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WorksheetsDECE2104 Entrepreneurship in ECE
Total questions: 20
Worksheet time: 37mins
The word entrepreneur derives from French word and it means to undertake. True or False?
True
False
Choose the best description for an entrepreneur.
An entrepreneur assembles and integrates all the resources needed – money, the people, the business model and strategy and
transform the invention into a variable business.
An entrepreneur is someone who is very creative.
An entrepreneur assembles and integrates all the resources needed – money, the people, the business model and strategy.
An entrepreneur looks for materials
transform the invention into a variable business.
These are the characteristics of entrepreneurs except
creative
innovative
risk-taker
reserved
Economic trends help determine areas that are ripe for new start-ups and areas that start-ups should avoid. The following are the examples of economic trends creating a favourable opportunity except
A weak economy trend favours start-ups that help consumes save money
Increasing demand in E-Commerce service during and after Covid1-19 pandamic
Technology advancements and rapid growth in artificial intelligence or 5G
All are correct
People become entrepreneurs because of the following reasons except
to be own boss
to pursue their own ideas
to enjoy freedom
financial reward
What are the key characteristics of successful entrepreneurs? There are more than one correct answers.
Passion for the business
Product/customer focus
Tenacity despite failures
Execution intellengence
Choose the common myths about entrepreneurs. There are more than one correct answer.
Entrepreneurs are born, not made
Entrepreneurs are gamblers
Entrepreneurs are motivated primarily by money
Anyone can be an entrepreneur
According to the basic model of the entrepreneurial process, there are five steps to develop a successful idea. Which of the following is considered the very first step?
Feasibility analysis
Developing an effective business model
Recognising opportunities and generating ideas
Writing a business plan
An opportunity is a favourable set of circumstances that creates a need for a new product, service, or business. True or False?
False
True
Select the correct answers. These are the ways of identifying an opportunity.
Observing trends
Feasibility analysis
Solving a problem
Finding gaps in market place
To start a new venture of a daycare centre. What should the entrepreneur do after registering a child care centre's name with SSM?
Check availability of address
Submit approval letters from related agencies to JKM
Application to the local authority, BOMBA and Health Department
Submit layout plan, activities schedule, food menu and list of staff
This is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing. This process is called
Marketing evaluation
Feasibility analysis
Industry and Competitors analysis
Brainstorming session
Feasibility analysis. How many components are there in a properly conducted feasibility analysis?
5
3
4
6
Before a prospective firm rushes a new product or service into development, it should be sure that the product or service is what prospective customers want, an assessment needed to be conducted at this point and this is called the product or service feasibility analysis. True or False?
True
False
To carry out an industry / target market feasibility analysis, entrepreneurs should consider the following components. Choose TWO correct components.
Industry attractiveness
Product/Service demand
Target market attractiveness
Resources sufficiency
These are FOUR main functions of administrators in early childhood settings except
Planning
Managing
Organising
Teaching
Choose a correct answer for the following explanation:
It is a short overview of the entire business plan.
It provides a busy reader with everything that needs to be known about the new venture’s distinctive nature.
It shouldn’t exceed two single-spaced pages and should be written last.
Company description
Executive summary
Marketing analysis
Operation plan
A____________ is a firm’s plan or recipe for how it creates, delivers, and captures value for its stakeholders.
The proper time to develop this is following the feasibility analysis stage and prior to fleshing out the operational details of the company.
Financial plan
Business model
Business plan
Marketing plan
In a Barringer/Ireland Business Model template consists of FOUR main components. There are Core strategy, Resources, Financials and _______.
Marketing
Operations
Analysis
Planning
The core strategy in Barringer/Ireland Business Model template describes how the firm plans how to compete with its competitors. Select the primary elements of the core strategy.
i. Business strategy
ii. Target market
iii. Basis of differentiation
iv. Product/ Market scope
i, ii, iii
i, iii
i, iii, iv
i, ii, iii, iv
