Entrepreneurship Basics 15-18

What is the first step in starting a small business?

• a) Registering a company
  

• b) Identifying a problem to solve
  

• c) Hiring employees
  

• d) Taking a business loan
  

What does "profit" mean in business?

• a) The total money earned before expenses
  

• b) The amount left after all expenses are deducted from revenue
  

• c) The money borrowed to start a business
  

• d) The total value of company assets
  

Which of these is an example of an entrepreneur?

• a) A person working in a bank
  

• b) A teacher at a school
  

• c) A student who starts a home bakery and sells cakes online
  

• d) A scientist working in a government lab
  

Why is market research important before starting a business?

• a) To copy competitors’ strategies
  

• b) To understand customer needs and demand
  

• c) To set the highest price possible
  

• d) To avoid paying taxes
  

What is a key quality of a successful entrepreneur?

• a) Fear of taking risks
  

• b) Lack of confidence
  

• c) Ability to adapt and solve problems
  

• d) Ignoring customer feedback