Establishing a Business:Entrepreneurship

The process of utilizing resources to create goods and services by assuming risk to satisfy consumers' needs is known as:

• Entrepreneur

• Business

• Entrepreneurship

• Production

A person who identifies business opportunities and utilizes creativity while assuming risks to provide goods and services to prospective customers is a/an:

• Producer

• Consumer

• Supplier

• Entrepreneur

Money that is used to start your business is called:

• Financing

• Capital

• Funds

• revenue

All of the following are traits of a typical entrepreneur EXCEPT:

• Optimistic

• Innovative

• Risk averse

• Resilient

Which of the following should be done before a business venture is set up? (hint: you can choose more than 1 answer)

• Conduct market research to assess the level of demand for the product.

• Visit all the competitors who sell similar products or services.

• Assess how much capital will be needed to finance the business.

• Create a business plan to understand how you intend to put your ideas into action.

The personal possessions that can generally be used as collateral when applying for a loan at a commercial bank are: (hint: you can choose more than 1 answer)

• Apparel

• Motor vehicle

• Furniture

• Property

Conceptualizing, planning, accessing funds and organizing are examples of:

• Characteristics of entrepreneurs

• Reasons for starting businesses

• Steps in preparing a business plan

• Functions of entrepreneurs

When conducting market research, observations, interviews with focus groups, questionnaires and statistical reports are considered to be:

• Qualitative research

• Quantitative research

• Primary sources

• Secondary sources

Which of the following are reasons for starting a business?

• The desire for financial independence

• Self-fulfillment

• Self-actualization

• To increase your income

• All of the above

All of the following are part of the conceptualization function EXCEPT:

• Developing a business idea

• Understanding how the business will deliver what consumers want

• Researching all aspects of the business idea

• Evaluating business performance