Environment and Market (computer 10)

What is the definition of an entrepreneur?

• A person who builds a business that is successful.

• A risk-taker who develops, organises and manages an innovative business venture for profit.

• A person that starts a business.

• A person that works for a company.

What are the characteristics of an entrepreneur ?

• Determination and drive

• Creativity and innovation

• Risk-taker

• All of the above

What are the motives for creating/building an enterprise?

• Financial

• Personal

• Community interest (social)

• Any of the above

What type of business is a restaurant?

• Service

• Merchandising

• Manufacturing

• A combination of all three business types.

Leadership, communication and teamwork skills are NOT necessary to manage a successful enterprise.

• True

• False

The financial gain, specifically the difference between the amount earned and the amount spent in buying, operating or producing something is . . .

• Revenue

• Expense

• Profit

• Loss

Research and planning are required to develop a business idea.

• True

• False

A marketing strategy involves examining the following:

• Product, profit, people, promotion

• Planning, product, price, place

• Product, price, place, promotion.

• Profit, people, product, place.

Those who are most likely to buy a product/service are called . . .

• Customers

• Consumers

• The target market

• None of the above.

Mission statements . . .

• are a plan of action.

• are a brief description of a company's purpose.

• are a personal statement.

• are persuasive selling messages.