Worksheetssetting up a business
Total questions: 18
Worksheet time: 10mins
Ways to reduce costs when starting a business include:
Negotiate discounts with suppliers.
Identify suppliers you can work with and establish partnerships.
Outsourcing
All off the above
An example of an External factor includes
floods
customer service
advertising
none of the above
what will help you in achieving your goals when initiating a business.
A vision board
A time line
action plan chart
none of the above
This is not an example of an internal factor.
inflation
Company Location
funding
target audience
It is essential to establish an ????? from the beginning.
(a)
____________ study is a detailed investigation of the proposed project to determine whether the project is financially, economically and technically viable or not.
Business
Enterprise
Feasibility
Idea
All of the following are part of the conceptualization function EXCEPT:
Developing a business idea
Understanding how the business will deliver what consumers want
Researching all aspects of the business idea
Evaluating business performance
Which of the following are reasons for starting a business?
The desire for financial independence
Self-fulfillment
Self-actualization
To increase your income
All of the above
All of the following are part of the conceptualization function EXCEPT:
Developing a business idea
Understanding how the business will deliver what consumers want
Researching all aspects of the business idea
Evaluating business performance
Which of the following should be done before a business venture is set up?
Choose TWO
Visit all the competitors who sell similar products or services.
Conduct market research to assess the level of demand for the product.
Assess how much capital will be needed to finance the business.
Create a business plan to understand how you intend to put your ideas into action.
Which of the following are reasons for conducting a feasibility study?
Checking the potential profitability of a business
Identifying the possible sources of income.
Checking the possible cost to start the business
Assessing the viability of the business
All of the above
Acquisition of funds may come from?
Personal savings
Borrowing from friends and family
Borrowing from financial institutions
Investors
All of the above
Ashley is the owner of her bakery. She is the person that bears all risks and combines the factors of production efficiently and effectively with hopes of making a profit. She is a/an
manager
supervisor
counsellor
entrepreneur
Which is not a personal characteristic of the entrepreneur?
Innovative
Inflexible
Persistent
Persevering
From the answers given below, which provides a list of ONLY entrepreneurial characteristics?
Flexible, Creative, and lazy
Risk-taker, innovative and flexible
Creative, goal-oriented, and non-risk taker
Persistent, innovative and goal-oriented
The ability of the entrepreneur to respond quickly to changes in the market and economy refers to the characteristic of
Creativity
Flexibility
Persistency
Goal-oriented
All of the following are likely to form part of a business plan for a new computer retail business EXCEPT:
Executive Summary
Marketing Plan
Production Plan
Financial Plan
