Which of the following are the most common characteristics of entrepreneurs?

• Creative, innovative, resourceful, and possess a high level of initiative.

• Willingness to work hard to achieve aspired objectives with a high degree of commitment, determination, perseverance, tenacity, and discipline.

• Possess the ability to take calculated risks, exhibit tolerance for ambiguity and the ability to accept failure.

• Possess the ability to think independently, exhibit high level of self-confidence, optimistic and believe in controlling one’s own destiny.

• All of the above.

Which of the following questions are relevant to filter new business ideas before it can be accepted as a new business start-up?

I   Has it solved the customers’ problem or pain?

II  Does it offer higher value­added products or services?

III Does it have a unique selling proposition?

IV Can it be produced at an acceptable cost, marketed and sold at a profit?

V  Does it have a competitive advantage compared to competitors’ products?

• I, II and III

• I, III and V

• II, III and IV

• III, IV and V

• All of the above

Which of the following statements about Osterwalder’s Business Model Canvas (2008) is incorrect?

• The Business Model Canvas (Osterwalder, 2008) is a method of analyzing, designing, strategizing and testing a business model based on nine business areas.

• Customer segments refer to the target people and/or organizations you are offering value proposition.

• Value is provided through various elements such as newness, performance, and customization, reliability in ‘getting the job done’, design, brand, price, cost reduction, risk reduction, accessibility, and convenience.

• Effective channels will distribute a company’s value proposition in ways that are fast, efficient and cost-effective.

• Business implementation planning for marketing, operation and finance can be forgone by doing a business model canvas.

Which of the following statements about risk reducing strategies for business start-ups is incorrect?

• An entrepreneur should make sure that he has adequate management knowledge, financial knowledge, marketing knowledge and relevant business experience.

• Ideally, an entrepreneur ought to have adequate industrial, supplier and potential customer contacts and links.

• An entrepreneur ought to exhibit or possess personal characteristics and attributes that are considered suitable with the chosen entrepreneurial fields, e.g. a restaurant owner should be willing, diligent and happy to serve his customers.

• An entrepreneur should work out effective strategies for the proposed business and perhaps use a business model canvas, and prepare a good business plan for project implementation.

• Risk assessment and risk mitigation are only applicable to big businesses.

A new business idea can be generating from these factors EXCEPT:

• Research groups

• Focus groups

• Surveys

• Brainstorming

Management of customer relationships is NOT involving:

• Sales

• Customer Service

• Marketing

• Moral Support

Ethics, profesionalism and social responsibility are integral parts of a business:

• YES

• NO

Human ethical values were derived from many sources EXCEPT:

• wedges

• religion

• culture

• law

How a company communicate with the reaches its customer segments to deliver the value propositions refers to:

• marketing channels

• value proposition

• customer segments

• customer relationships

These are lists of basic needs EXCEPT:

• House

• Food

• Basic Education

• Traveling