LaHayne Entrepreneurship

What is entrepreneurship?

• The process of creating, developing, and managing a new business venture in order to donate profits to charity
• The process of creating, developing, and managing a new business venture in order to break even
• The process of creating, developing, and managing a new business venture in order to lose money
• The process of creating, developing, and managing a new business venture in order to make a profit

What motivates entrepreneurs?

• Desire to work for someone else
• Desire to retire early
• Desire to travel the world
• Desire to create something new, solve a problem, or capitalize on a business opportunity

What is the first step in the entrepreneurial process?

• Developing a business plan
• Securing financing
• Executing on the plan to launch and grow the business
• Identifying a need or opportunity in the marketplace

What is the purpose of market research in the entrepreneurial process?

• To assess the demand for the product or service
• To assess the supply of the product or service
• To assess the demand for the product or service in a different country
• To assess the demand for the product or service in a different industry

What is the purpose of a business plan?

• To develop a roadmap for launching and growing the business
• To develop a roadmap for shutting down the business
• To develop a roadmap for outsourcing the business
• To develop a roadmap for maintaining the business

What is the purpose of securing financing in the entrepreneurial process?

• To launch and grow the business
• To shut down the business
• To maintain the business
• To outsource the business

What is bootstrapping?

• Using investors to finance the business
• Using donations to finance the business
• Using loans to finance the business
• Using personal savings to finance the business

What is the purpose of executing on a business plan?

• To maintain the business
• To launch and grow the business
• To shut down the business
• To outsource the business

What is the purpose of setting up business infrastructure?

• To establish the foundation for the business's competitors
• To establish the foundation for the business's suppliers
• To establish the foundation for the business's customers
• To establish the foundation for the business

What is the purpose of marketing and selling a product or service?

• To generate revenue for the business's competitors
• To generate revenue for the business's customers
• To generate revenue for the business's suppliers
• To generate revenue for the business