QUIZ 3 - ENTREP.

1. What is the first step in the entrepreneurial process?

• A. Developing a business plan

• B. Conducting a market research

• C. Identifying a business opportunity

• D. Obtaining financing

2. What do we mean by business plan?

• A. It is a marketing strategy

• B. It is a financial statement

• C. It is a document that outlines a company`s goals and strategies

• D. It is an organizational chart

Which of the following is NOT a component of RUNNING THE BUSINESS?

• Practice leadership as a way of life.

• Device an expansion/sustainability strategy.

• Recognize critical success factors.

• Evaluate the dientified opportunity.

What do we call on the process of creating a detailed plan for business?

• Product Visualization

• Market Research

• Commercialization

• Business Planning

During the running of the business, why does the entrepreneur need to have a control and monitoring system?

• To assure the business profitability.

• To get more money.

• To keep competitors out of the market

• To serve as a check and balance of the formulated plans.