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Study Guide Answers

1.     Define the word, "entrepreneur."
     a person who takes an idea and capitalizes on it, often turning it into a profitable business
2.     Describe the typical workday of an entrepreneur. How much do they earn?
     Entrepreneurs can work all hours, until the job is complete. They only earn money in proportion to how much they produce; there is no set wage.
3.     An education is important when starting your own company. True or false?
     true
4.     Over 90% of all new businesses fail in the first two years. True or false?
     true
5.     Every year there are _____________________ million new businesses.
     three
6.     More than ______________________ of these new businesses are partnerships.
     one-half
7.     More than _________________ of new business owners start while they are still working for someone else.
     two-thirds
8.     Many large businesses begin as full-time endeavors. True or false?
     false
9.     What is the average age group for most new entrepreneurs?
     30-50 years old
10.     One-third of new entrepreneurs are women. True or false?
     true
11.     Initial capital usually comes from one's own resources. True or false?
     true
12.     Discuss both the upside and the downside of becoming an entrepreneur.
     discussion
13.     What is the first step in ensuring success?
     Choose a business about which you are knowledgeable.
14.     List the important items in your business plan.
     an executive summary, profile of competition, outline of your qualifications, summary of needed capital, and a realistic projection of earning potential.
© Educational Video Network, Inc. 2005 - www.evndirect.com
Your leading source for curriculum-based educational videos and DVDs.