ENT 1-2 The Entrepreneurial Process, Part 1

What is one example of a change in technology that has led to entrepreneurial opportunities?

• The invention of the internet
• The development of social media
• The rise of e-commerce
• All of the above.

What is the purpose of including findings from market research in a business plan?

• To identify potential challenges and solutions
• To demonstrate the potential market for a product or service
• To secure funding from investors
• All of the above.

What is the purpose of a business plan in the entrepreneurial process?

• To identify potential challenges and solutions.
• To outline the steps for starting a business.
• To secure funding from investors.
• All of the above.

What was Sara Blakely's background before becoming a successful entrepreneur?

• She was a former teacher and social worker.
• She was a former investment banker and marketing executive.
• She was a former lawyer and accountant.
• She was a former Disney World ride greeter and sold fax machines door-to-door.

What is the purpose of the business plan in the entrepreneurial process?

• To provide a roadmap for the business
• To secure funding
• To outline the company's goals and objectives
• All of the above

What is one way entrepreneurs can identify and pursue opportunities?

• Networking with other entrepreneurs
• Attending trade shows and conferences
• Conducting market research
• All of the above.

What is the purpose of resourcing in the entrepreneurial process?

• To identify potential investors
• To enter pitch contests
• To gather necessary elements to start a business
• All of the above

What are the three features that an idea must have to become an opportunity?

• Market, margin, and marketing
• Market, margin, and management
• Market, money, and mission
• Market, margin, and mission

Which of the following is NOT an example of a successful entrepreneur and their product?

• Bill Gates - Microsoft Office
• Mark Zuckerberg - Facebook
• Oprah Winfrey - The Oprah Winfrey Show
• Elon Musk - Tesla

What is the official definition of entrepreneurial discovery?

• The process of identifying opportunities in the market.
• The process of creating new goods and services.
• The process of systematically scanning for changes in the market.
• The process of developing a business plan.