BUS 001 Chapter 5: Introduction to [Main Topic] Study Guide.
1/
12
, BUS 001 Chapter 5: Introduction to [Main Topic] Study Guide.
1. The difference between the small business owner and assumes the risk of the
the entrepreneur is that the entrepreneur: business
manages the business
files taxes for the business
assumes the risk of the business
is responsible for the profits of the business
is accurately described by all of the above
2. The difference between small business owners and accept the status quo and
entrepreneurs is that small business owners: take a short-term view of
the future
are innovators
started the business to pursue their idea for a new
product or service
are risk takers
accept the status quo and take a short-term view of the
future
are accurately described by all of the above
3. When Art Baer read that Singapore would lift its ban classic (Classic entrepre-
on chewing gum, he thought to himself, "There has to neurs are risk takers who
be a market there." Baer, 26, knew if he was going to start their own compa-
move beyond the daydreaming stage, he had to move ny based on innovative
fast. After investing $20,000 of his own money into
developing a product he called Impress Gum, Baer quit growth-
his job, flew to Singapore, talked to the right people in oriented
the government, lined up a manufacturer, and hired a
marketing firm to promote his gum, which fights tooth
decay. Baer is an example of a(n) entrepreneur.
2/
12
1/
12
, BUS 001 Chapter 5: Introduction to [Main Topic] Study Guide.
1. The difference between the small business owner and assumes the risk of the
the entrepreneur is that the entrepreneur: business
manages the business
files taxes for the business
assumes the risk of the business
is responsible for the profits of the business
is accurately described by all of the above
2. The difference between small business owners and accept the status quo and
entrepreneurs is that small business owners: take a short-term view of
the future
are innovators
started the business to pursue their idea for a new
product or service
are risk takers
accept the status quo and take a short-term view of the
future
are accurately described by all of the above
3. When Art Baer read that Singapore would lift its ban classic (Classic entrepre-
on chewing gum, he thought to himself, "There has to neurs are risk takers who
be a market there." Baer, 26, knew if he was going to start their own compa-
move beyond the daydreaming stage, he had to move ny based on innovative
fast. After investing $20,000 of his own money into
developing a product he called Impress Gum, Baer quit growth-
his job, flew to Singapore, talked to the right people in oriented
the government, lined up a manufacturer, and hired a
marketing firm to promote his gum, which fights tooth
decay. Baer is an example of a(n) entrepreneur.
2/
12
