Entrepreneurship and Starting Your Own Business

Which quality helps entrepreneurs recover after setbacks or failures?

• Resilience

• Adaptability

• Problem-solving

• Creativity

Which training path combines starting a business while taking courses to fill knowledge gaps?

• Self-Taught Path

• Formal Education Path

• Professional Path

• Blended Path

What is the first stage in the business strategy cycle?

• Fund Your Business

• Business Planning

• Idea Generation

• Market Research

Which is an example of a cash flow issue that may impact entrepreneurs?

• Competitor opening nearby

• Too many customer returns

• Seasonal income drop

• Poor social media ads

What do most successful entrepreneurs invest in over time?

• Expensive marketing

• Ongoing learning

• Buying competitors

• High-end office space

If you launch a tutoring service, what's the best example of market research?

• Guessing what subjects students most need help in

• Asking friends’ opinions what you’re good at

• Surveying local students/parents on what subject they would pay for

• Setting prices before research

A bakery is losing customers to a new shop. Which response shows resilience?

• Closing immediately

• Lowering all prices

• Adding new seasonal items

• Ignoring customer feedback

A student wants to sell handmade jewelry. What's the best first step?

• Buy supplies in bulk

• Research popular customer styles

• Launch online store

• Create social media page

What is the best example of using problem-solving skills?

• Raising prices without reason

• Avoiding customer calls

• Selling products without advertising

• Creating a plan to fix late deliveries

What is the main goal of market research?

• Create a business logo

• Find out about your target customers

• Design your storefront

• Buy inventory