Module 1: Generate Business Ideas

Which of the following is NOT a good reason why people become entrepreneurs?

• Financial gain

• Creating change

• Freedom and lifestyle

• Being an entrepreneur is an easy career path

Which of the following things is most likely to make two people good business partners?

• They have complementary skill sets

• They both enjoy the same hobbies

• They live in the same city

• They have the same educational background

What is the most important part of starting a business?

• Creating a business plan

• Securing funding

• Conducting market research

• Coming up with an idea

According to the video, how is Chipotle different from other Mexican restaurants?

• It uses organic ingredients.

• It offers high quality food quickly

• It has a drive-thru service.

• It serves traditional Mexican dishes.

What is the fundamental premise of a good business idea?

• Innovation

• It solves a problem

• Profitability

• Scalability

What are the other 2 rules for starting a business?

• There are enough people with the problem and they will pay to solve it

• Secure funding and choose a business location

• Register your business and obtain necessary licenses

• Develop a marketing strategy and build a team

What is the most important factor which determines a new business' success?

• The execution of the idea

• Business plan

• Funding

• Location

What is the primary motivation for entrepreneurs to start a business?

• To become billionaires

• To fill a need or satisfy a want in the community

• To gain fame

Explain why personal savings might be a preferred funding source for some entrepreneurs.

• It involves no financial risk.

• It allows for complete control without external influence.

• It guarantees business success.

• It requires no financial planning.

Tags

DOK Level 2: Skill/Concept

The process of starting a new business is known as:

• Diversification

• Entrepreneurship

• Liquidation

• Amortization