WorksheetsIdeas and Opportunities for New Ventures
Total questions: 72
Worksheet time: 39mins
Someone in business needs to balance income and spending because:
It helps ensure financial stability and avoid losses.
It increases expenses unnecessarily.
It reduces profits intentionally.
It makes accounting more difficult.
Someone in business might need to balance which of the following?
Work and personal life
Only profits
Only customer complaints
Only marketing strategies
The idea of balance could help you set a price for your product or service by:
Ensuring the price covers costs and attracts customers
Setting the highest possible price
Ignoring competitor prices
Focusing only on profit
Fill in the blank: In this unit you will learn how to conduct ________ to find out about people’s needs and wants.
market research
financial analysis
product design
team meetings
Fill in the blank: In this unit you will think of ________ that could meet consumers’ needs and wants.
venture ideas
marketing plans
financial reports
customer complaints
Fill in the blank: In this unit you will explore strategies for ________ venture ideas.
evaluating
ignoring
delaying
abandoning
Fill in the blank: In this unit you will find out about the ________ of starting and running a venture.
costs
benefits
locations
employees
Fill in the blank: In this unit you will learn about setting ________ so that a venture will make a profit.
prices
locations
employees
schedules
What is the definition of 'market' as given in the vocabulary section? Fill in the blank: A market is a group of people who might buy a product or use a _______.
service
color
animal
weather
According to the Big Idea for Entrepreneurship, what is the best way to find out about business opportunities?
By reading books
By paying attention to what people are saying and doing
By watching TV
By copying others
How can entrepreneurs find out about opportunities?
By ignoring changes
By noticing what people need and want
By avoiding technology
By waiting for others to act
Which of the following is an example of how technology can create new opportunities for entrepreneurs?
3D printers enable entrepreneurs to create prototypes and test their product ideas quickly and easily.
3D printers are used only for making toys.
3D printers are not useful for businesses.
3D printers are too expensive to use.
Fill in the blank: Over the last few years, _______ has become more important to people. In a small community, people might need a service to take their recyclables to a recycling centre.
recycling
gardening
cooking
painting
Fill in the blank: By listening for __________, needs that are not being met by products or services that people have purchased can be a business opportunity.
complaints
praises
advertisements
instructions
A business must provide something the community needs or wants because:
It ensures the business can make a profit and survive.
It allows the business to avoid paying taxes.
It helps the business to operate without employees.
It guarantees government funding for the business.
Starting a venture from an opportunity is best exemplified by:
Identifying a gap in the market and launching a new product
Copying an existing business model without changes
Starting a business due to family pressure
Opening a business without any market research
Starting a venture from an idea is an example of:
Innovation
Imitation
Franchising
Acquisition
What is the purpose of conducting a survey about the needs and wants of students and adults at your school?
To understand their needs and wants
To organize a school event
To evaluate teachers' performance
To plan a field trip
Fill in the blank: A ______ is a pattern in the way something is changing.
trend
object
color
distance
Fill in the blank: A ______ is a short-term change in the way people act.
fad
tradition
custom
habit
Fanny packs are considered a:
Trend
Fad
Classic
Necessity
What trends in content creation have you seen?
Increased use of short-form videos
Decline in user-generated content
Less focus on social media platforms
Decreased use of visual elements
Fill in the blank: Ways of sharing information such as television and the Internet are sometimes called _______.
media
vehicles
machines
appliances
One idea from How to Spot Trends is to observe changes in consumer behavior. Which of the following is an example of a trend that is changing what Canadians buy?
Increased demand for plant-based foods
Decreased use of smartphones
Rising popularity of landline phones
Decline in online shopping
Where in your community can you find out about trends that could lead to ideas for your venture?
Local community centers
Online forums
Local newspapers
All of the above
Fill in the blank: ________ is information gathered about people who might buy a product or service.
market research
product design
customer service
brand loyalty
Fill in the blank: ________ is information you gathered yourself directly from customers.
primary research
secondary research
market analysis
desk research
Fill in the blank: ________ is information gathered by other people.
secondary research
primary research
qualitative data
field study
Fill in the blank: A ________ is a group of people in the market who share characteristics.
market segment
sales pitch
distribution channel
brand ambassador
Fill in the blank: ________ is information about groups of people, including their age, ethnic origin, family size, and income.
demographics
geography
psychographics
statistics
Fill in the blank: A ________ is a buying decision based on logical thinking.
rational purchase
impulse buy
emotional purchase
habitual purchase
Fill in the blank: An ________ is a buying decision based on feelings.
emotional purchase
logical purchase
impulse buy
planned purchase
The more a business knows about its customers, the more successful it is likely to be.
True
False
The difference between primary research and secondary research in market research is:
Primary research collects new data; secondary research uses existing data.
Primary research is always cheaper than secondary research.
Secondary research is more accurate than primary research.
Primary research is only used in academic studies.
What is the study of people who fit into groups based on their characteristics usually called?
Demographics
Geography
Ecology
Economics
People with higher incomes might spend more for a vehicle or a home.
True
False
According to the image, what type of car might someone who wants to reduce their carbon footprint want?
An electric car
A diesel truck
A sports car with a V8 engine
A gasoline SUV
According to the image, what type of vehicle may someone who does a lot of hiking or camping need?
An SUV
A sports car
A motorcycle
A city bus
Understanding how customers make buying decisions can help you plan your venture. Some buying decisions are rational purchases. Some are emotional purchases. When people think logically about which vehicle to buy, they are making a rational purchase. When people buy a vehicle just because they like the way it looks, they are making an emotional purchase. Which of the following is an example of a rational purchase?
Buying a vehicle because it has the best safety ratings.
Buying a vehicle because you like the way it looks.
Buying a vehicle because your friend has the same one.
Buying a vehicle because it is a popular color.
Fill in the blank: If more people are interested in helping the environment, they will spend more on __________ products.
environmentally friendly
expensive
imported
luxury
Which of the following is a reason a market segment might change?
Changes in education level
Changes in weather
Changes in store hours
Changes in product color
What age groups or cultural backgrounds appear often?
Children and teenagers
Adults and seniors
All age groups equally
Only young adults
A typical customer who buys products or services from the company would most likely belong to which market segment?
Young professionals seeking convenience
Retired individuals looking for leisure activities
Students searching for affordable options
Business executives requiring premium services
Choose a venture that you have been thinking about for this course.
a) What is the venture?
Your customers will belong to which market segment?
Consumer
Business
Government
Non-profit
What is one method of conducting primary research for your venture idea?
Interviewing classmates
Reading textbooks
Watching movies
Ignoring feedback
Which of the following is a method to answer questions about your venture from primary research?
Conducting surveys and interviews
Reading industry reports
Analyzing competitor websites
Reviewing financial statements
Secondary research can be used to find out more about your customers by:
Conducting interviews with customers
Analyzing existing market reports and data
Creating new surveys
Hosting focus groups
Fill in the blank: ________ is a comparison of the positive and negative results that could come from a decision.
cost-benefit analysis
market research
brainstorming
opportunity cost
Fill in the blank: ________ analysis involves thinking about strengths, weaknesses, opportunities, and threats that could influence a decision.
SWOT
PEST
GAP
ROOT CAUSE
Fill in the blank: A ________ is a business that competes with others for the same customers.
competitor
supplier
customer
employee
Fill in the blank: ________ is something that makes customers like one business more than its competitors.
competitive advantage
market share
fixed cost
supply chain
What do you value about the venture idea?
Its innovation
Its market potential
Its social impact
Its profitability
The most important benefit to you is:
Health insurance
Retirement plan
Flexible working hours
Paid time off
The costs that would be most difficult for you to deal with are:
Fixed costs
Variable costs
Unexpected costs
Recurring costs
Which of the following is a benefit of opening a clothing store?
There are already lots of places to buy clothes in our town.
I love clothes, so a clothing venture would be fun.
It would cost a lot to start my venture.
I would need to hire an accountant to help me keep track of money.
Which of the following is another cost of opening a clothing store?
My aunt runs a clothing store, so she could help me.
People would like having another place to buy clothes.
I am good at sewing, so I could do alterations myself.
I would need to hire an accountant or use professional software to keep track of money.
Being able to sew and having a sense of style would be important skills for a clothing venture.
True
False
Doing a Cost-Benefit Analysis 1. a) Which of the following best describes an idea you have been thinking about for your venture?
A new product launch
Expanding to a new market
Improving customer service
Reducing operational costs
SWOT stands for these words: S = ________
strengths
solutions
systems
strategies
SWOT stands for these words: W = ________
weaknesses
wishes
wealth
work
SWOT stands for these words: O = ________
opportunities
operations
objectives
obstacles
SWOT stands for these words: T = ________ (Fill in the blank)
threats
tools
tasks
targets
Threats: What could stop your customers from wanting to buy your product or service?
Competitor offerings
High prices
Poor product quality
All of the above
Threats: What could create problems for your venture?
Competitors entering the market
Strong brand reputation
High customer loyalty
Effective marketing strategies
Opportunities: Which of the following is an opportunity that could help your venture succeed?
Emerging market trends
Increased competition
Rising operational costs
Declining customer interest
Opportunities: Who needs or wants what you plan to sell?
Potential customers
Suppliers
Competitors
Employees
Strengths: Which of the following experiences could best help your venture?
Industry knowledge
Financial investment
Marketing skills
Technical expertise
Strengths: What skills do you have?
Communication
Time management
Problem-solving
All of the above
Strengths: Who can help you? How can they help?
Friends can help by offering support.
Strangers can help by ignoring you.
No one can help you.
Enemies can help by making things harder.
Strengths: What makes it likely that your venture will succeed?
Innovative product or service
Strong management team
Large target market
Effective marketing strategy
Weaknesses: What parts of running your venture might be difficult for you?
Managing finances
Marketing the product
Hiring employees
All of the above
