Entrepreneurship Concept Quiz

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Questions and Answers

Which term refers to the basic inputs that entrepreneurs use to create products?

  • Product design
  • Market analysis
  • Advertising campaign
  • Raw materials (correct)

What is the main ability of an entrepreneur?

  • Investing heavily in the business
  • Relying solely on external funding
  • Managing employees effectively
  • Identifying opportunities and using resources to produce goods or services (correct)

What is the first investment an entrepreneur makes in their business venture according to the text?

  • Building
  • Market research
  • Idea (correct)
  • Machinery

What does capital refer to in entrepreneurship?

<p>Buildings, machinery, equipment, and tools used in production (D)</p> Signup and view all the answers

In entrepreneurship, what does the market consist of?

<p>Buyers and users of the entrepreneur's product (B)</p> Signup and view all the answers

Apart from identifying opportunities, what other key activity does entrepreneurship involve?

<p>Conceptualizing ideas into business opportunities (A)</p> Signup and view all the answers

What does entrepreneurship entail?

<p>Spotting opportunities and conceptualizing ideas (A)</p> Signup and view all the answers

What is the first investment an entrepreneur makes in their business venture?

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

What are raw materials in entrepreneurship?

<p>The basic inputs for creating products (C)</p> Signup and view all the answers

Which factors does an entrepreneur use to turn an idea into a profitable product?

<p>Behavior, skills, and resources (A)</p> Signup and view all the answers

What does capital refer to in entrepreneurship?

<p>Buildings, machinery, equipment, and tools used in production (A)</p> Signup and view all the answers

Which activity is NOT part of entrepreneurship according to the text?

<p>Hiring employees (D)</p> Signup and view all the answers

What is an idea in the context of entrepreneurship?

<p>A clear plan of action in the entrepreneur's mind (D)</p> Signup and view all the answers

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