Font size
WorksheetsMid Term Entrepreneurship
Total questions: 100
Worksheet time: 2hrs 56mins
9) Entrepreneurial firms ________.
A) are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer
B) bring to market new products and services that are not particularly innovative
D) provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so
E) bring new products and services to market by creating and seizing opportunities
13) ________ is the process of creating something new, which is central to the entrepreneurial process.
A) Modernism
B) Innovation
C) Execution
D) Creativity
8) The three primary reasons that people become entrepreneurs and start their own firms are to ________.
A) gain prestige, realize financial rewards, and eliminate risk in their lives
B) do what they were "born" to do, be their own boss, and gain prestige
C) take big risks, be their own boss, and do what they were "born" to do
D) be their own boss, pursue their own ideas, and pursue financial rewards
Which of the following is NOT a core characteristic of most entrepreneurs?
Risk-taker
Selfish
Confident
Independent
The process of identifying an opportunity then setting up and running a business to address that opportunity.
Entrepreneurship
Responsibility
Entrepreneur are individuals who create job opportunities.
TRUE
FALSE
Entrepreneurship is the ability to identify business opportunity
TRUE
FALSE
Social entrepreneur is someone who recogonizes a social problem and uses entrepreneurial principles to organize, create and manage a venture to make social change.
TRUE
FALSE
An entrepreneur is not an opportunity to contribute to the society.
TRUE
FALSE
Mistakes of entrepreneur is failure to develop a strategic plan
TRUE
FALSE
Being an entrepreneur can pursue own ideas.
TRUE
FALSE
Identify the person who provides money to start-up the business with the expectation of a future financial return is known as:
Investor
Rich person
Bank
Loan
What is considered to be "Copyrights"?
Assets
Liabilities
What is considered to be " Goodwill " as?
Assets
Liabilities
What are the ingredients of creativity?
Develop new insights and change perspectives
Passion
Agility and adaptation
Customer connection
The business failed, not the entrepreneur!!
False
True
A feasibility analysis consists of:
An industry and market feasibility analysis
A product or service feasibility analysis
A financial feasibility analysis
All three components
WHich of the below is NOT the ways to identify business opportunities?
Observing trends
Solving a problem
Finding gaps in marketplace
Which of the below is the correct spelling
ENTREPRENEURSHIP
ENTERPRENEURSHIP
ENTREPRENUERSHIP
ENTERPERNUERSIP
It is pre-determined course of action to accomplish the set objectives; it is projecting things today and the future activity of the future. An entrepreneur has to make decisions as to what, how, when, where and whom it is to be done.
Planning
Organizing
Management
Innovation
It is where the entrepreneur discovers, change, update or invent new product for their business. It is being with the trend in our world to improve his/her competitive position and increase earnings.
Planning
Organizing
Management
Innovation
One of the function of Entrepreneur is Management, what kind of entrepreneurial management that is to see whether the plan or the activities has been performed according to plan or not.
Staffing
Directing
Controlling
All of the Above
Successful entrepreneurs always have clear and specific objective- a long term and short term objective.
Self Confidence
Creative
Goal Setting
Independent
Successful entrepreneurs are on date to the trend of the world that can use to improve their businesses, they always on the lookout for new technology that they can apply to their business.
Ability to act quickly
Demand for quality and efficiency
Determination and Perseverance
Updated with Technology
The person responsible for setting up business or an enterprise; he is one who has the initiative, skill for innovation and who looks for high achievements.
(a)
Defined as the concept of developing and managing business venture in order to gain income or profit.
(a)
Skills needed by successful entrepreneurs: (check all that apply)
Communication Skills
Basic Business Skills
Problem Solving Skills
Science Skills
Interpersonal skills
Which of the following is/are a basic characteristic of an entrepreneur? (Select multiple options if necessary)
Innovative
Risk Taker
Bossy
laid back attitute
(a) is a formal statement of a set of business goals the reasons why they are believed attainable, and the plan for reaching those goals.
An entrepreneur can acquire business finances from:
(Select multiple options if necessary)
Relatives
Banks and Financial Institutions
Public offerings
IPO
The case when one company takes over another and establishes itself as the new owner of the business, is called
Merger
Joint venture
Acquisition
Franchising
A type of product that is intangibble
Service
Service
A type of product that is tangible
Good
Good
People who are most interested in buying a product
Target market
Target market
Which is a characteristic of a successful entrepreneur?
Motivated
Takes very little risk
Passionate
Hard-working
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
It shows and defines the hierarchy of the different positions in the organization.
Roles and Responsibilities
Form of Business Organization
Organizational Structure
Salary Requirements
Who need a business plan?
Creditors
Shareholders
Bankers
All of these
A business plan is a written document describing a company's core business activities, objectives, and how it plans to achieve its goals.
True
False
A business plan would normally be updated once a business adjusts its aims/objectives.
True
False
money that a business or organization receives over a period of time, especially from selling goods or services
Revenues
Entrepreneurs
Project
Consultant
someone whose job is to give advice on a particular subject
Entrepreneurs
Sales
Consultant
Revenues
................... are the inputs used in the production process to create finished products.
Raw materials
Money
Building
Inventory
Difference between revenue and cost.
Money
Cost
Profit
Revenue
What section of the business plan begins with a general description of the company?
Industry Analysis
Market Analysis
Economics of the Business
Company Description
its extremely important to understand your customer in order to have a successful business
true
false
Some entrepreneurs choose their ancestral property or home town or place near to home as a business location without paying attention to raw material availability, nearness to market etc.
Identify the pitfall
Wrongful selection of business location
Project planning and implementation strategies
Unrealistic pricing strategy
Lack of understanding of trading channels
o Number of employees
o Type of labor (skilled, unskilled, and professional)
o Where and How will you find the night employees?
o Quality of existing staff
o Pay structure
o Training methods and requirements
HR aspects of Business Plan
Marketing aspects of BP
Social aspects of BP
Technical aspects of BP
A. Briefly describe what you will offer and why it is unique
B. Target market
C. Customer demand situation
D. Competitive situation
E. Sales and marketing.
Company Products & services
Description of the business
Executive Summary
Financial Requirements
Positive factors that are not within the control of the business.
Strength
Weaknesses
Opportunities
Threat
Internal resources such as skilled, knowledgeable staff.
Strength
Weakness
Opportunity
Threat
Things your company lacks.
Strength
Weakness
Opportunity
Threat
Resource limitations.
Strength
Weakness
Opportunity
Threat
The information in the SWOT must be?
Honest and Real
Theoretical
Unrealistic
Based on future events
The small nature of the business enables it to provide excellent customer care because the small amount of work allows its staff to devote more time to customers.
Strength
Weaknesses
Opportunities
Threats
In Porter’s five forces model, conditions are more favourable for firms within an industry if:
Buyer power is high
Supplier power is high
Entry threat is low
Substitute threat is high
What are the six elements of PESTEL?
Power, Environment, Science, Teaching, Education and legal
Peace, Elements, Search, Tape, Environment and legal
Political, Economic, Social, Technological Environmental and legal
Paper, Element, Savings, Trust, Entry and labels
Areas where you or your organization may be weaker than others.
Strength
Weaknesses
Opportunities
Threats
Positive and controllable factors that contribute to the business’ success.
Strength
Weaknesses
Opportunities
Threats
Which elements are INTERNAL (inside the business)?
opportunities and threats
strengths and weaknesses
strengths and opportunities
weaknesses and threats
Which elements are EXTEARNAL (outside of the business)?
weaknesses and strengths
opportunities and strengths
opportunities and threats
strengths and weaknesses
Environmental Analysis is a special term that refers to the process of looking at the external socioeconomic issues in a business.
TRUE
FALSE
PESTLE is not used in analyzing potential economic problems that may arise in small businesses that are about to established or are already established.
TRUE
FALSE
Political factors are usually bigger picture topics such as tax policy, trade policy, or foreign trade policy, whereas legal factors tend to be more specific and relate to topics such as discrimination laws, antitrust laws, or intellectual property laws
TRUE
FALSE
Acquiring permits in establishing a business is a concern of what part of the PESTLE analysis?
Legal
Political
Economic
None of the above
With a PESTLE analysis beforehand, you can foresee possible problems that may come your way before they do and come up with contingencies or even avoid it altogether.
TRUE
False
It is ideal to use the PESTLE analysis only during if you have encountered a problem in your own business.
TRUE
FALSE
When we do not account the countless Tax policies we have to abide in running a business, which PESTLE factor have we not applied?
Political
Economic
Legal
None of the Above
The inclusion of the Inflation Rate as a determinant in running a business is one example of applying of what factors that could be seen in the PESTLE analysis?
Political
Legal
Economic
None of the above
The PESTLE analysis examines __________ factors that can impact the effectiveness of a marketing campaign.
three
four
five
six
What do we check in 'Political Analysis' in PESTLE?
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
What do we check in 'Social Analysis' in PESTLE?
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
What do we check in 'Legal Analysis' in PESTLE?
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Analysing the strength of an economy
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
What do we check in 'Environmental Analysis' in PESTLE?
Evaluating trends in society and culture that can affect the business
Checking government. decisions which can effect your business
Evaluating environmental issues that will affect the business
Analysing changes in technology that can impact your business
Examining the law to understand how it can influence the business
_________________ is a systematic process for identifying marketing opportunities and solving marketing problems.
Databased
Information
Marketing research
Patterns
Qualitative Research Methods are?
Behavioral observation
In-depth interviews
Focus groups
Social listening
All the above
"Quantitative research collects information that can easily?"
Counted
Tabulated
Statistically analyzed
All the above
A group that includes a cross section of the entire population that is targeted.
Marketing research
Data
Secondary data
Representative sampling
A group of people brought together to discuss a specific topic. Usually consist of 6-9 people
Observation
Interview
Focus group
Survey
Information, statistics, or other type of data that already exists. Someone has already collected the information, but others can use it.
Market research
Primary data
Variable
Secondary data
Which of the following is NOT a disadvantages of secondary data?
The objectives, nature and methods used to collect the secondary may not be appropriate to the present situation.
Secondary data may be lacking of accuracy
Secondary data collection may be expensive and time consuming
Secondary data may not be completely current or dependable
The first step in the marketing research project should be ____.
problem definition
problem correction
research design formulation
report generation and presentation
project completion
Why do businesses use market research?
To identify customer needs
To find solution to a marketing problem
To understand the market
All of these
It is a framework or blueprint for conducting a marketing research project.
Survey
Research Design
Data collection
Problem Definition
