Entrepreneurship Overview and Types

Which of the following best describes a Unique Selling Proposition (USP)?

Return on Sales (ROS) is calculated by dividing net profit by total sales.

What is the formula for calculating Return on Net Assets (RONA)?

Geographic segmentation divides the total market based on ______.

Match the following financial ratios with their descriptions:

Which of the following is NOT a method for segmenting the market?

Customer requirements can be categorized as either service requirements or output requirements.

What is the purpose of a Value Proposition (VP)?

What is the primary purpose of market assessment in a business plan?

A business plan only needs to be created once and then can be used for the entire life of the business.

What are the three main elements used to calculate profitability when determining market potential?

The ______ of a product is the total market sales potential of all companies combined.

Match the following business plan elements with their corresponding descriptions.

A lack of managerial experience, training, and skills is a common reason for business failure.

Which of the following is NOT a factor considered while determining market potential?

What is the primary reason for poor cash flow as a business failure?

Which of the following elements is NOT typically included in a company description section of a business plan?

The 'Products/Services Description' section of a business plan should focus solely on the features of the products or services.

What is the primary purpose of the 'Organization and Management' section of a business plan?

The executive summary of a business plan should include the ______ and ______ of the business.

Match the following sections of a Business Plan with their primary focus:

Historical financial data, including income statements, balance sheets and cash flow statements, should only be included for the past year.

What is the purpose of including a detailed description of your product/service in a business plan?

A ______ analysis evaluates competitors, highlighting their strengths and weaknesses.

Which of the following is NOT a key element of a market analysis?

Match the following financial statements with their corresponding information:

What is the formula for calculating Return on Investment (ROI)?

A tagline is a short, catchy phrase or slogan that represents a ______ , product, or organization.

Cost, pricing, promotions, distribution/logistics, and ROI are all part of a sales and marketing strategy.

What is the primary purpose of a business plan?

Entrepreneurship plays a significant role in generating employment opportunities.

What is the definition of market potential?

A business plan acts as a _______ roadmap for the firm, encompassing marketing, financial, and operational aspects.

Match each component of a business plan with its corresponding description.

A business plan is only necessary for newly established companies.

Which of the following is NOT a reason for creating a business plan?

What could be a major consequence of inadequate long-term planning in a business?

According to Joseph Schumpeter, entrepreneurship involves:

Fabian entrepreneurs are known for their willingness to take risks and embrace new ideas.

What is the primary characteristic that distinguishes an entrepreneur from a businessman or a professional manager?

Entrepreneurship is considered an art of ______, launching, and growing new venture businesses.

Match the type of entrepreneur with their defining characteristic:

Which of these is NOT a characteristic of a successful entrepreneur?

Entrepreneurship is solely about making a profit.

Describe the concept of 'seeing the big picture' as it relates to entrepreneurship.