WorksheetsExploring Entrepreneurship Concepts
Total questions: 19
Worksheet time: 10mins
What is a market need?
A market need refers to the supply of goods in a market.
A market need is a type of financial investment.
A market need is a strategy for increasing sales.
A market need is a demand or requirement within a market that consumers want to fulfill.
How can you identify a gap in the market?
Focus solely on social media trends
Conduct market research to find unmet needs or underserved customer segments.
Increase advertising budget without research
Analyze competitor pricing strategies
What are some methods to gather customer feedback?
Inventory management
Surveys, interviews, focus groups, feedback forms, social media polls, online reviews.
Sales reports
Product returns
Why is it important to develop standard operating procedures?
To increase the number of procedures without oversight.
It is important to develop standard operating procedures to ensure consistency, efficiency, and compliance in operations.
To reduce the need for training employees.
To allow for more flexibility in operations.
What should be included in a standard operating procedure?
Purpose, scope, definitions, responsibilities, procedures, references
Goals, timelines, budgets, evaluations
Background information, examples, case studies
Introduction, overview, summary, conclusions
How can brainstorming help in problem-solving?
Brainstorming leads to confusion and delays in decision-making.
Brainstorming is only effective for individual tasks, not group problems.
Brainstorming restricts creativity by enforcing strict guidelines.
Brainstorming helps in problem-solving by generating diverse ideas and fostering collaboration.
How can you improve a service based on customer feedback?
Limit feedback collection to only positive comments
Increase prices without explanation
Collect, analyze, prioritize feedback, implement changes, communicate, and monitor results.
Ignore customer feedback completely
What role does empathy play in service design?
Empathy is solely about emotional responses.
Empathy is crucial for understanding user needs and enhancing service design.
Empathy only complicates the design process.
Empathy is irrelevant in service design.
How can you prioritize problems to solve first?
Choose problems randomly without assessment.
Assess impact and urgency, then prioritize accordingly.
Focus only on the easiest problems first.
Ignore deadlines and work on what you like.
In division of labour, each worker handles a specific task
True
False
Division of labour reduces productivity
True
False
Products are experienced whereas services are used.
TRUE
FALSE
Service means a system or organization that provides the public with something that they need.
TRUE
FALSE
Product means something that is made in a factory or that is formed naturally.
TRUE
FALSE
To start an Entrepreneurship all you need is a Good Idea
True
False
What is a good example of thinking "out of the box"
Creating Cars that are Faster, Cheaper, Safer and more Fuel Efficient
Creating a new mode of transport that is a 100 times Faster than existing cars but not Cheaper, Safer or Fuel Efficient
Thinking "Out of the Box means"
To do something better
To do something different
There are four types of business ownership. Which type of business is owned and operated by one person?
Corporation
Partnership
Proprietorship
Limited Liability Corporation (LLC)
