizing business opportunities?

Answer 8

1. Recognize the opportunity. See a problem, determine the value you can add
2. Conceptualization, research the markets, validate the idea.
3. Planning. Gather resources, decide on a business model. For action launch the business and actually go out and try the idea
4. Action. Launch the biz go try out the idea

Question 9

What are the four different types of entrepreneurs?

Answer 9

Lifestyle, side business, startup, and social entrepreneurs