Business Concepts Quiz

What does "disruptive innovation" mean?

• Minor improvements to existing products

• Innovations that significantly alter industries or markets

• Following market trends

• Maintaining the status quo

Why is financial literacy important for entrepreneurs?

• It is not necessary

• It helps in making informed financial decisions

• It complicates business operations

• It is only for accountants

What is a "value chain"?

• A linear process of production

• A series of steps that add value to a product or service

• A method for customer service

• A financial report

What does "lean startup" methodology focus on?

• Reducing costs only

• Rapid prototyping and customer feedback

• Traditional business planning

• Expanding too quickly

What is "brand identity"?

• The company's financials

• How a company wants to be perceived by customers

• The number of products offered

• The physical location of a business

What does "scalable business model" mean?

• A model that cannot grow

• A model that can grow without losing quality or performance

• A model that only focuses on local markets

• A model that is expensive to maintain

Which of the following is a common mistake new entrepreneurs make?

• Creating a detailed business plan

• Underestimating costs

• Seeking advice

• Conducting market research

What does "digital marketing" involve?

• Traditional advertising methods

• Promoting products or services using digital channels

• Ignoring online platforms

• Focusing solely on print media

What is "customer retention"?

• Attracting new customers only

• Keeping existing customers engaged and satisfied

• Ignoring customer feedback

• Focusing on one-time sales

What is the benefit of "collaborative learning"?

• It isolates individuals

• It promotes knowledge sharing and diverse perspectives

• It complicates the learning process

• It focuses on individual success