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Questions and Answers
What is the main focus of the entrepreneurial education in the country?
What is the main focus of the entrepreneurial education in the country?
- To encourage entrepreneurship amongst the elderly
- To promote entrepreneurship amongst the disabled
- To operate and teach entrepreneurship amongst the youth (correct)
- To discourage entrepreneurship in rural areas
How can Faiza determine the product demand for her chemist shop?
How can Faiza determine the product demand for her chemist shop?
- By using astrological predictions
- By conducting market surveys and analyzing competitors (correct)
- By relying on word-of-mouth from friends and family
- By consulting experts in the field of entrepreneurship
What is the primary purpose of validating a business activity?
What is the primary purpose of validating a business activity?
- To ensure the business is profitable
- To promote business rivalries
- To discourage entrepreneurial activities
- To select the most viable business idea (correct)
What is a key characteristic of a good business opportunity?
What is a key characteristic of a good business opportunity?
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What are some essential entrepreneurial skills?
What are some essential entrepreneurial skills?
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Study Notes
Entrepreneurship and Business
- Entrepreneurship has been prioritized in schools to promote entrepreneurial mindset among youth in the country.
Government Support for Entrepreneurs
- Government has taken initiatives to protect entrepreneurs in five ways, which are to be discussed.
Determining Product Demand
- Faiza, an entrepreneur, can determine product demand for her chemist shop in five ways:
- Conducting market research and analysis
- Analyzing competitors' sales data
- Identifying target audience and their needs
- Conducting surveys and gathering feedback
- Analyzing trends and seasonal demand
Selecting and Validating a Business Activity
- Five methods to select and validate a business activity are:
- Conducting a feasibility study
- Conducting market research and analysis
- Analyzing competitors and identifying gaps
- Creating a business model canvas
- Creating a minimum viable product (MVP)
Characteristics of a Good Business Opportunity
- A good business opportunity has five characteristics:
- Uniqueness and innovation
- Market demand and growth potential
- Competitive advantage
- Scalability and flexibility
- Alignment with personal values and skills
Entrepreneurial Skills
- Five essential entrepreneurial skills are:
- Risk-taking and adaptability
- Innovation and creativity
- Strategic thinking and planning
- Leadership and communication
- Financial management and resource allocation
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