The Entrepreneurial Process

Every business venture starts with

• capital

• an idea

• a market

• an opportunity

What is the LAST step to be taken by an

entrepreneur in selecting a business

opportunity?

• Preparing a business plan

• Screening of business opportunity

• Evaluating self and the

  community

• Identifying the needs and wants

  of customers

Which of the following can be

described as a full exit strategy?

• Licensing

• Shut down

• Going public (IPO)

• Family succession

Which of the following is a characteristic

of a business idea?

• Always abstract

• May look bad at first

• Always structured and systematic

• Requires more than one person to

  generate

The first step in the entrepreneurial

process ESSENTIALLY involves

• idea generation

• resource mobilization

• opportunity identification

• business concept utilization

Demographic segmentation strategies

separate potential customers into

• age, gender and income

• region, city and population

• loyalty, product use and culture

• lifestyle, social class and

  education

Which of the following factors should an

entrepreneur consider MOST when hiring

employees?

• Skills and education

• Wages, motivation and benefits

• Skills, age and education

• Performance appraisal, skills and

  education

Which of the following is NOT a source

of a business concept?

• New markets

• New products

• Existing markets

• New organizational structures

Financial funding offered to an

entrepreneur in return for an equity

position in his/her venture is known as

• leasing

• outsourcing

• angel funding

• supplier financing

The process by which a small group of

people interact to produce a large quantity

of imaginative ideas is called

• idealization

• brainstorming

• mind mapping

• group thinking