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← Unit 1: Enterprising People and Entrepreneurs

BDI3C · Unit 1 test review

Enterprising People and Entrepreneurs: Test Review

Everything for the Unit 1 test on one page: the key facts from all 6 lessons, the mistakes that cost the most marks, and a practice test that points you back to the lessons you need.

Key facts

Enterprising People and Entrepreneurs

  • Enterprising person: sees opportunities and acts on them with initiative, creativity and resourcefulness, in any role.
  • Entrepreneur: starts, organizes and owns a venture and bears its financial risk.
  • Intrapreneur: an employee who innovates like an entrepreneur inside an organization; the employer owns the result and bears the risk.
  • A profile of an enterprising person covers characteristics, skills, motivations, abilities, attitudes, aptitudes and contributions.
  • Every entrepreneur is enterprising, but not every enterprising person is an entrepreneur.

Profile of a Successful Entrepreneur

  • Common characteristics: initiative, persistence, calculated risk-taking, creativity, self-confidence, adaptability and goal orientation.
  • Key learnable skills: negotiating, interpersonal, money management, selling and planning.
  • Characteristics are personal qualities; skills are learned through practice, so most can be developed.
  • Entrepreneurs take calculated risks, not wild gambles.
  • Successful entrepreneurs come from every background, including First Nations, Métis and Inuit entrepreneurs.

Young and Adult Entrepreneurs

  • Common challenges for young entrepreneurs: capital, credit history, experience, credibility and networks.
  • Common advantages for young entrepreneurs: energy, tech fluency, fewer obligations, knowledge of the youth market and time to recover.
  • Credit history: a record of how reliably a person has repaid borrowed money; lenders use it to judge risk.
  • Futurpreneur Canada supports entrepreneurs aged 18 to 39; Ontario's Summer Company program helps students run a summer business.
  • Compare young and adult entrepreneurs using typical patterns, not stereotypes.

Ethics and Social Responsibility

  • Ethics: principles of right and wrong that guide behaviour; business ethics apply them to business decisions.
  • Five ethical practices: honest advertising, fair pricing, safe products, fair treatment of workers, and protecting privacy.
  • Social responsibility: a business's duty to everyone it affects, including the environment, the community and people with disabilities.
  • Social enterprise: a business whose main purpose is a social or environmental mission, funded by what it sells.
  • Ethical tests: Is it legal? Honest? Fair to every stakeholder? Would I be comfortable if it were posted online?

Entrepreneurs as Agents of Change

  • Agent of change: a person or organization that causes something important to change.
  • Local entrepreneurs affect communities through jobs, spending, leadership, sponsorships, scholarships and new services.
  • Three kinds of entrepreneurial change: new products, new methods of production and new ways of doing business.
  • Analyse effects on three groups: workers, consumers and business people, with positives and negatives for each.
  • The same change can help one group and hurt another.

Assessing Your Entrepreneurial Potential

  • STAR method: Situation, Task, Action, Result, then name the skills shown.
  • A self-assessment inventory rates statements (for example 1 to 5) and adds them to measure where you stand.
  • Use your lowest-scoring areas to choose development goals.
  • Ways to measure and develop interest: internet research, a mentor, interviewing an entrepreneur, job shadowing, a small venture, clubs and competitions.
  • SMART goals are specific, measurable, achievable, relevant and time-bound.

Where marks get lost

  • Calling anyone with a good idea an entrepreneur. Without starting and owning a venture and bearing its risk, the person is enterprising, not an entrepreneur. (Enterprising People and Entrepreneurs)
  • Thinking an intrapreneur is a type of entrepreneur who owns part of the company. An intrapreneur is an employee; the employer owns the idea and bears the risk. (Enterprising People and Entrepreneurs)
  • Mixing up ability and aptitude. Ability is what you can do now; aptitude is your potential to learn something quickly. (Enterprising People and Entrepreneurs)
  • Assuming enterprising skills only matter if you plan to own a business. Employers, clubs and community groups all value initiative and problem solving. (Enterprising People and Entrepreneurs)
  • Listing only characteristics in a profile. A full profile also covers skills, motivations, abilities, attitudes, aptitudes and contributions. (Enterprising People and Entrepreneurs)
  • Treating entrepreneurial success as pure personality. Skills such as selling, negotiating and money management are learned. (Profile of a Successful Entrepreneur)
  • Describing entrepreneurs as gamblers. They take calculated risks, backed by research and planning. (Profile of a Successful Entrepreneur)
  • Building a profile from one famous person. A reliable profile draws on many entrepreneurs from different backgrounds, regions and cultures. (Profile of a Successful Entrepreneur)
  • Confusing a characteristic with a skill, for example calling persistence a skill or negotiating a personality trait. (Profile of a Successful Entrepreneur)
  • Inventing details about real entrepreneurs. When you describe a real person, use only facts you can confirm. (Profile of a Successful Entrepreneur)
  • Treating every young entrepreneur as tech-savvy and every adult as not. Use "typically" and judge real situations. (Young and Adult Entrepreneurs)
  • Forgetting the advantages of youth. Fewer obligations and more time to recover make risk lower, not just higher. (Young and Adult Entrepreneurs)
  • Confusing credit history with savings. Credit history is a record of repaying borrowed money; savings are money you already have. (Young and Adult Entrepreneurs)
  • Quoting a program's dollar amount or eligibility from memory. Program rules change; check the official source before relying on it. (Young and Adult Entrepreneurs)
  • Listing only challenges. A good comparison shows both challenges and opportunities for each group. (Young and Adult Entrepreneurs)
  • Thinking anything legal is automatically ethical. Ethics often ask more than the law, such as not gouging prices after a storm. (Ethics and Social Responsibility)
  • Treating a social enterprise as a charity. A social enterprise sells goods or services and earns revenue; a charity relies mainly on donations. (Ethics and Social Responsibility)
  • Considering only customers in a dilemma. Workers, suppliers, the community and the environment are stakeholders too. (Ethics and Social Responsibility)
  • Assuming ethics always cost money. Trust, loyalty and word of mouth usually make ethical ventures more profitable over time. (Ethics and Social Responsibility)
  • Forgetting accessibility as part of social responsibility. Websites, entrances and materials should work for people with disabilities. (Ethics and Social Responsibility)
  • Describing only the positive effects of a change. Every major change has winners and losers; name both. (Entrepreneurs as Agents of Change)
  • Lumping all people together. Workers, consumers and business people can feel the same change in opposite ways. (Entrepreneurs as Agents of Change)
  • Mixing up a new product with a new way of doing business. Online selling changes how products are sold; it is not a new product itself. (Entrepreneurs as Agents of Change)
  • Thinking only famous entrepreneurs are agents of change. Local sponsorships, scholarships and jobs change communities too. (Entrepreneurs as Agents of Change)
  • Inflating self-assessment scores. A dishonest score produces a plan that targets the wrong areas. (Assessing Your Entrepreneurial Potential)
  • Treating a low score as proof you cannot be an entrepreneur. The inventory shows a starting point; skills can be learned. (Assessing Your Entrepreneurial Potential)
  • Describing an experience without a result. The R in STAR, ideally with a number, is what makes the experience convincing. (Assessing Your Entrepreneurial Potential)
  • Writing vague development goals such as "be more confident". Make goals specific, measurable and time-bound. (Assessing Your Entrepreneurial Potential)
  • Asking an entrepreneur only yes-or-no questions. Open questions such as "How did you handle your biggest challenge?" get useful answers. (Assessing Your Entrepreneurial Potential)

Practice test

24 questions from across the unit. Each one shows the lesson it comes from.

  1. Enterprising People and Entrepreneurs
    1
    What is the main feature that separates an entrepreneur from an enterprising person?
  2. Enterprising People and Entrepreneurs
    2
    "I want to be my own boss." Which part of a profile does this statement describe?
  3. Enterprising People and Entrepreneurs
    3
    A student gives music lessons to 5 students a week at $20 per lesson, for 10 weeks. How many dollars does she earn in total? Give a whole number.
    $
  4. Enterprising People and Entrepreneurs
    4
    Name one personal benefit of being enterprising.
  5. Profile of a Successful Entrepreneur
    5
    Which of these is a learnable skill rather than a personal characteristic?
  6. Profile of a Successful Entrepreneur
    6
    Cirque du Soleil was co-founded in Quebec in which year? Type the four-digit year.
  7. Profile of a Successful Entrepreneur
    7
    Match each student action to the skill it shows.
    Agreeing on a bulk price with a T-shirt supplier
    Persuading a shop owner to buy a yearbook ad
    Balancing the school store's cash box each day
    Listening to a customer's complaint and fixing it
  8. Profile of a Successful Entrepreneur
    8
    Which statement about Indigenous entrepreneurship is accurate?
  9. Young and Adult Entrepreneurs
    9
    Why do banks often hesitate to lend to young entrepreneurs?
  10. Young and Adult Entrepreneurs
    10
    Match each challenge with a support that helps close it.
    Little capital
    Limited experience
    Small network
    Low credibility
  11. Young and Adult Entrepreneurs
    11
    A 16-year-old wants to sign a year-long lease for a market stall. What issue might arise?
  12. Young and Adult Entrepreneurs
    12
    What do we call the group of contacts who can offer a business owner advice, customers or introductions?
  13. Ethics and Social Responsibility
    13
    A tutoring venture advertises "satisfaction guaranteed or your money back" but never actually refunds anyone. Which ethical practice does it break?
  14. Ethics and Social Responsibility
    14
    After a big snowstorm, a student shovelling service triples its usual price. This is an example of...
  15. Ethics and Social Responsibility
    15
    Which is the strongest business reason for a small venture to act ethically?
  16. Ethics and Social Responsibility
    16
    Which statement about ethics and the law is correct?
  17. Entrepreneurs as Agents of Change
    17
    Match each innovation to the kind of change it represents.
    The snowmobile
    The moving assembly line
    Selling through an online store
  18. Entrepreneurs as Agents of Change
    18
    A local hardware store pays for new jerseys for a youth baseball team. This is an example of...
  19. Entrepreneurs as Agents of Change
    19
    Which effect of e-commerce is felt mainly by consumers?
  20. Entrepreneurs as Agents of Change
    20
    Name the three groups whose experience you should analyse when describing the effects of an entrepreneurial change.
  21. Assessing Your Entrepreneurial Potential
    21
    Marcus rates the 10 inventory statements as 3, 4, 2, 5, 3, 4, 3, 2, 4 and 5. What is his total score out of 50?
  22. Assessing Your Entrepreneurial Potential
    22
    Which goal is written in SMART form?
  23. Assessing Your Entrepreneurial Potential
    23
    What do we call an experienced person who gives you advice and guidance over time?
  24. Assessing Your Entrepreneurial Potential
    24
    A student scores 22 out of 50 on the inventory. What is the best interpretation?

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