1. Wendy quit her job as the regional manager of Rubicon Inc., a multinational c
ID: 431693 • Letter: 1
Question
1. Wendy quit her job as the regional manager of Rubicon Inc., a multinational company, and started her own fashion boutique. Within two years, she began earning more than what she earned during her tenure at Rubicon. Which of the following advantages of entrepreneurship is highlighted in the given scenario?
Greater financial success
Survival
Independence
Greater flexibility
2. Suresh quits his nine-to-five job at a multinational company and starts his own event management company. In his new company, he does not practice a nine-to-five work regime. Instead, he organizes meetings with clients by making appointments that favor his schedule. Which of the following advantages of entrepreneurship is highlighted in the given scenario?
Greater financial success
Greater challenge
Survival
Flexibility
3. Melissa runs a small restaurant that specializes in serving continental cuisine. Every Sunday, she visits the farmers' market to buy the ingredients for her dishes. She handpicks each item to maintain the quality of her food. Which entrepreneurial characteristic is highlighted in the given scenario?
Self-reliance
Vision
Confidence
Docility
4. Runion Bank is well-known for providing funds to start-ups. The bank lends money to an entrepreneur at an interest rate of 5%, which is to be repaid only after the business earns a sizable profit. If the business fails, then only the primary amount needs to be returned. In the given scenario, which of the following statements is true of Runion Bank?
It is an angel investor.
It helps entrepreneurs in the process of crowdfunding.
It is a venture capital firm.
It provides loans to entrepreneurs.
5.
Olivia runs a spa for women. She employs only two helpers and one receptionist. This enables her to focus most of her resources on procuring products required to provide comfort and high-quality services to customers. The opportunity of _____ is highlighted in the given scenario.
having lower overhead costs
providing personal customer service
using technology
exploiting market niches
6.
Paul worked as an artisan at a furniture company where a set of artisans were required to produce a specific part of a product, and the product was later assembled. Paul quit his job and started a small furniture business where he crafts unique products based on the demands of his customers. He feels that the constant need to adapt and outperform himself keeps him focused and motivated to improve his craft. Which advantage of entrepreneurship is highlighted in the given scenario?
Challenge
Greater financial success
Survival
Greater tractability
7. Rachel runs a fashion boutique. She employs five seamstresses to help her in her work. She gives them flexible work hours and usually allows them to work from their respective homes. However, Rachel does not provide health-care facilities to her employees, and instead, she uses the financial resources to buy high-quality fabrics. The opportunity of _____ is highlighted in the given scenario.
having lower overhead costs
exploiting market niches
providing personal customer service
using technology
a.Greater financial success
b.Survival
c.Independence
d.Greater flexibility
Explanation / Answer
1. The correct answer is option a.
Entrepreneur refers to the person who start a business with the goal to make profit by taking financial risk. The greatest reward of being entrepreneur include you being the boss, setting up things as per your convenience and having control on your earnings.
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