SMALL BUSINESS MANAGEMENT

What is the primary focus of small business management?

• Managing large corporations

• Managing small businesses effectively

• Avoiding risks in businesses

• Managing non-profit organizations

What is entrepreneurship?

• A hobby to pass time

• The process of designing, launching, and managing a business

• A government policy for economic growth

• A financial investment tool

Why is entrepreneurship important in the economy?

• It increases government expenses

• It encourages innovation and job creation

• It supports large corporations only

• It reduces the need for education

Which of the following is a key characteristic of a successful entrepreneur?

• Laziness

• Lack of Focus

• Perseverance

• Dependency on others

What does the term ‘small business’ typically refer to?

• Businesses with high revenue

• Large-scale multinational companies

• Independently owned and operated companies

• Government-run organizations

What is one of the roles of entrepreneurs in the economy?

• Decreasing job opportunities

• Importing goods only

• Creating jobs and boosting innovation

• Only working in technology sectors

Which of the following is NOT a key characteristic of an entrepreneur?

• Creativity

• Risk-taking

• Procrastination

• Visionary thinking

What does successful small business management require?

• Ignoring customer feedback

• Effective planning and decision-making

• Relying solely on luck

• Avoiding risk at all costs

What drives an entrepreneur to create a new product or service?

• Government orders

• Fear of competition

• Identifying a market need or opportunity

• Avoiding challenges

Which of these is an example of entrepreneurship?

• Starting a small online store

• Closing a factory permanently

• Working for a large corporation

• Avoiding all business risks