Entrepreneurship: Business Plan and Commercial Functions

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10 Questions

What is the primary function of an entrepreneur in terms of driving innovation and value in the marketplace?

Testing markets and inventing new markets

Which characteristic of an entrepreneur is essential for staying open to new ideas and experiences?

Open-mindedness

What is the primary reason an entrepreneur takes on risk?

To pay for the factors of production in advance

What is the role of an entrepreneur in bringing together resources?

Organizing function

What is the primary goal of an entrepreneur's innovative approach?

To solve real-world problems

Which characteristic of an entrepreneur is essential for understanding customer needs?

Empathy

What is the primary function of an entrepreneur in terms of managing resources?

Managerial function

Why is innovation important for entrepreneurs?

It helps them gain a competitive advantage

What is the primary characteristic of an entrepreneur that enables them to see opportunities in the community?

Creativity

What is the primary role of an entrepreneur in terms of managing risk?

To take calculated risks to achieve entrepreneurial goals

This quiz covers the preparation of a business plan or project report, requirements for finance, and commercial functions such as production and manufacturing.

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