Exploring Entrepreneurship Concepts

What is the primary function of an entrepreneur?

• To conduct market research

• To create and manage a business.

• To invest in stocks

• To provide loans to businesses

What is an intrapreneur?

• A freelance worker who contracts with multiple companies.

• A person who starts their own business outside of a company.

• An employee who only follows orders without innovation.

• An intrapreneur is an employee who acts like an entrepreneur within a company.

How does entrepreneurship contribute to economic development?

• Entrepreneurship reduces the need for skilled labor.

• Entrepreneurship leads to increased government regulation.

• Entrepreneurship contributes to economic development by fostering innovation, creating jobs, and stimulating competition.

• Entrepreneurship primarily benefits large corporations.

Define creativity in the context of entrepreneurship.

• Creativity is the ability to follow existing business models without change.

• Creativity in entrepreneurship is the ability to generate innovative ideas and solutions that create value in the market.

• Creativity is solely about artistic expression.

• Creativity in entrepreneurship is irrelevant to market needs.

What are two sources of new ideas for entrepreneurs?

• Social media trends and personal hobbies

• Government regulations and academic research

• Customer complaints and product reviews

• Market trends and networking with professionals

Describe one method of generating business ideas.

• Competitor analysis

• Customer feedback

• Market research

• Brainstorming

What is the purpose of a business plan?

• The purpose of a business plan is to outline the business's goals and strategies.

• To list all employees in the company

• To provide a detailed financial report

• To serve as a marketing brochure

What is a feasibility study?

• A feasibility study is a financial report on past projects.

• A feasibility study is a legal document for project approval.

• A feasibility study is an evaluation of a project's viability and potential success.

• A feasibility study is a marketing strategy for new products.

Describe bootstrapping as a fundraising strategy.

• Bootstrapping is a self-funding strategy where entrepreneurs use personal savings or business revenue to finance growth.

• Bootstrapping involves seeking venture capital to fund business growth.

• Bootstrapping refers to borrowing money from banks to finance a startup.

• Bootstrapping is a method of crowdfunding through social media platforms.

What are some common sources of funding for entrepreneurs?

• Corporate sponsorships

• Real estate sales

• Common sources of funding for entrepreneurs include personal savings, family and friends, bank loans, venture capital, angel investors, crowdfunding, and government grants.

• Stock market investments