...Marcus invented a new bicycle helmet light that increases safety without being too heavy. He tried selling it at spring festivals but it was not getting much interest. The next month he decided to focus only on selling at gatherings of bike enthusiasts and a booth at the sporting goods store on Saturdays. He found his profits doubled almost immediately.

Question

Question
Use the passage to answer the question.

Which characteristic of entrepreneurs is Marcus demonstrating?

(1 point)
Responses

self-correction

self-correction

patience

patience

innovation

innovation

endurance

endurance
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Answer 1

The characteristic of entrepreneurs that Marcus is demonstrating is self-correction. He recognized that his initial strategy of selling at spring festivals was not effective and adjusted his approach by focusing on gatherings of bike enthusiasts and a booth at a sporting goods store, leading to increased profits.

Answer 2

Question
In which situation does an entrepreneur earn profits?

(1 point)
Responses

matching income to losses

matching income to losses

experiencing more losses than income

experiencing more losses than income

taking a loan to cover losses

taking a loan to cover losses

having greater income than costs

Answer 3

An entrepreneur earns profits in the situation of having greater income than costs.

Answer 4

What is one non-monetary positive incentive for becoming an entrepreneur?

(1 point)
Responses

working long hours

working long hours

earning a profit

earning a profit

being your own boss

being your own boss

organizing productive resources

Answer 5

One non-monetary positive incentive for becoming an entrepreneur is being your own boss.