Entrepreneurship: Factors of Business Failure and Ways to Succeed

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Questions and Answers

What is the root meaning of the term 'Entrepreneur'?

  • To reap profits
  • To create new ideas
  • To undertake (correct)
  • To innovate

What does the term 'Antha Prerna' mean?

  • Innovator
  • Risk-taker
  • Self-motivated (correct)
  • Initiative-taker

What is another term used to address a business in the text?

  • Enterprise (correct)
  • Corporation
  • Startup
  • Industry

Who differentiated entrepreneurs from ordinary businessmen by ascribing more lofty ideals to them?

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

What does 'Gut game' refer to in entrepreneurship?

<p>Refers to the entrepreneur's ability to sense without using the five senses (A)</p> Signup and view all the answers

What is a Business Tagline according to the text?

<p>A brief phrase conveying a brand's value (A)</p> Signup and view all the answers

What is a key factor causing business failure?

<p>Not knowing enough about the market (C)</p> Signup and view all the answers

What is the length of a typical business plan narrative?

<p>25-35 pages (B)</p> Signup and view all the answers

What makes a good business name based on the text?

<p>Representative of your brand (D)</p> Signup and view all the answers

How can one become a good entrepreneur according to the text?

<p>Take entrepreneurship courses (D)</p> Signup and view all the answers

What kind of document is a business plan according to the text?

<p>Dual-purpose, used inside and outside the firm (B)</p> Signup and view all the answers

What is entrepreneurship primarily about, according to the text?

<p>Pursuing opportunities despite risks (A)</p> Signup and view all the answers

What is the purpose of a business logo?

<p>To identify a company and its products/services (D)</p> Signup and view all the answers

Which term refers to an entrepreneur's ability to give direct instructions?

<p>Leadership (C)</p> Signup and view all the answers

Who was known as the 'Father of Economics'?

<p>Richard Cantillon (B)</p> Signup and view all the answers

What does creative destruction involve?

<p>Getting rid of an old obsolete way to introduce a new way of doing business (A)</p> Signup and view all the answers

What does Economic Activity mean for a business?

<p>Providing job opportunities to other people (D)</p> Signup and view all the answers

What is the purpose of an entrepreneur's Mind Frame?

<p>Allows the entrepreneur to see things in a positive light during difficult situations (A)</p> Signup and view all the answers

What is the purpose of the mission of an enterprise?

<p>To describe the product/services of the enterprise (A)</p> Signup and view all the answers

Which aspect of the Business Offering provides the numerical or quantitative measure for each Key Result Area?

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

What is the main function of the Executive Summary in a business plan?

<p>To provide arguments on why the business will succeed (A)</p> Signup and view all the answers

What are Key Result Areas in the Business Offering?

<p>Qualitative manifestations that objectives are being realized (C)</p> Signup and view all the answers

What defines a Target Market in a business context?

<p>A group of people identified as potential customers for a product (A)</p> Signup and view all the answers

What should Value Proposition focus on according to the text?

<p>Delivering benefits to customers who buy products/services (A)</p> Signup and view all the answers

What does the business plan need to prove about the products/services?

<p>That they would be accepted and carried by the distribution channels (D)</p> Signup and view all the answers

Who would want to know if there would be sufficient technology providers and applications?

<p>Resource Mobilizers and financial backers (B)</p> Signup and view all the answers

Which aspect do macro-environmental forces affect?

<p>How business should be conducted (C)</p> Signup and view all the answers

What information does The Business Proponents section contain?

<p>Information about the business proponents or stakeholders (A)</p> Signup and view all the answers

What must be highlighted when describing the product/service offerings in the business plan?

<p>Features and attributes appealing to target customers (D)</p> Signup and view all the answers

Who is concerned with sharing the burden of raising money to see the project through?

<p>Resource Mobilizers and financial backers (B)</p> Signup and view all the answers

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