Entrepreneurship Quiz

According to Fred Wilson, what is entrepreneurship?

• The art of turning an idea into a business

• Experimenting with new combinations of resources

• Copying new inventions made by innovative entrepreneurs

• Being skeptical about changes in the organization

What is the definition of a businessman?

• A man who works in business, especially one who has a high position in a company

• A person who organizes a venture to benefit from an opportunity

• Someone who invents new ideas

• A person who is reluctant to change and conservative

According to Joseph Schumpeter, what do entrepreneurs do?

• Experiment with new combinations of resources and create new products and services

• Imitate new inventions made by innovative entrepreneurs

• Skeptical about changes in the organization

• Reluctant to change and conservative

What is the purpose of a business plan?

• To provide directions and avoid bumps in the road

• To minimize or remove the risk of losing money

• To attract investors or secure financing

• All of the above

What is a feasibility study?

• A study to determine the probability of success for a proposed action

• A detailed document that describes the activities involved in opening a new venture

• A study completed after the business plan is developed

• A study to assess actual performance against set goals

What is the purpose of a vision statement?

• To give the company direction and provide the purpose

• To focus on today and what the organization does

• To define the actions or implementation steps to attain a goal

• To create an identity/image of the product within the target customers' minds

What is the focus of a mission statement?

• Today and what the organization does

• Tomorrow and what the organization wants to become

• The actions or implementation steps to attain a goal

• The physical appearance of the product

What do goals and objectives define?

• What you want to achieve and the actions to attain your goal

• The individuals who are critical to the launch or campaign

• Other audiences and companies that want to help you market your product

• How a product or service is presented, discussed, and singled out in the marketplace

What is a target market?

• A group of customers with shared demographics who are the most likely buyers of a company's product or service

• The process of dividing a larger market into smaller groups of consumers with similar needs or characteristics

• The tangible good or intangible service offered by a business

• The outer appearance of the product

What is market segmentation?

• The process of dividing a larger market into smaller groups of consumers with similar needs or characteristics

• A group of customers with shared demographics who are the most likely buyers of a company's product or service

• The tangible good or intangible service offered by a business

• The outer appearance of the product