An entrepreneur who is not planning to apply for a bank loan does not need a business plan

• True

• False

Innovation means to develop a new and unique product or service

• True

• False

Marketing is the process of how information flows from the business to the customer

• True

• False

For the collection of secondary data, Statistics South Africa (STATS SA) is a good source to contact and get your data from

• True

• False

To compete against competitors with your price of product/service, one way is to retrench staff to cut down on overheads

• True

• False

Another word used to describe an intrapreneur is the word “Rainmaker”

• True

• False

Starting up an entrepreneurial venture requires having a proper debit control system in place for customers to pay on time

• True

• False

The method of “Attribute analysis” is often used to come up with a name for a new product

• True

• False

The formula to calculate profit is the following:

         Profit = (Selling price – Cost price) x quantity sold – fixed costs

• True

• False

Market segmentation is the process of segmenting your total market into smaller markets to supply different products to them

• True

• False