Business 18/09/2024 Challenge

What is the primary role of an entrepreneur?

• To invest in stocks and bonds.

• To provide loans to businesses.

• To work as an employee in a corporation.

• To create and manage a business.

Which of the following is a characteristic of successful entrepreneurs?

• Fear of failure

• Lack of focus

• Resilience and adaptability

• Inflexibility in decision-making

What is the term for a new business venture?

• franchise

• startup

• merger

• acquisition

Which of the following best describes innovation?

• The act of following established procedures without change.

• The process of creating new ideas, products, or methods that provide value.

• A strategy focused solely on cost reduction.

• A method of improving existing products without new ideas.

What is a common source of funding for startups?

• Venture capitalists

• Angel investors

• Government grants

• Crowdfunding platforms

What does a business plan typically include?

• A business plan is solely focused on employee benefits and salaries.

• A business plan typically includes an executive summary, company description, market analysis, organization and management structure, product line or services, marketing and sales strategies, funding request, financial projections, and an appendix.

• A business plan consists only of product descriptions and pricing.

• A business plan only includes a mission statement and vision.

Which of the following is a risk associated with entrepreneurship?

• No competition in the market.

• Guaranteed profit from investments.

• Financial loss due to investment risks.

• Immediate success without effort.

What is the purpose of market research for a new product?

• To create a sales forecast without customer input.

• To determine the price of the product only.

• The purpose of market research for a new product is to gather insights about customer preferences and market conditions to inform product development and marketing strategies.

• To analyze competitor products without considering customer needs.

Which of the following is an example of a social entrepreneur?

• A government official implementing public policy.

• A person who starts a non-profit organization to help the homeless.

• A person who runs a for-profit business selling luxury goods.

• A student organizing a school event for fun.

What is the significance of a unique selling proposition (USP)?

• A USP is primarily used for internal company strategies.

• A USP is only important for large corporations.

• The significance of a USP is that it clearly defines what makes a product or service unique, helping to attract and retain customers.

• A USP is a legal requirement for all businesses.