Who Is An Entrepreneur?

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| By Shantell Miller

Shantell Miller

Community Contributor

Quizzes Created: 1 | Total Attempts: 238

Questions: 12 | Attempts: 238 | Updated: Mar 20, 2023

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This quiz will test your basic knowledge of the introductory vocabulary words in Entrepreneurship, reasons why one should become an entrepreneur, and the advantages and disadvantages of being an entrepreneur.

Questions and Answers

1.

An ________ is a person who owns, operates and takes the risk of starting a business.

Explanation
An entrepreneur is a person who owns, operates, and takes the risk of starting a business. They are individuals who identify opportunities, come up with innovative ideas, and take the initiative to turn those ideas into successful ventures. Entrepreneurs are willing to take risks and invest their time, money, and resources into their businesses, with the hope of achieving financial success and making a positive impact in the market. They are known for their drive, determination, and ability to think outside the box, making them crucial players in the economy and drivers of innovation and growth.

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2.

________ is the process of running one's own business.

Explanation
Entrepreneurship refers to the process of running one's own business. It involves taking risks, identifying opportunities, and organizing and managing resources to create and grow a business venture. Entrepreneurs are individuals who possess innovative ideas, leadership skills, and a strong drive to succeed. They are willing to take calculated risks and make decisions that can potentially lead to financial and personal rewards. Entrepreneurship is crucial for economic growth and development as it fosters innovation, creates job opportunities, and drives competition in the market.

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3.

________ are the people who work for a business.

Explanation
The term "employees" refers to the individuals who are employed by a business and work for it. They are hired by the company to perform various tasks and contribute to the overall functioning and success of the organization. Employees can be part-time or full-time, and they receive compensation for their work in the form of wages or salaries. They are an essential asset for any business as they carry out the day-to-day operations and help achieve the company's goals and objectives.

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4.

People who buy the finished product are called ________.

Explanation
People who buy the finished product are referred to as consumers. They are the end-users of the product and play a crucial role in the demand and consumption of goods or services. Consumers are the target market for businesses and their purchasing decisions directly impact the success of a product or service in the market.

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5.

The good the consumer buys or purchases is called the ________.

Explanation
The term "product" refers to the good or item that a consumer buys or purchases. It encompasses any tangible or intangible item that is offered in the market for sale. This can include physical goods such as clothing, electronics, or food, as well as services like haircuts or insurance. The word "product" is commonly used in the context of marketing and business to describe the offerings that are available to consumers.

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6.

________ are the activities that are consumed as they are produced.

Explanation
Services are the activities that are consumed as they are produced. Unlike goods, which can be stored and used at a later time, services are typically provided and used immediately. For example, when you go to a hair salon, you receive the service of getting your hair cut and styled, and it is consumed in real-time. Similarly, when you hire a plumber to fix a leak in your house, the service is consumed as it is provided. Therefore, services are the correct answer to the question.

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7.

Some persons become entrepreneurs to be their own ________.

Explanation
Entrepreneurs start their own businesses to be their own boss. By becoming an entrepreneur, they have the freedom to make their own decisions, set their own goals, and have control over their work. They no longer have to answer to anyone else and can create their own path to success. Being their own boss allows entrepreneurs to have autonomy and take responsibility for their own success or failure.

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8.

Being an entrepreneur allows you to put your ________ into action.

Explanation
Being an entrepreneur allows you to put your dreams into action. As an entrepreneur, you have the freedom to pursue your own ideas and visions, turning them into reality. You have the opportunity to take risks, be creative, and build something meaningful. Entrepreneurship empowers individuals to follow their passions and work towards achieving their goals, making dreams come true through hard work, dedication, and innovation.

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9.

Because entrepreneurs run their own businesses, all ________ made belongs to them.

Explanation
Entrepreneurs run their own businesses, which means they are responsible for all the decisions and actions taken. As a result, any profit generated from the business belongs to them. Since they have invested their time, money, and effort into building and running the business, they are entitled to enjoy the financial rewards that come with it. Therefore, the correct answer is profit.

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10.

Being an entrepreneur can be scary or ________.

Explanation
Being an entrepreneur can be scary or risky because starting a business involves a certain level of uncertainty and potential for financial loss. Entrepreneurs often have to invest their own money and resources into their ventures, taking on personal financial risks. Additionally, they face the challenge of building a customer base, competing with established businesses, and adapting to market changes. The success of an entrepreneur's business is not guaranteed, making it a risky endeavor.

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11.

Entrepreneurs work long ________, having no paid days off.

Explanation
Entrepreneurs work long hours, which means they dedicate a significant amount of time to their work. Unlike employees who have paid days off, entrepreneurs often have to work continuously without any breaks or time off. This is because they are responsible for the success and growth of their business, and any time away from work can directly impact their productivity and progress. Therefore, entrepreneurs have to put in extra hours and make sacrifices to ensure the smooth functioning of their venture.

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12.

Entrepreneurs must make all major ________ by themselves.

Explanation
Entrepreneurs are individuals who establish and manage their own businesses. As the driving force behind their ventures, they are responsible for making key decisions that impact the success and direction of their companies. This includes decisions related to business strategies, financial planning, marketing, hiring, and more. Given their autonomy and ownership, entrepreneurs have the authority and accountability to make all major decisions themselves, without relying on external parties or delegating the responsibility to others.

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Sep 30, 2020

Quiz Created by
Shantell Miller

Who Is An Entrepreneur?

An ________ is a person who owns, operates and takes the risk of starting a business.

________ is the process of running one's own business.

________ are the people who work for a business.

People who buy the finished product are called ________.

The good the consumer buys or purchases is called the ________.

________ are the activities that are consumed as they are produced.

Some persons become entrepreneurs to be their own ________.

Being an entrepreneur allows you to put your ________ into action.

Because entrepreneurs run their own businesses, all ________ made belongs to them.

Being an entrepreneur can be scary or ________.

Entrepreneurs work long ________, having no paid days off.

Entrepreneurs must make all major ________ by themselves.