WorksheetsThe Entrepreneurial Process
Total questions: 15
Worksheet time: 9mins
What is a business plan?
A document that outlines the financial status of a business.
A roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.
A list of employees and their roles in the business.
A marketing strategy for promoting products.
What does entrepreneurial discovery involve?
Creating a business plan.
The process of systematically scanning for technological, political, regulatory, social, and demographic changes to discover opportunities to produce new goods and services.
Hiring employees for a new business.
Selling products to customers.
Which stage of the entrepreneurial process is referred to as "Harvesting"?
The 1st stage.
The 2nd stage.
The 3rd stage.
The 5th stage.
What is the main focus during the "Harvesting" stage of the entrepreneurial process?
Developing a business plan.
Gathering resources.
Evaluating if the company is a success or failure, and/or if it needs more time to prove itself.
Marketing the product.
What is the 3rd stage of the entrepreneurial process called?
Planning.
Execution.
Resourcing.
Marketing.
What does the "Resourcing" stage involve?
Creating a marketing strategy.
Gathering together the necessary elements needed to start a business.
Evaluating the success of the business.
Scanning for new opportunities.
Which of the following is NOT a part of entrepreneurial discovery?
Scanning for technological changes.
Scanning for political changes.
Scanning for social changes.
Scanning for employee performance.
In which stage of the entrepreneurial process would you most likely create a business plan?
Entrepreneurial Discovery.
Resourcing.
Harvesting.
Planning.
Which of the following best describes the purpose of a business plan?
To outline the financial status of a business.
To provide a roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.
To list the employees and their roles.
To create a marketing strategy.
Which stage comes immediately before "Harvesting" in the entrepreneurial process?
Planning.
Execution.
Resourcing.
Growth.
An idea becomes an opportunity if it has three features. They are:
(Choose all 3 that apply)
Market
Margin
Marketing
Mission
Models
The 4th stage of the Entrepreneurial Process is to ____ _____ _________. This is the grand opening, where you start operating your business, and offer your solution to potential customers
(a)
What percentage of small businesses fail in their first year?
25%
20%
15%
50%
What percentage of small businesses fail in their first 5 years?
25%
20%
15%
50%
an (a) is a person, but (b) is a process
