week 14

What is a PESTLE analysis used for in entrepreneurship?

• Determining product price

• Evaluating the macro-environmental factors

• Assessing team performance

• Analyzing customer behavior

Which of the following is not a part of Porter's Five Forces Model?

• Threat of new entrants

• Bargaining power of suppliers

• Return on investment

• Bargaining power of buyers

The term "market saturation" refers to:

• A brand new market with no competitors

• A market that cannot accommodate any new businesses

• A market where all businesses are making profits

• A market with one dominating business

What is the primary advantage of outsourcing production to a different country?

• Increasing domestic employment

• Improving product quality

• Reducing cost

• Boosting national GDP

What does the term "trade barrier" refer to?

• A blockade preventing the physical movement of goods

• Any regulation or policy that restricts international trade

• A large volume of trade

• The physical distance between countries

Which term represents the benefit a country has when it can produce a good or service at a lower cost than other countries?

• Absolute advantage

• Comparative advantage

• Trade advantage

• Production advantage

What is the main purpose of a business plan?

• To serve as a guide for running the business

• To present to potential investors

• Both a & b

• Neither a nor b

Which of these is NOT typically included in a business plan?

• Executive summary

• Company description

• Competitor analysis

• Personal CV of the entrepreneur

The financial projections in a business plan typically cover a period of:

• 1 year

• 3 years

• 5 years

• 10 years

Innovation in entrepreneurship refers to:

• Generating novel ideas

• Implementing novel ideas to create value

• Borrowing ideas from competitors

• Avoiding risks