QUIZ #2

Which could provide an individual with the motivation to start a new business venture?

• A. The financial rewards

• B. A desire to be independent

• C. Risk taking

• D. all of them

An individual who starts, creates and manages a new business can be called.

• An entrepreneur

• A professional

• A manager

• A leader

Which of the following is the reason for business failure ______

• All of the above

• Poor management.

• Poor financial control

• Lack of market research

Why is it so important for a new entrepreneur to thoroughly understand their product or service?

• A) It enables you to mimic what rivals are doing.

• B) It enables you to make wise choices and advancements.

• C) It makes it simpler to disregard customer reviews.

• D) Less marketing effort is required.

Good sources of information for an entrepreneur about competitors can be obtained from.

• A. Websites.

• B. Product information leaflets.

• C. Company reports and published accounts.

• D. All the above

Which of the following considerations should you make when assessing market potential?

• A) Your individual tastes.

• B) The dimensions and makeup of your target market.

• C) The pastimes of your rivals.

• D) The climate in your region.

Innovation can best be defined as.

• the successful exploitation of new ideas.

• the opposite of creativity.

• the evolution of new ideas.

• the generation of new ideas

What crucial factor goes into choosing the marketing plan for your new company?

• A) Limiting oneself to conventional forms of advertising.

• B) Ignoring online marketing and social media.

• C) Matching your strategy to your objectives and target market.

• D) Not incurring any marketing costs.

Why is it crucial for a new entrepreneur to be aware of their rivals?

• A) In order to completely avoid them.

• B) To find possible chances for cooperation.

• C) To openly disparage and undermine them.

• D) To steal from them without their knowledge.
  

What does it mean for a new entrepreneur to "do not rest on your laurels"?

• A) Sleep during working hours at all times.

• B) Constantly push for innovation and improvement

• C) Decorate your office with laurel wreaths for good luck.

• D) Hire a personal assistant to handle all business tasks.