Starting Up Your Own Business - Entrepreneurship

An individual who initiates, creates and manages a new business can be called

• A professional

• A leader

• An entrepreneur

• A manager

Which could provide an individual with the motivation to start a new business venture?

• A desire to be independent

• The financial rewards

• Risk-taking

• All the above

A business arrangement where one party allows another party to use a business name and sell its products or services is known as

• A franchise

• An owner-manager business

• A limited company

• A cooperative

Entrepreneurs can best be described as

• Having a strong vision

• Taking a significant risk in a business context

• A process involving innovation, new products or services, and value creation

• A process that required setting up a business

As a new company grows, the entrepreneur will need to

• Build a management team

• Be responsive to changes in the market

• Ensure financial controls are maintained

• All the above

Which of the following is the reason for business failure

• Poor management

• Lack of market research

• Poor financial control

• All the above

A new venture's business plan is important because

• Can help demonstrate the viability of the venture

• Provides a guide for business activity by defining objectives

• It helps to persuade others to commit funding to the venture

• All the above

Which of these statements best describe the context for entrepreneurship?

• Entrepreneurship takes place in large business

• Entrepreneurship does not take place in social enterprises

• Entrepreneurship takes place in small business

• Entrepreneurship takes places in a wide variety of contexts

Which of the following is least likely to influence the timing of new business births?

• Profitability

• Consumer expenditure

• Weather conditions

• Government policies

Which of the following is a recognized disadvantage of setting up as a start-up as compared with other routes to market entry?

• There are more funds required.

• There is a high failure rate.

• Less help from various agencies

• Less satisfaction of the owners