Check For Understanding : Entrepreneurship

Why do entrepreneurs assume most of the risks in their business?

• Because they want to avoid responsibility

• Because they are required to by law

• Because they want to reap most of the rewards of the business

• Because they do not have any other options

Which of the following is described as the driving force behind entrepreneurial endeavors, representing the strong desire and enthusiasm for the business idea?

• Planning

• People

• Passion

• Profit

Why is 'Profit' considered a crucial indicator of business success?

• It shows the business has a strong team

• It demonstrates the ability to generate value and sustain the venture

• It helps develop a business plan

• It defines the mission behind the business

Promotion in the 4 P's of Marketing includes which of the following?

• The cost of the product

• The features of the product

• Advertising and public relations strategies

• The location of the store

If a business decides to sell its products online instead of in a physical store, which aspect of the 4 P's of Marketing is being changed?

• Product

• Price

• Place

• Promotion

Which of the following is an example of product branding?

• Google

• Pepsi

• Streaming Services

• Oprah Winfrey

What is the main goal of service branding?

• To create a unique experience that customers will remember

• To make a product stand out in a crowded market

• To establish a unified look for a company

• To create a unique identity for an individual

If a company wants to ensure that all its products, website, and marketing materials have a consistent appearance, which type of branding should it focus on?

• Product branding

• Service branding

• Corporate branding

• Personal branding

If you want to make a profit, which formula should you use to determine your charge?

• Cost - Profit = Charge

• Cost + Profit = Charge

• Cost x Profit = Charge

• Cost / Profit = Charge

After setting a price and starting to sell, what should you pay attention to in order to adjust your pricing strategy?

• Only the number of products made

• Whether people are buying quickly or hesitating at the price

• The color of your product

• The location of your business