Entrepreneurship test

What is entrepreneurship?

• a) The process of managing an existing business

• b) The process of starting and running a new business to create value and make a profit

• c) The process of working for someone else

• d) The process of investing in stocks

• D) all of them

Which of the following is NOT a reason to become an entrepreneur?

• a) Profit potential

• b) Independence and autonomy

• c) Fear of uncertainty

• d) Challenge of taking risks

Which of these traits is common among entrepreneurs?

• a) Procrastination

• b) Risk-taking

• c) Avoidance of challenge

• d) Resistance to change

What is a common risk entrepreneurs face?

• a) Guaranteed profit

• b) Financial risk of losing savings

• c) Regular work hours

• d) No competition

What is one benefit of entrepreneurship?

• a) No stress

• b) Unlimited profits

• c) No competition

• d) Fixed working hours

Why are small businesses important to the national economy?

• a) They create jobs and promote regional development

• b) They focus on international trade

• c) They do not contribute to the economy

• d) They only benefit large corporations

What is one factor for success in a small business?

• a) Lack of planning

• b) Good customer service and market research

• c) High staff turnover

• d) Ignoring competition

What does franchising involve?

• a) Starting a completely new business

• b) Purchasing the rights to sell a product or service developed by another company

• c) Only selling a product without any operational rules

• d) Becoming an investor without running the business

What is a key advantage of buying an existing business?

• a) Complete control over every aspect of the business

• b) Lower initial costs compared to starting from scratch

• c) Guaranteed profits

• d) No need for staff

What is one advantage of franchising for the franchisee?

• a) No need to follow the franchisor’s rules

• b) Guaranteed success without effort

• c) Financial assistance, training, and a proven business model

• d) Complete freedom in business operations