Entrepreneurship: Factors of Business Failure and Ways to Succeed

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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?

Joseph Schumpter (A) Signup and view all the answers

What does 'Gut game' refer to in entrepreneurship?

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

What is a Business Tagline according to the text?

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

What is a key factor causing business failure?

Not knowing enough about the market (C) Signup and view all the answers

What is the length of a typical business plan narrative?

25-35 pages (B) Signup and view all the answers

What makes a good business name based on the text?

Representative of your brand (D) Signup and view all the answers

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

Take entrepreneurship courses (D) Signup and view all the answers

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

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

What is entrepreneurship primarily about, according to the text?

Pursuing opportunities despite risks (A) Signup and view all the answers

What is the purpose of a business logo?

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

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

Leadership (C) Signup and view all the answers

Who was known as the 'Father of Economics'?

Richard Cantillon (B) Signup and view all the answers

What does creative destruction involve?

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

What does Economic Activity mean for a business?

Providing job opportunities to other people (D) Signup and view all the answers

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

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

What is the purpose of the mission of an enterprise?

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

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

Performance Indicators (A) Signup and view all the answers

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

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

What are Key Result Areas in the Business Offering?

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

What defines a Target Market in a business context?

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

What should Value Proposition focus on according to the text?

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

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

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

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

Resource Mobilizers and financial backers (B) Signup and view all the answers

Which aspect do macro-environmental forces affect?

How business should be conducted (C) Signup and view all the answers

What information does The Business Proponents section contain?

Information about the business proponents or stakeholders (A) Signup and view all the answers

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

Features and attributes appealing to target customers (D) Signup and view all the answers

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