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Entrepreneurship and Business Types

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Week 4: Entrepreneurship and Business Types

📚 Part 1: Multiple Choice

1. Which of the following is a characteristic of an entrepreneur?

Taking calculated risks

Avoiding all challenges

Only working for other people

Never making decisions

2. A sole trader business is:

Owned by many shareholders

Owned and operated by one person

Always a large corporation

Run by the government

3. Which of these are reasons why businesses exist? (Select all that apply)

To provide goods and services

To make a profit

To solve problems in the community

To create employment

4. A partnership business involves:

One person making all decisions

Two or more people sharing ownership

Government control

No profits being made

✏️ Part 2: Short Answer Questions

5. List three characteristics that make someone a successful entrepreneur.
6. Explain the difference between a sole trader and a company.
7. Give an example of an Australian entrepreneur and explain what makes them successful.
8. Why might someone choose to start a partnership instead of a sole trader business?

🎯 Part 3: Application and Analysis

9. Imagine you want to start a business selling handmade jewellery. Complete the following:

a) What type of business structure would you choose? ________________

b) What entrepreneurial characteristics would you need to be successful?

10. Read the scenario below and answer the questions:

Sarah noticed that many students at her school were buying expensive drinks from the canteen. She decided to start a small business making healthy smoothies and selling them to students at a lower price.

a) What problem did Sarah identify? _________________________________

b) How did she show entrepreneurial thinking?

11. Explain why businesses are important for the Australian economy. Give at least two reasons.
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