Enterprise And Entrepreneurship:
Overview
Every famous company started as one person with an idea and the nerve to risk their own money on it. That person is an entrepreneur, and the ability to spot a need, plan for it and carry the risk is what turns a spare-time hobby into a business that employs others.
In this lesson you will learn the characteristics that help entrepreneurs succeed, what goes into a business plan and why banks insist on one, and why governments are willing to give grants and training to help new firms start up. By the end you will be able to judge whether a person and a plan are ready to launch.
Objectives
- Characteristics of successful entrepreneurs
- Contents of a business plan and how business plans assist entrepreneurs
- Why and how governments support business start-ups, e.g. grants, training schemes
Lesson Note
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Lesson Evaluation
Congratulations on completing the lesson on Enterprise And Entrepreneurship:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Which is a characteristic of a successful entrepreneur? A. avoids all risk B. dislikes new ideas C. willing to take risks D. needs constant supervision Answer: C
- A grant given by a government to a new business is: A. a loan repaid with interest B. money that does not have to be repaid C. a tax on profits D. a share of ownership Answer: B
- Which section of a business plan helps a bank judge if a loan can be repaid? A. description of the business B. forecast cash flow C. business history D. list of competitors Answer: B
- The income an entrepreneur gives up by leaving a job to start a business is the: A. grant B. dividend C. opportunity cost D. overdraft Answer: C
- Why do governments support business start-ups? A. to reduce the number of jobs B. to create jobs and tax revenue C. to lower output D. to discourage enterprise Answer: B
Available on the Green Bridge App
Download the Green Bridge CBT app on your phone or computer to access full lesson notes, practice questions, and more.
Available on the Green Bridge App
Download the Green Bridge CBT app on your phone or computer to access full lesson notes, practice questions, and more.
Recommended Books
Practice Mock Questions
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