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WorksheetsT01. Introduction to Entrepreneurship
Total questions: 26
Worksheet time: 43mins
What is entrepreneurship?
The act of investing in an existing business
The act of working for a business
The act of creating a business while bearing all the risk
The act of creating a business with no risk
What are the characteristics of an entrepreneur?
Risk-averse, unmotivated, follower, myopic
Risk-taking, self-motivated, innovator, observant
Cautious, dependent, traditional, indecisive
Lazy, uncreative, conformist, shortsighted
What is the first step in the entrepreneurial process?
Idea Generation
Planning and Development
Feasibility Analysis
Implementation and Execution
What is the advantage of entrepreneurship related to flexibility?
Having a fixed schedule
Setting your own schedule
Working for someone else's schedule
No flexibility at all
What is a disadvantage of entrepreneurship related to workload?
Working only on weekends
Short hours and easy work
Long hours and hard work
No work at all
What is the advantage of entrepreneurship related to independence?
Following someone else's orders
Having no control over decisions
Being your own boss
Being an employee
What is the third step in the entrepreneurial process?
Implementation and Execution
Feasibility Analysis
Planning and Development
Idea Generation
What is the advantage of entrepreneurship related to potential for high rewards?
Financial failure
Financial success
No financial gain
Limited financial potential
What is the importance of market research in entrepreneurship?
To understand customer needs and preferences
To increase competition in the market
To ignore market trends
To limit business growth
What is the role of innovation in entrepreneurship?
To maintain the status quo
To resist change
To create new opportunities and solutions
To discourage creativity
Why is financial management important for entrepreneurs?
To overspend and go bankrupt
To make informed financial decisions
To ignore financial resources
To limit business growth
The process of creating something new that makes life better is called...
Technology
Brand recognition
Innovation
Opportunity cost
What is a disadvantage of entrepreneurship?
Personal satisfaction
Lower taxes
Uncertain income
Flexible schedule
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have _______________ what they do.
concerns about
ignore about
relax for
passion for
Which of the following is NOT considered a risk of being an entrepreneur?
Long hours and hard work
Potential Business Failure
Providing value to others
Financial Insecurity
What type of entrepreneurial business actually produce the products they sell?
Supplier
Distributor
Manufacturing
Service
Below are the competencies of successful entrepreneurs EXCEPT
Information-seeker
High work quality
Systematic planning
Introvert
Entreprenuer is the person who owns and run a business while entrepreneurship is the process of establishing a business.
TRUE
FALSE
Creation of new product value is an activity related to entrepreneurship.
TRUE
FALSE
The word entrepreneur means "to enjoy money".
True
False
Entrepreneurship means a process which individuals pursue _______ regardless the resources they have.
opportunities
risk
passion
goals
Which of the following is a characteristics of successful entrepreneurs?
To translate creativity into dreams
self -focus to achieve goal
tenacity despite failure
passion for money
The following are reasons why passion is important for successful entrepreneurial organization, except:
The ability to learn and iterate
A willingness to work smart
Ability to overcome setbacks
Perseverance and persistence makes entrepreneurs to get through tough times
Entrepreneurship is important because:
Generate wealth for the economy
Increase poverty rate
Destroy conventional jobs
Creates opportunities for underground economy
Structured questions.
What do successful entrepreneurs tend to be?
How and what do you use to determine if entrepreneurship is right for you?
What sources do ideas for new businesses come from?
Andrea is a high school student who lives in a rural area of Selangor. Andrea is only fourteen years old but want to make some extra money for her family's trip to Bali, Indonesia the following school holiday. While shopping with her parents, she notice there was only one place in town to buy flats with flowers and vegetables for planting, and there was not much of a selection. Andrea made a note of the various types of plants and flowers the store sold and how much they sold for. When Andrea got home from shopping with her parent, she went online to see how much the seeds and equipment would cost. Her parents liked the idea of Andrea earning some money of her own to spend on vacation and made a large area in the basement available for her to start her plants.
What should Andrea know about this business before getting started?
What do you think Andrea need to start this business?
What are the potential problems with this business idea?
In your opinion, what are some ways Andrea can sell her plants?
Is this a business idea or an entrepreneurial opportunity?
