entrep-formative test

It contains the business goals; Vision, mission, objectives, and performance targets

• A.

  INTRODUCTION

• B.

  EXECUTIVE SUMMARYB

• C.

  ORGANIZATIONAL ASPECT

• D.

  TECHNICAL ASPECT

Why does an entrepreneur need to put into consideration the market need and want all the time?

• A. To ensure the business will be guided

• B. It served as the basis in selecting the best product/s or service /s in setting up business

• C. It opens the mind of the entrepreneur

• D. To eliminate what is not needed

How important is Innovation in Business?

• A. It attracts the consumer to buy your product?

• B. It shows how competent your business

• C. It follows the new trend in the industry

• D. It helps in the whole production and improvement of your products and services that will cater all the types of consumer based on their needs and wants

WHY IS IT NECESSARY TO CREATE A BUSINESS CONCEPT AND MODEL IN DEVELOPING YOUR BUSINESS PLAN

• A. It stresses the value of the product offering to the target customers and create an exactly plan to make money out of business

• B. It will highlight the significance of business product or services

• C. It predicts the initial and future plan of the business

• D. It contains details about the product/service offering in the business

TRUE OR FALSE

A Business Plan outlines the actions needed to take the proposal from “idea” to “reality”

It refers to functional, needs, desires and goals for a target audience

• Community

• Market Needs

• Society

• Environmental change

Something you just have to live

• Want

• Desire

• Need

• Wish

Something you wish to have

• Need

• Want

• Dream

• Desire

A tangible item that is put on the market for aquisition

• Food

• Water

• Product

• Service

An intangible which arises from the out put of one and more individual

• Goods

• Product

• Force

• Service