Entrepreneurship Quiz

Which is a characteristic of a successful entrepreneur? (Select all that apply.)

• Motivated

• Passionate

• Takes very little risk

• Hard-working

What is the purpose of a business plan? Select the two (2) that are correct.

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

An elevator pitch is a way to convey information about your business. How long should it be?

• 5 minutes

• 60 seconds

• 30 seconds

• 3 minutes

The process of creating something new that makes life better is called…

• technology

• innovation

• brand recognition

• opportunity cost

A venture capitalist is…

• The co-founder of a successful startup

• The net worth of a company

• A manager of a business’s investment, aligning with goals

• An investor in a business providing capital for startup

Which of the following best defines entrepreneurship?

• the process of starting a new business

• the act of working for a large corporation

• the ability to juggle multiple tasks efficiently

• the practice of investing in the stock market

What is the main purpose of market research in entrepreneurship?

• to determine the most profitable pricing strategy

• to identify potential customers and their needs

• to establish a strong brand identity

• to secure funding for the business venture

What does the term ‘competitive advantage’ mean for an entrepreneur?

• having lower prices than competitors

• offering unique products or services

• advertising heavily to attract customers

• being the only business in the market

What does the term ‘break-even point’ mean for an entrepreneur?

• the point at which the business starts making a profit

• the point at which the business reaches its maximum growth

• the point at which the business starts losing money

• the point at which the business shuts down

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

• someone who starts a business but fails within a year

• someone who takes risks and learns from their mistakes

• someone who follows the traditional career path

• someone who prefers to work for a large corporation