Entrepreneurship Week 4 Throwback

Which of the following best defines a minimum viable product (MVP)?

• A product that requires no further improvements

• A basic version of a product designed to test market interest

• The final version of a product ready for mass production

• A highly complex product that addresses all customer needs

What is a common myth about entrepreneurship?

• Entrepreneurs never fail.

• Entrepreneurship involves taking risks.

• Entrepreneurs are driven by passion.

• Entrepreneurship skills can be learned.

What is the primary reason passion is important for entrepreneurs?

• It guarantees financial success.

• It motivates them to keep going during tough times.

• It ensures immediate recognition in their field.

• It eliminates the need for a detailed business plan.

What is an example of a calculated risk an entrepreneur might take?

• Investing personal savings into a promising startup idea.

• Launching a business without conducting market research.

• Avoiding any financial commitments until success is guaranteed.

• Copying a competitor’s business model to minimize risk.

Networking is important for entrepreneurs because it:

• Reduces competition by keeping ideas private.

• Creates opportunities for partnerships and mentorship.

• Guarantees immediate access to investors.

• Focuses only on social media connections.

Which of the following is an example of innovation in entrepreneurship?

• Starting a business identical to an existing one.

• Developing a new product that solves an unmet need.

Why is a strong work ethic important for entrepreneurs?

• It ensures their business will succeed without a team.

• It drives them to work diligently toward their goals.

• It allows them to avoid competition entirely.

• It eliminates the need for adaptability.

Which of the following is an example of financial risk in entrepreneurship?

• Selling a product at a low price.

• Investing personal savings to launch a new business.

• Hiring an experienced employee.

• Offering a money-back guarantee to customers.

What is the definition of innovation in entrepreneurship?

• Avoiding risks at all costs.

• Creating or improving ideas, products, or processes to add value.

• Copying a competitor’s business strategy.

• Expanding a business to international markets.

Which of the following is NOT an example of innovation?

• Developing a new product that solves customer problems.

• Enhancing efficiency with better technology.

• Copying a popular business model without changes.

• Creating a unique marketing strategy to attract customers.