Entreprenuership & Starting a Small Business

Organization that is independently owned, operated, and financed is called as?

• Entrepreneurship

• Small Business

Which one is TRUE about Self-employment?

• Individuals who work for profit or fees in their own business, profession, trade, or farm.

• Individuals who want to change the world and have a passion that goes beyond profits.

Why is Entrepreneurship Important?

• Economic growth

• Global entrepreneurship

• Innovation

• Job creation

• All the answers are true

Below is the Entrepreneurial process?

(A) Start the venture

(B) Explore the entrepreneurial context

(C) Manage the venture

(D) Identify opportunities and possible competitive advantages

Which one is the correct order?

• A-B-C-D

• B-D-C-A

• B-D-A-C

• A-C-D-B

The .....?..... environment is primary interest to companies because it related to the society, and the society forms the market. This source of opportunity is called as?

• New knowledge

• Industry

• Demographics

• Changes in perception

When exploring idea sources, entrepreneurs should look for for limitations of what is currently available. True or False?

• TRUE

• FALSE

Below is "Personal Considerations" should be asked, when evaluating potential ideas as an entrepreneur, except?

• Are you prepared emotionally to deal with the stresses and challenges of being an entrepreneur?

• Have you educated yourself about financing issues?

• Are you willing and prepared to do continual financial and other types of analyses?

• Have you considered pricing issues and whether the price you’ll be able to charge will allow your venture to survive and prosper?

• Do you have the capabilities to do what you’ve selected?

Below is "Marketplace Considerations" should be asked, when evaluating potential ideas as an entrepreneur, except?

• Are you willing and prepared to do continual financial and other types of analyses?

• What similar or unique product features does your proposed idea have compared to what’s currently on the market?

• Who are the potential customers for your idea: who, where, how many?

• Have you considered pricing issues and whether the price you’ll be able to charge will allow your venture to survive and prosper?

• Have you considered how you will need to promote and advertise your proposed entrepreneurial venture?

An analysis of the various aspects of a proposed entrepreneurial venture designed to determine its worthiness is called as?

• Small Business Case

• Entrepreneurship Study

• Feasibility Study

• Business Plan Study

When researching the venture’s feasibility, one of the factors should be researched is competitor. Please choose the potential questions should be researched related to competitors? (you can choose more than 1 questions)

• What types of products or services are competitors offering?

• What are their products’ strengths and weaknesses?

• How do they handle marketing, pricing, and distribution?

• How do they attempt to do differently from other competitors?