EPD Quiz 1

1.___________ create value by providing products or services that meet the needs of customers.

2.__________can generate leads through online marketing, offline marketing, or through word-of-mouth.

3.Entrepreneurs need to be ----------------in order to manage their businesses effectively.

• rigid and inflexible
• indecisive and passive
• overly cautious and hesitant
• financially literate

4.Give an example of e-commerce businesses.

• Amazon

• Target
• Walmart
• Best Buy

5.Give an example of subscription businesses.

• Amazon Prime Video
• Hulu
• Microsoft Office 365
• Netflix

6.____________ is the first step in the product development process.

• Market research
• Product testing
• Prototyping
• Idea generation

7.________________is the second step needed to see if there is a demand for your product.

• market research

• Identify your competitors
• Analyze past sales data
• Create a marketing strategy

8.The third step is the stage where you turn your product idea into a ____________

• prototype
• market analysis
• design
• concept

9.French economist _________ defined an entrepreneur as "someone who buys goods to sell at a profit.

• Richard Cantillon

• Milton Friedman
• Karl Marx
• Adam Smith

10.___________ argued that entrepreneurs are driven by a need for achievement and a desire to make a difference in the world

• David McClelland
• Henry Mintzberg
• Joseph Schumpeter
• Peter Drucker