Revision Quiz for BusinessManagement Unit 1 AOS1

Which of the following best defines entrepreneurship?

• The process of managing and operating an established business

• The act of creating and developing a new business

• The implementation of strategies to increase market share

• The process of outsourcing business functions to external vendors

Which of the following is the best example of an entrepreneur

• An individual who starts a business to capitalise on a gap in the market

• An employee who takes over an existing family business

• A manager who improves operations within an established company

• An investor who purchases shares in a publicly traded company

What is the main objective for an Entrepreneur

• to build a valuable business that can sustainably increase personal wealth

• To acquire funding for a startup venture

• To establish a strong personal brand as an entrepreneur

• An investor who purchases shares in a publicly traded company

Innovation is when:

• Financial security and wealth accumulation

• Entrepreneurs change, improve and/or transform what was previously there.

• Access to a larger customer base

• Opportunity to gain industry-specific knowledge

True or False an entrepreneuris most commonly identified when a new business is created, and it is also when someone takes steps to grow their own busines

• True

• False