How should successful entrepreneurs approach a big goal?

Break it down into small, doable steps

Wait for the perfect opportunity to act

Delegate the entire goal to others

What is the purpose of a growth mindset for an entrepreneur?

To embrace challenges and learn from setbacks

To believe that talent is innate and unchangeable

To focus solely on financial growth

What is the definition of an entrepreneur?

A person who starts and runs a business, taking risks to create something new

A person who works for a large corporation

A person who inherits a business

A person who manages a team but does not own the company

What is the main characteristic of a franchise?

It buys the right to use another company’s brand and business model.

It operates for a social cause.

It is a standalone business owned by a single person.

It is owned and operated by its members.

Which of the following is an example of a business model?

LLC (Limited Liability Company)

What is the primary difference between an entrepreneur and an employee?

An entrepreneur takes on full financial risk.

An employee has more decision-making power.

An entrepreneur works for an existing company.

An employee is more creative and self-motivated.

The Human Resources (HR) department is responsible for:

Handling employee recruitment, training, and benefits.

Managing the company's finances.

The purpose of the RACI decision-making framework is to:

Clarify roles and responsibilities in a project.

Calculate a company's financial risk.

Evaluate a business's market potential.

What are three criteria that make a pitch successful?

Business alignment, clarity, and time management

Budget, team size, and location

What is the difference between personal ethics and business ethics?

Personal ethics are your own values, while business ethics are the rules that guide a business's behavior.

They are the same; there is no difference.

Personal ethics are for individuals, while business ethics are for corporations only.

Business ethics are guided by law, while personal ethics are not.

Which strategy helps facilitate ethical behavior among employees?

Creating a clear Code of Ethics.

Ignoring unethical behavior to avoid conflict.

Punishing all mistakes, regardless of intent.

Hiring only people with a similar background.

An example of an action that is "Legal but Unethical" is:

Lying in an ad without making false claims

An example of an action that is "Illegal and Unethical" is:

Giving a competitor a negative review.

Selling a product you know is of low quality.

Paying your employees a low wage.

The Triple Bottom Line measures a business's success based on three components:

Sales, Marketing, and Operations

Innovation, Competition, and Market Share

What is Corporate Social Responsibility (CSR)?

A business’s responsibility to its stakeholders and the environment beyond legal requirements.

The legal requirement for all businesses to be non-profit.

A marketing strategy to increase sales.

A business’s sole focus on increasing profit for shareholders.

What is the primary difference between a social entrepreneur and an environmental entrepreneur?

A social entrepreneur solves social problems, while an environmental entrepreneur solves environmental problems.

A social entrepreneur works for a non-profit, while an environmental entrepreneur works for a for-profit company.

They are the same; the terms are interchangeable.

An environmental entrepreneur is a type of social entrepreneur.

Why is balancing profit with social responsibility important for a business?

It builds a positive brand reputation and increases customer loyalty.

It is a legal requirement for all companies.

It is the only way to make a profit.

It guarantees a company will not face any legal issues.

What does "problem-first thinking" mean?

Starting with a real problem before developing a solution.

Starting a business by creating a solution and then finding a problem it can solve.

Focusing on a problem that is difficult to solve to demonstrate skill.

Creating a product and then asking customers for feedback on its flaws.

Which of the following is a technique for discovering problems?

Customer interviews to ask about their frustrations

Random brainstorming with no specific focus

Looking at competitor's solutions

Developing a product and then seeing what problem it solves

A business plan is a:

Written roadmap outlining a business's objectives and strategies.

Legal document required by all businesses.

Set of daily tasks for employees.

Short description of a business's name and logo.

What is a key difference between a traditional business plan and a Business Model Canvas (BMC)?

A traditional plan is a lengthy document, while the BMC is a concise, one-page tool.

The BMC is a legal document, while a traditional plan is not.

A traditional plan is used for small businesses, and a BMC is for large corporations.

The BMC focuses on financial projections, while a traditional plan does not.

A limitation of a traditional business plan is that it can be:

Time-consuming to create and less adaptable

Too flexible and easy to change

Not detailed enough to guide decision-making

What is a Business Model Canvas (BMC)?

A one-page visual tool for business planning

A legal contract with investors

A financial spreadsheet for tracking expenses

Which of the following is an example of a financial risk?

Not having enough money to start or run the business.

A supplier failing to deliver materials on time.

A new competitor entering the market.

Making an incorrect business decision.

Which of the following is a key criterion for evaluating a business's feasibility?

The number of social media followers

What is the difference between a "problem" and a "solution"?

A problem is the "pain point" or frustration, and a solution is what you create to fix it.

A solution is the "pain point," and a problem is the fix.

A problem is for the business, and a solution is for the customer.

Why do entrepreneurs need a business plan?

It sets clear goals and guides decision-making.

It is the only way to get a loan.

What is a business trend?

A pattern of change over time that creates business opportunities.

A temporary fad with no lasting impact.

A single, isolated event that changes a business.

A business's unchanging daily routine.

Why does change matter for a business?

It allows a business to stay competitive and meet evolving customer needs.

It simplifies operations and reduces costs.

It is a requirement for all businesses.

It ensures the business will never fail.

What is the purpose of a PESTLE analysis?

To evaluate external factors (like political, economic, and social) affecting an industry.

To analyze a company's internal weaknesses and strengths.

To evaluate a business’s financial health.

To create a detailed business plan.

The gig economy is best defined as:

An economy where temporary, flexible jobs are common, often connected through digital platforms.

A system where all workers have full-time, salaried positions.

An economy where all work is done in a physical office.

An economy that is completely based on trading goods and services.

A key benefit of the gig economy is:

Flexibility in choosing when and where to work

Job security and a stable career path

Access to traditional corporate benefits

A key challenge of the gig economy is:

Lack of benefits, such as health insurance or paid leave.

Too many clients and too much work.

An increase in income stability.

A high barrier to entry for new workers.

A type of gig work where a person is self-employed and offers their services to clients on a project basis.

A form of employment where you work for one company full-time.

A method of selling products online.

A system where companies trade services with each other.

How can digital platforms help entrepreneurs?

They offer avenues for promotion and sales.

They eliminate all financial risks.

They only provide a platform for communication.

They replace the need for employees.

Which of the following is a resource where entrepreneurs can find help and support?

The IRS (Internal Revenue Service)

According to the presentation, how do trends lead to new products?

Companies observe trends and develop new products to meet the emerging needs.

Trends are a result of new products.

Trends have no connection to new products.

New products are created randomly.

Unit 1 - Entrepreneurship & Business Foundations

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Business

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10th Grade

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Brandon Rose

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