Entrepreneurship and Entrepreneur Quiz
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Questions and Answers

What is the purpose of a business plan?

  • Providing a description and overview of a company's future plan (correct)
  • Assessing and managing financial resources effectively
  • Gathering information about consumers' needs and preferences
  • Conducting competitive analysis

    • Which method involves dividing the market into distinctive groups based on characteristics like age, sex, and income?

  • Psychographic segmentation
  • Demographic segmentation (correct)
  • Geographic segmentation
  • Behavioral segmentation

    • What is the key aspect of market segmentation?

  • Ensuring alignment with consumers' needs and preferences (correct)
  • Generating cash flow necessary to meet operational expenses
  • Estimating the overall market reach
  • Identifying competitors in the industry

    • What is the main focus of financial viability in a business?

    <p>Generating cash flow for operational expenses and debt repayments</p> Signup and view all the answers

    Which activity involves identifying competitors in an industry and researching their marketing strategies, strengths, and weaknesses?

    <p>Competitive analysis</p> Signup and view all the answers

    What does market size represent in business context?

    <p>Total potential demand for a product or service</p> Signup and view all the answers

    What are the 4 M's of Operations according to the text?

    <p>Manpower, Machine, Materials, Method</p> Signup and view all the answers

    Which of the following best describes the Value Proposition (VP)?

    <p>Summarizes why a consumer should buy a company's product or service</p> Signup and view all the answers

    What does the Unique Selling Proposition (USP) focus on?

    <p>Ways to convince a customer to buy the product or service</p> Signup and view all the answers

    Which of the following is an example of a tactical element that can be changed more easily?

    <p>Price</p> Signup and view all the answers

    What does the term 'Selling' in the text refer to?

    <p>Persuading customers to make a purchase</p> Signup and view all the answers

    What is the main goal of an entrepreneur?

    <p>To seek high profits and capture market share with innovative ideas</p> Signup and view all the answers

    What does opportunity recognition for entrepreneurship involve?

    <p>Identifying feasible niches in the market for the business</p> Signup and view all the answers

    Which characteristic is important for an entrepreneur to have in terms of business secrecy?

    <p>Keeping business secrets confidential from competitors</p> Signup and view all the answers

    Which of the following is NOT a characteristic of an entrepreneur?

    <p>Lack of emotional stability</p> Signup and view all the answers

    What does the process of starting and running a business entail?

    <p>Analyzing problems and situations</p> Signup and view all the answers

    How does an entrepreneur demonstrate creativity in the business context?

    <p>Thinking outside the box and implementing unique ideas</p> Signup and view all the answers

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