What are external factors in SWOT Analysis typically related to?

Things outside the company's control

Things within the company's control

The company's financial resources

The company's current processes

What does "recognizing opportunities" in business mean?

A favorable set of circumstances that creates the need for a new product, service, or business idea.

A set of circumstances that creates the need for a new idea, regardless of demand.

A difficult set of circumstances that challenges entrepreneurs to create new products.

Any new idea that an entrepreneur wants to make and sell.

What is the key to opportunity recognition?

Identifying a product or service that people need and are willing to buy.

Identifying a product or service that is difficult to make.

Identifying a product or service that the entrepreneur is passionate about.

Identifying a product or service that is innovative and unique.

Which of the following is NOT a way to identify potential customers?

Use Google Alerts, Mention, or Talkwalker Alerts

What is a potential customer most likely to do with your business?

Indulge with your business naturally

Have no interest in your business

What is a known advantage of choosing the franchising model?

A proven system with a known brand name

What is one of the biggest pros of starting your own business?

Having all of the control in your hands

Having to follow strict corporate guidelines

Relying on external entities for business decisions

Dealing with unpredictable market conditions

Which of the following is NOT a consideration when starting a business from scratch?

Choosing your office dress code

Where to get your equipment from

Establishing a name and logo for your business

Sourcing the products and services that are relevant to your business

What is the ultimate goal when starting a business from scratch?

To sustain and grow your business

To establish a temporary market presence

To sell the business as quickly as possible

To compete with the largest companies in the industry

What is one of the greatest cons of starting your own business?

You have to figure out many things on your own.

There is less risk involved compared to buying a franchise.

You get templates and resources for solving problems.

The process of starting your own business is fully automated.

When starting your own business, what must you ensure about the name you select?

It should not infringe on someone else's already established trademark.

It must be a name that is already well-known.

It should be a name that infringes on an established trademark.

The name does not need to be unique.

What is one of the steps you need to take when starting your own business?

Apply for a trademark and ensure it is accepted by the U.S. Patent and Trademark office.

Apply for a trademark and ensure it is accepted by the local government office.

Purchase a franchise to avoid creating a logo and website.

Use a template for your business name to avoid legal issues.

What does a value proposition refer to in a business context?

The value a company promises to deliver to customers if they choose to buy their product

The financial value of the company's shares

The cost of producing a company's product

The profit margin a company aims for in its sales

How should a value proposition be presented to be effective?

As a business or marketing statement summarizing why a consumer should buy a product or use a service

As a legal document outlining the company's responsibilities

As a detailed technical specification of the product

As a comparison chart with competitors' products

What is the main goal of a compelling value proposition?

To convince a potential consumer that a particular product or service will add more value or better solve a problem for them than other similar offerings

To ensure the company has the lowest production costs

To guarantee a certain return on investment for shareholders

To provide a detailed history of the company and its founders

What is a mission statement defined as?

B. An action-based statement that declares the purpose of an organization and how they serve their customers.

A. A financial plan for the future of a company.

C. A legal document that outlines the operational procedures of a company.

D. A public declaration of the company's social responsibilities.

Which of the following is NOT a characteristic of a good mission statement?

D. It should be complex and detailed to cover all aspects of the company.

A. It should be attainable and possible to achieve.

B. It should be clear and understandable to everyone.

C. It should be inspiring for management and staff.

Why does a mission statement need to be credible and inspire buy-in from all major stakeholders?

D. To ensure that it serves as a reliable guide for the company's direction and decision-making.

A. To ensure that it is legally binding.

B. To guarantee a high stock price.

C. To motivate employees to work harder.

What does a good mission statement convey?

Why a company does what it does

The financial goals of a company

The number of employees in a company

Which of the following is a characteristic of a small business?

They are privately owned corporations, partnerships, or sole proprietorships with less revenue than larger businesses.

They are publicly owned corporations.

They have more revenue than larger businesses.

They are part of a large conglomerate.

What is a Business Plan?

B) A formal document for the long-range planning of a company's operation

A) A short summary of a company's executive team

C) A list of a company's products and services

D) An informal verbal agreement between business partners

What do investors typically request from a company in which they are considering investing?

A) A background check of the executive team

C) A detailed marketing strategy

How do lean startup business plans typically differ from traditional business plans?

C) They use a standard structure and are usually very short

A) They are longer and require more work

B) They are more common in the business world

D) They include more financial details

What is the purpose of the Executive Summary in a business plan?

To outline the company's purpose and goals

To provide a detailed financial plan

To introduce the management team

To describe the technology used in products

Which of the following is NOT included in a good Executive Summary?

A detailed biography of each team member

A brief description of products and services

An overview of funding requirements

What does a high-level justification for viability in an Executive Summary include?

A quick look at your competition and your competitive advantage

A list of all company employees

A summary of the company's past financial performance

What is meant by "a snapshot of growth potential" in the context of an Executive Summary?

A brief insight into the company's future growth prospects

A photo of the company's headquarters

A detailed analysis of past sales

A graph showing the company's stock performance

What does Minimum Viable Product mean?

A version of a product with minimal features to gather feedback and validate assumptions.

A product that is never released to the market

A product with all possible features included that has been created in a factory

A product that is fully developed and polished ready to be sold to consumers.

What does market product fit hypothesis mean?

If the market test is favorable you can move forward. If the test results are not favorable, then you must try a new prototype and try again!

The market product fit hypothesis is about the color of the product, the cost of the product and the distribution channel

The market product fit hypothesis refers to the price of the product in the market

The market product fit hypothesis is related to the weather conditions in the market

What does a supply chain mean?

A supply chain is the network involved in the creation, distribution and sale of a product.

A supply chain is a type of marketing which involves the use of color, space and fonts to create special meaning in advertising.

A supply chain is a weather pattern

A supply chain is a type of necklace

What does a supply chain mean?

A supply chain is the network involved in the creation, distribution and sale of a product.

A supply chain is a type of marketing which involves the use of color, space and fonts to create special meaning in advertising.

A supply chain is a weather pattern

A supply chain is a type of necklace

What are the five strategic steps of supply chain?

Plan, Source, Make, Deliver, Return

Planning, obtaining goods, producing, delivering, processing returns

Buy, Sell, Produce, Distribute, Recycle

Design, Implement, Monitor, Evaluate, Improve

Entrepreneurship Quiz

Quiz

•

Computers

•

8th Grade

•

Practice Problem

•

Hard

Katherine Kaczorowski

Used 13+ times

FREE Resource

Lack of funding or a big name

Having too much control over the business

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

60 questions

IC3_GS6_LV2

Quiz

•

7th Grade - University

59 questions

RECAP - Y8 U6 Connecting to the internet - Quiz

Quiz

•

6th - 12th Grade

52 questions

Key Applications

Quiz

•

6th - 8th Grade

60 questions

Scratch

Quiz

•

6th - 8th Grade

60 questions

PROVA AV01 - Gerenciamento de Redes

Quiz

•

2nd Grade - University

52 questions

Quiz sobre Indústria 4.0 e Tecnologias Avançadas

Quiz

•

6th - 8th Grade

60 questions

TIN 6- CÂU HỎI ÔN TẬP GK1

Quiz

•

6th Grade - University

55 questions

Equipos de Reprografía

Quiz

•

6th - 12th Grade

Popular Resources on Wayground

5 questions

This is not a...winter edition (Drawing game)

Quiz

•

1st - 5th Grade

15 questions

4:3 Model Multiplication of Decimals by Whole Numbers

Quiz

•

5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

10 questions

The Best Christmas Pageant Ever Chapters 1 & 2

Quiz

•

4th Grade

12 questions

Unit 4 Review Day

Quiz

•

3rd Grade

10 questions

Identify Iconic Christmas Movie Scenes

Interactive video

•

6th - 10th Grade

20 questions

Christmas Trivia

Quiz

•

6th - 8th Grade

18 questions

Kids Christmas Trivia

Quiz

•

KG - 5th Grade

Discover more resources for Computers

40 questions

TSDE Semester Final Review

Quiz

•

8th Grade

18 questions

Company Logos

Quiz

•

6th - 8th Grade

20 questions

Logos

Quiz

•

2nd - 8th Grade

Entrepreneurship Quiz

57 questions

According to the definition, what does an entrepreneur do?

Which of the following is NOT listed as a common trait of an entrepreneur?

What is essential for an entrepreneur when starting, organizing, and managing any enterprise, especially a business?

What is one of the "Pros" of starting your own business according to the learning material?

Which of the following is considered a "Con" of starting your own business?

What can be an exciting yet exhausting aspect of starting your own business?

What is a limitation mentioned in the learning material for entrepreneurs in the early stages of their business?

What does the 'S' in SWOT Analysis stand for?

Which of the following is an example of an internal factor in SWOT Analysis?

What are external factors in SWOT Analysis typically related to?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Computers