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WorksheetsENTERPRENEUR
Total questions: 15
Worksheet time: 8mins
Which of the following is NOT a characteristic of successful entrepreneurs.
Innovation
Commitment and self-motivation
Multiskilled
Indecisiveness
Which of the following is NOT the importance of INNOVATION for successful entrepreneur?
A service industry can expand with another type of service to fulfilling the ever changing needs of their clients.
Entrepreneur must be able to carve a new niche in the market, attract customers in innovative ways and present his/her business as being different from others in the same market.
It is never an easy option to set up and run your own business.
Which of the following is NOT the importance of MULTISKILLED for successful entrepreneur?
An entrepreneur will have to make the product (or provide the service), promote it, sell it and keep accounts.
These different business tasks require a person who has many different qualities, such as being keen to learn technical skills, being able to get on with people and being good at handling money and keeping accounting records.
A willingness to work hard, keen ambition to succeed, energy and focus are all essential qualities of a successful entrepreneur
Which of the following is NOT the importance of COMMITMENT AND SELF-MOTIVATION for successful entrepreneur?
A willingness to work hard, keen ambition to succeed, energy and focus are all essential qualities of a successful entrepreneur.
It is hard work and may take up many hours of each day.
The entrepreneur will have to lead by example and must have a personality that encourages people in the business to follow them and be motivated by them.
Which of the following is NOT the challenges faced by entrepreneurs?
Competition
Sourcing capital (finance)
Determining a location
Risk taking
Which of the following is NOT the example of opportunity cost?
Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it.
Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.
None
Which of the following is NOT the example of opportunity cost?
When the government spends $15 billion on interest for the national debt, the opportunity cost is the programs the money might have been spent on, like education or healthcare.
Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog. The opportunity cost is the drink and hot dog.
None
Why a country is likely to benefit from expansion of its business enterprises?
Because when business grow they employ a large number of workers, add considerably to economic growth and will take the place of declining businesses that may be forced to close.
New businesses tend to be innovative and this creativity adds dynamism to an economy. This creativity can rub of on to other businesses and help to make the nation’s business sector more competitive.
All is correct.
Explain the difference between a charity and a social enterprise.
A social enterprise can and often keep some off any profit made for themselves.
A charity on the other hand is formed solely to carry out welfare programs and is dependent upon donations to carry out its mission. It does not do any business activities as such to make any profits.
All is correct.
Land, Labour, Capital are factors of production that a new hairdressing business will require.
True
False
A new business selling computer software has just opened in your town. Which of the following is NOT the need that this business will have if it is to be successful.
Working capital - be aware of how much money the company will need to run day-to-day business affairs.
Management skills - have leadership skills, cash handling and cash management skills and planning and coordinating skills.
Keep accurate records - be able to keep up-to-date records of business transactions
None
Explain how a supermarket could add value to the food and other stock it buys in.
By advertising in the local newspaper certain brands and the way items are placed on the shelves
The location of the supermarket can also add value if it is more convenient than others.
All is correct.
Explain why there are so many new business enterprises in the tertiary sector of industry, such as hairdressing and car washing.
Tertiary sector creates job opportunities which would reduce the unemployment rate.
Tertiary sector competes with each other the most. Hence, they will try to supply the products with good quality, design that captivates other people, and set the reasonable price.
Services often have lower start-up cost than primary or secondary sector. This increases their profit margin, thus the government could gain more tax from them to spend on infrastructure or social projects.
All is correct.
Using an example of a small business/recently established new business, explain how its owners overcame the three challenges faced by entrepreneurs.
Sourcing capital - had a well produced business plan, invested some of their own money and were able to get the rest from a bank.
Competition - offered better customer service, more toppings, and beat prices from other self serve yogurt shops in the area.
Determining a location - By looking at where the target population most likely hangs out, they were able to find a store in the area.
All is correct.
The followings are benefits of entrepreneurship to the economy of your country and explain why they are important. EXCEPT...
Employment creation - In setting up a new business an entrepreneur will most likely employ other people to help them.
Economic growth - Any increase in output of goods or services from a start-up company will increase the gross domestic product of the country.
Exports - When businesses export this increases the value of the nation's exports and improves it international competitiveness.
None
