Exploring Entrepreneurship Concepts

What is the purpose of market research in entrepreneurship?

• To analyze past business failures only

• To create a marketing budget without data

• The purpose of market research in entrepreneurship is to gather information about the market, customers, and competition to make informed business decisions.

• To develop a product without customer feedback

Name two common techniques used for market research.

• Surveys, Focus Groups

• Product Testing

• Interviews

• Market Segmentation

What are the primary sources of funding for startups?

• Personal savings, family and friends, angel investors, venture capital, crowdfunding, bank loans.

• Real estate investments

• Franchise fees

• Government grants for established businesses

How can crowdfunding benefit a new business?

• Crowdfunding can provide capital, validate business ideas, and build a community of supporters.

• Crowdfunding guarantees immediate profits.

• Crowdfunding eliminates the need for a business plan.

• Crowdfunding is only for established companies.

Describe the entrepreneurial mindset in one sentence.

• An entrepreneurial mindset embraces innovation, adaptability, and a strong drive to achieve goals.

• An entrepreneurial mindset is solely focused on financial gain.

• An entrepreneurial mindset is about following established rules and traditions.

• An entrepreneurial mindset avoids risk and prefers stability.

What are three characteristics of successful entrepreneurs?

• Lack of focus

• Inflexibility

• Poor communication skills

• Resilience, adaptability, strong leadership

What is risk management and why is it important for startups?

• Risk management is about taking as many risks as possible to grow quickly.

• Startups should focus solely on marketing and sales, ignoring risks.

• Risk management is only necessary for large corporations.

• Risk management is the process of identifying and mitigating potential risks, and it is important for startups to protect resources and ensure sustainable growth.

List two strategies for managing risks in a business.

• Risk transfer

• 1. Risk avoidance 2. Risk mitigation

• Risk acceptance

• Risk exploitation

What is social entrepreneurship?

• Social entrepreneurship is the creation of social value through innovative solutions to social problems.

• A business model focused solely on maximizing shareholder value.

• A type of government program aimed at reducing unemployment.

• A method of increasing corporate profits through social media marketing.

How does social entrepreneurship differ from traditional entrepreneurship?

• Social entrepreneurship prioritizes social impact over profit, unlike traditional entrepreneurship which focuses on financial gain.

• Social entrepreneurship operates only in the nonprofit sector.

• Traditional entrepreneurship has no social responsibility.

• Social entrepreneurship is solely focused on maximizing profits.