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WorksheetsEntrepreneurship Review
Total questions: 20
Worksheet time: 17mins
“Creative destruction is the process whereby products, processes, ideas and businesses are replaced with better ones.”
Which of the following theorists made this proposition?
Peter Drucker
Jean Baptiste Say
Richard Cantillon
Joseph Schumpeter
An individual who is in the process of starting a new venture for the first time is described as a
Novice
Nascent
Habitual
Green
A Business ran and owned by just one person is called what? (Example: Creations by Barbara Florist)
Corporation
Partnership
LLC
Sole Proprietorship
Connie lives in Tallahassee, FL, and wants to start an exercise studio that focuses on low-impact fitness classes that can be done in a seated position with light weights. Which of these groups most likely represents Connie's target demographic?
Pre-school age children
Professional athletes
International viewers who could stream the workouts online
Retirees who live in the community
What is the most significant difference between a small business and a startup?
Startups intend to grow large quite rapidly, whereas small business tend to remain small
Startups tend to be self-funded, whereas small businesses tend to have investors
Startups are typically technology companies, whereas small businesses are typically restaurants
Startups are far less risky than starting your own small business
The ______________ is a quick description of your business that you use to explain it to potential investors.
Business plan
Sales forecast
Elevator pitch
Business analysis
Which of the following is NOT a true statement about business plans?
They should include an overview of your business goals and how you think you are going to achieve them
They are created before starting a business
They should never be revised
They can help lower the risk of starting a new business
The particular group of customers you are interested in is the__________.
total market
target market
customer base
market segment
Which of the following does NOT encourage entrepreneurship?
Information revolution
Changing demographics
Technological advances
Government bureaucracy
Which of the following is NOT one of the four Ps of innovation type?
Price
Process
Position
Paradigm
Which type of innovation leaves the existing components and the core design concepts essentially untouched, but changes the ways in which the components are linked?
Modular
Incremental
Architectural
Discontinuous
Which of the following methods of protecting innovation and creativity can be used for creation of the G-pan steel pan in Trinidad and Tobago?
Patent
Branding
Copyright
Registered design
The creative and innovative secret herbs and spices used by a popular multinational company through franchised outlets for the preparation of fast food is protected under
copyright (B) trademarks (C) trade secrets (D) intellectual property
trademarks
trade secrets
Intellectual property
The first step in the entrepreneurial process ESSENTIALLY involves
idea generation
resource mobilization
opportunity identification
business concept utilization
Which of the following organizations will MOST likely give financial assistance and technical support to implement a business idea?
Central banks
Angel investors
Commercial banks
Business development agencies and programmes
Demographic segmentation strategies separate potential customers into
region, city and population
age, gender and income
loyalty, product use and culture
lifestyle, social class and education
