Entrepreneurship Strategies
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Questions and Answers

What is the primary purpose of working capital in a business?

  • To provide initial capital for starting a business
  • To finance the growth of the business
  • To cover expenses like rent, salaries, and utilities (correct)
  • To cover expenses for product development
  • What type of capital is needed to expand a business once it is established and profitable?

  • Fixed Capital
  • Working Capital
  • Source Capital
  • Growth Capital (correct)
  • What is the point at which a business's income equals its expenses?

  • Growth point
  • Fixed capital point
  • Break-even point (correct)
  • Capital requirement
  • What is the term for the amount of money a startup needs to launch and operate until it reaches its break-even point?

    <p>Capital requirement</p> Signup and view all the answers

    What is the source of fixed capital in a business?

    <p>Entrepreneur's savings, friends, or family</p> Signup and view all the answers

    What is the difference between internal and external capital sources?

    <p>Internal capital is from the entrepreneur's savings, while external capital is from beyond the means of the entrepreneur and the company</p> Signup and view all the answers

    What enables entrepreneurs to effectively respond to unexpected challenges or opportunities?

    <p>Having well-defined plans and organized structures in place</p> Signup and view all the answers

    Why is it common for entrepreneurs to start on a shoestring budget?

    <p>Because entrepreneurs lack financial resources</p> Signup and view all the answers

    What is a key benefit of being adaptable and flexible in business?

    <p>It enables entrepreneurs to pivot their strategies and stay competitive</p> Signup and view all the answers

    What is the first crucial factor in the success of a business enterprise?

    <p>Location</p> Signup and view all the answers

    What is a primary concern for entrepreneurs when starting a business?

    <p>Registering the business with the government</p> Signup and view all the answers

    What should you determine before acquiring machines and equipment for your business?

    <p>The level of technology to use</p> Signup and view all the answers

    What is one way entrepreneurs can raise capital for their business?

    <p>By investing their own money</p> Signup and view all the answers

    What is a key aspect of customer relationship management (CRM)?

    <p>Building and maintaining positive relationships with customers</p> Signup and view all the answers

    What is the primary focus of early business planning?

    <p>Establishing an office and hiring support staff</p> Signup and view all the answers

    What is the term for understanding the unique benefit a product offers to customers?

    <p>Value proposition</p> Signup and view all the answers

    What is the primary purpose of market research?

    <p>To identify trends and customer needs</p> Signup and view all the answers

    What is the term for the process of determining the type of machines and equipment needed for a business?

    <p>Determining manufacturing methods</p> Signup and view all the answers

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