BUSM5111 quiz 2

The role of the entrepreneur in the economy is to discover and create business opportunities

• true

• false

An entrepreneur needs to have leadership skills

• true

• false

The process that an entrepreneur follows once an idea has been generated, and how this idea is becomes a sustainable business venture is illustrated in a six-step cycle.

• true

• false

An entrepreneur does not need to see gaps in the market

• true

• false

There are 7 steps to the entrepreneurial process

• false

• true

What do you think is the role of the entrepreneur in the economy?

Explain step 1 of the entrepreneurial process

The basic structure of a business plan should have the following sub-headings excluding:

• the product and/or service plan

• a marketing plan

• financial plan

• management team

Some of the most common characteristics of an entrepreneur are:

• stability, ability to deal with risk, identifying and seeking out opportunities, understanding the market and being financially secure.

• creativity and innovation, commitment, determination and passion, the ability to deal with uncertainty and risk and having good human relations.

• creativity, innovation, financial stability, understanding the market and being a competent manager.

• innovation, commitment and sacrifice, understanding the market, creativity and being a competent manager

The _______________ section of a business plan shows the potential investor that the entrepreneur took time to evaluate all potential risks to the business and worked out ways to manage those risks accordingly.

• Timelines of action

• Financial plan

• Risk analysis

• Business environment analysis.