Entrepreneurship Fundamentals
This worksheet covers fundamental concepts of entrepreneurship for Grade 11 students, including characteristics of entrepreneurs, business structures, and market analysis.
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Entrepreneurship Fundamentals
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Read each question carefully and answer to the best of your ability. For multiple choice questions, circle the letter of the correct answer.
1. Which of the following is NOT a common characteristic of successful entrepreneurs?
Risk-taking
Creativity
Resistance to change
Perseverance
2. A business owned and run by one individual who receives all profits and has unlimited liability is called a:
Partnership
Corporation
Sole proprietorship
Limited Liability Company (LLC)
3. The process of identifying a business opportunity, gathering the necessary resources, and taking the financial risks to start a new business is called .
4. A written document that describes a business, its objectives, strategies, market, and financial forecasts is known as a .
5. Market research is an optional step for entrepreneurs and is not critical for business success.
True
False
6. A successful entrepreneur must be comfortable with ambiguity and uncertainty.
True
False
7. Briefly explain the difference between a product and a service.
8. List three advantages of starting your own business.
Use the words below to complete the sentences.
9. A is a small, specialized segment of a larger market.
10. The unique benefits a company promises to deliver to customers is its .