Entrepreneurship and Business Management Quiz

<p>Surpassing established competition (D)</p> Signup and view all the answers

<p>Competitor analysis (A)</p> Signup and view all the answers

<p>By increasing capital through the stock market (B)</p> Signup and view all the answers

<p>It's less important than sales (C)</p> Signup and view all the answers

<p>Enhancing customer service (B)</p> Signup and view all the answers

<p>Researching the dimensions of the opportunity (D)</p> Signup and view all the answers

<p>Involving objective, outside viewpoints (B)</p> Signup and view all the answers

<p>Commitment of Resources (A)</p> Signup and view all the answers

<p>Successful initial sales and profitability (A)</p> Signup and view all the answers

<p>Choosing a high-growth strategy or remaining small (C)</p> Signup and view all the answers

<p>The venture is a market leader with consistent growth (A)</p> Signup and view all the answers

<p>They have ample resources for expansion but prefer stability (B)</p> Signup and view all the answers

<p>Overestimating consumer demand (B)</p> Signup and view all the answers

<p>Identifying an opportunity (C)</p> Signup and view all the answers

<p>Participative (A)</p> Signup and view all the answers

<p>Failure to innovate (B)</p> Signup and view all the answers

<p>Continuous and systematic (D)</p> Signup and view all the answers

<p>Responding to an environmental disaster (D)</p> Signup and view all the answers

<p>Quality assurance issues on a production line (C)</p> Signup and view all the answers

<p>Effective resource assembly (D)</p> Signup and view all the answers

<p>Creating financial instability (C)</p> Signup and view all the answers

The process of obtaining funds for a new business. It's often flexible and continuous, via the stock market.

The difficulties that many new businesses face, including competition and record-keeping.

Established businesses often have advantages over new ones in terms of resources and market knowledge.

Maintaining accurate records is crucial for tax payments, bill payments, and following up with debtors.

Critical for administrative tasks, billing, and following up with clients.

Many new businesses fail during the first year of operation.

A novel business concept can help a new venture overcome competitive pressures.

Accessing funding adapted to temporary needs.

Different approaches leaders use to guide and motivate their team, each suited to different situations.

A set of guidelines outlining acceptable behavior for employees within an organization.

An issue affecting the standard or consistency of a product or service.

Actions taken by an organization to address a significant environmental incident caused by their activities.

The process of designing, creating, and maintaining software applications for computer systems.

The stages a business goes through from its initial idea to its growth and eventual maturity.

The initial step in entrepreneurship, where an individual recognizes a need or problem that can be solved by a new business.

Entrepreneurship is an ongoing process of tackling challenges and finding solutions to ensure business success.

The initial stage where a potential entrepreneur identifies a business opportunity and begins exploring its viability. This phase involves research, analysis, and understanding the opportunity's dimensions.

A 'sanity check' stage where the identified opportunity is rigorously evaluated for its feasibility and potential. External viewpoints are crucial to identify weaknesses and strengths.

The stage where the entrepreneur dedicates resources to developing the business plan and solidifies their commitment to the venture. This involves allocating time, money, and effort to moving the idea forward.

The stage where the business officially launches and starts generating revenue. This stage focuses on testing the business model in the real world and achieving profitability.

The stage where the business expands its operations, seeks stronger growth, and potentially raises capital for further development. This involves strategic choices about the company's direction and future.

A stage where the business becomes a market leader and operates at a mature level, characterized by professional management practices and sustained growth.

A strategy that focuses on achieving rapid expansion and growth for the business. This often involves seeking significant investment and maximizing market share.

Entrepreneurs have options to remain small and self-financed, even if the business is successful. This provides a degree of control and flexibility.