30 Questions
What do entrepreneurs need to focus on to avoid losses in their business?
Making adjustments based on estimated capital
What is essential to win over other markets according to the text?
A combination of strength and confidence
What aspect can easily attract customers to gain more profits?
Uniqueness of the products
What are the three processes mentioned in creating a new venture?
Entrepreneurial mind frame, Entrepreneurial heart flame, and Entrepreneurial gut game
What is the Unique Selling Proposition (USP) used for?
Summarizing why a consumer should buy a company's product or use its service
Why is Value Proposition (VP) important for entrepreneurs?
To convince a customer to purchase a particular product or service by adding value to their lives
What type of partnership aims to protect innocent partners from the malpractice and wrongdoings of other partners?
Limited Liability Partnership (LLP)
In a stock corporation, what percentage of the authorized capital must be paid as incorporation?
25%
Which type of partnership has unlimited liability for its partners?
General Partnership (GP)
What is the maximum number of persons allowed to own issued stocks in a close corporation?
20
What is a business arrangement where two or more parties agree to pool their resources for a specific task called?
Joint Venture (JV)
Which type of corporation is organized to carry out purposes other than generating profits or investors?
Non-stock or Non-profit Corporation
Which of the following is considered a substitute good?
A good that can be used in place of another good
What is the relationship between complementary goods and demand?
A change in the availability of complementary goods will affect the demand for the original good
How does consumer information affect demand?
New information available to consumers can result in a change in the quantity demanded of a good, even if the price does not change
How do consumer expectations of future prices affect demand?
If consumers expect prices to increase, they will buy the good before the price increase
What is the relationship between the number of consumers in the market and demand?
An increase in the number of consumers will increase the demand for the good
What is the relationship between supply and the Law of Supply?
Supply refers to the quantity of a good or service that producers are willing to sell at different prices, while the Law of Supply describes the relationship between price and quantity supplied
What is the primary purpose of SWOT Analysis for entrepreneurs?
To identify the strengths, weaknesses, opportunities, and threats related to a potential business idea
Which of the following is an example of an internal weakness for a business?
Lack of experienced personnel
What is the first criterion to examine when evaluating the feasibility of a business idea?
Customer
What does the 'T' in SWOT Analysis stand for?
Threats
Which of the following is an example of an external opportunity for a business?
A new government regulation that benefits the industry
Why is timing an important consideration when evaluating a business idea?
To account for changing customer preferences and trends
What is the primary purpose of a Unique Selling Proposition (USP)?
To explain why customers should buy a particular product or service
What is the relationship between Value Proposition and Unique Selling Proposition?
They are two separate but related frameworks used in business
What is the primary focus when understanding the target market?
Identifying the buyers with common needs and characteristics
Which of the following is NOT mentioned as a commonly used method for segmenting markets?
Pricing segmentation
What is the purpose of target marketing, according to the text?
To focus marketing efforts and resources on a specific market segment
What should be the primary consideration when choosing a product for a target market?
The product should be affordable, efficient, and effective in reaching potential clients
Learn about the factors that influence demand in economics, including the impact of substitutes and complementary goods, changes in tastes and preferences, and consumer's information. Understand how these factors can affect the quantity of a product purchased at a given price.
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