Part 1

Question 1

An individual who undertakes the risk associated with creating, organizing, and owning a business.

Answer 1

Entrepreneur

Question 2

Personal Characteristics of
Successful Entrepreneurs

Answer 2

Persistent

Creative

Responsible

Inquisitive

Goal-oriented

Independent

Self-confident

Risk taker

Question 3

Skills Needed by Successful
Entrepreneurs

Answer 3

Communication skills

Human relations skills

Math skills

Problem-solving & Decision-making skills

Technical skills

Basic Business skills

Question 4

The process of starting and
running one’s own business

This involves a considerable
amount of risk.

Answer 4

Entrepreneurship

Question 5

5 Steps of the
Entrepreneurial Process

Answer 5

1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting

Question 6

The stage in which the entrepreneur
generates ideas, recognizes opportunities,
and studies the market.

Answer 6

Discovery

Question 7

What type of entrepreneurial process is
Developing a Business Plan
Choosing a Location for the Business.
Deciding if the idea will need a Patent or Trademark

Answer 7

Concept Development

Question 8

Protects new inventions, processes, or scientific creations,

Answer 8

Patents

Question 9

protects brands, logos, and slogans, and a copyright protects original works of authorship.

Answer 9

Trademark

Question 10

The stage in which the entrepreneur
identifies and acquires the financial,
human, and capital resources needed for
the venture startup, etc.

Answer 10

Resourcing

Question 11

The stage in which the entrepreneur
operates the business and utilizes
resources to achieve its goals /
objectives

Answer 11

Actualization

Question 12

The stage in which the entrepreneur
decides on venture’s future growth,
development, or demise.

Answer 12

Harvesting

Question 13

3 requirements to start a business

Answer 13

Develop a Business Plan

2. Acquire Finances
3. Meet Legal Requirements

Question 14

is a detailed proposal
that describes a new business.

Answer 14

Business plan, usually 30 pages

Question 15

The purpose of a business plan is?

Answer 15

Obtain Financing (Banks and Potential Lenders require a business plan0

Helps organize and analyze data critical to new business.

Provides a start-up proposal

Question 16

Protects Creative Works: Literary, Musical, Dramatic, Artistic works

Answer 16

Copyright

Question 17

What are the components of a business plan

Answer 17

Executive summary
Product/service plan
Management team plan
Industry/market analysis
Operational Plan
Organizational Plan
Marketing Plan
Growth Plan
Financial Plan

Question 18

an official document giving someone authorization to run their business under the extension
of the direction of the Local, State and Federal Laws.

Answer 18

Permits, Certifications or Licenses:

Question 19

a written or spoken agreement, especially one concerning employment, sales, or tenancy,
that is intended to be enforceable by law.

Answer 19

Contacts

Question 20

specify the areas in which residential, industrial, recreational or commercial activities may
take place.

Answer 20

Zoning Laws

Question 21

a enforced contribution of funds to state revenue, levied by the government on workers’
income and business profits or added to the cost of some goods, services, and transactions.

Answer 21

Taxes