WorksheetsThe Entrepreneurial Process
Total questions: 25
Worksheet time: 19mins
Every business venture starts with
capital
an idea
a market
an opportunity
What is the LAST step to be taken by an
entrepreneur in selecting a business
opportunity?
Preparing a business plan
Screening of business opportunity
Evaluating self and the
community
Identifying the needs and wants
of customers
Which of the following can be
described as a full exit strategy?
Licensing
Shut down
Going public (IPO)
Family succession
Which of the following is a characteristic
of a business idea?
Always abstract
May look bad at first
Always structured and systematic
Requires more than one person to
generate
The first step in the entrepreneurial
process ESSENTIALLY involves
idea generation
resource mobilization
opportunity identification
business concept utilization
Demographic segmentation strategies
separate potential customers into
age, gender and income
region, city and population
loyalty, product use and culture
lifestyle, social class and
education
Which of the following factors should an
entrepreneur consider MOST when hiring
employees?
Skills and education
Wages, motivation and benefits
Skills, age and education
Performance appraisal, skills and
education
Which of the following is NOT a source
of a business concept?
New markets
New products
Existing markets
New organizational structures
Financial funding offered to an
entrepreneur in return for an equity
position in his/her venture is known as
leasing
outsourcing
angel funding
supplier financing
The process by which a small group of
people interact to produce a large quantity
of imaginative ideas is called
idealization
brainstorming
mind mapping
group thinking
Which of the following are key sources of ideas?
I. Interests
II. Technology
III. Market knowledge
IV. Product knowledge
l and ll only
lll and lV only
ll and lV only
I, II, III and IV
A method of generating ideas that involve the output of as many options and alternatives as possible and where no criticisms are permitted is specifically
Focus group
Brainstorming
Reverse brainstorming
Check list method
A brand name, patent and copyright can be categorized as
Financial resources
Physical Resources
Intangible resources
Human resources
The harvesting strategy of ‘licensing of rights’ is specifically
Transferring the venture to family members
An offer of shares to the public
Allowing employees to buy the venture
Giving another company the permission to produce the product
Which of the following are the first three steps in the entrepreneurial process?
Idea generation, opportunity identification and business concepts
Opportunity identification, idea generation and resources
Idea generation, business concepts and harvesting
Opportunity identification, idea generation and business concepts
An idea for a business that includes basic information such as the service or product, the target demographic, and the unique selling proposition can be defined as:
Idea generation
Opportunity
Business concept
Harvesting
Which of the following is NOT considered to be a method of harvesting a venture?
Employee share ownership plan
Loan acquisition
Licensing of rights
Management buy out
Which of the following is NOT a method of generating a venture idea?
Training
Checklist
Notebook
Brainstorming
An entrepreneur creates new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying
threats
people
products
opportunities
The business concept should
clearly communicate the distinctive features of the business
be a broad statement on the venture’s mission and vision statement
remain fixed given the dynamics of the business environment
be a bridge between an idea and a business opportunity
An example of a unique selling point can be
I. lowest cost
II. design of product
III. distribution channels
IV. size of the market
I only
I and IV
I, II and III
I, II, III and IV
What type of resource is knowledge, skills and competencies?
Structural resource
Physical resource
Human resource
Intangible resource
Opportunities that are created when situations ‘ought to be’ a specific way but the reality is different are called
the unexpected or unanticipated situations
incongruous or inconsistent occurrences
the process need opportunities
changes in industry and market structure
Which of the following is NOT an area in the implementation and management of the venture?
Protection of creativity and innovation
Monitoring of performance
Payback of resource providers
Reinvestment in the business
What idea generation method is being illustrated in the picture above?
Reverse braining storming
Delphi method
Gordon method
Free association
