HT3.6- Business Skills Overview

Which of the following is a primary market research technique?

• Reading industry reports

• Conducting surveys

• Analysing competitors' websites

• Reviewing academic journals

What is a key skill for an entrepreneur when starting a new business?

• Ability to memorise historical data

• Proficiency in multiple languages

• Risk-taking ability

• Expertise in graphic design

Which of the following is a secondary market research source?

• Focus groups

• Customer interviews

• Online databases

• Direct observations

Which skill is crucial for an entrepreneur to effectively manage a team?

• Micromanagement

• Delegation

• Avoidance of conflict

• Sole decision-making

What is a benefit of conducting market research before launching a product?

• It guarantees product success

• It eliminates all competition

• It provides insights into customer needs

• It reduces the need for marketing

What is a common challenge faced by entrepreneurs when starting a new business?

• Excessive funding

• Lack of market demand

• Too many employees

• Overwhelming customer interest

Which of the following is an effective strategy for managing business risks?

• Relying solely on intuition

• Diversifying investments

• Investing all resources in one area

• Ignoring potential threats

What is an essential financial skill for an entrepreneur?

• Knowledge of foreign exchange rates

• Expertise in cryptocurrency trading

• Understanding cash flow management

• Ability to predict stock market trends