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Questions and Answers
What are the personality factors of successful entrepreneurs?
What are the personality factors of successful entrepreneurs?
- Initiative, perseverance, and risk-taking (correct)
- Creativity, adaptability, and communication skills
- Confidence, assertiveness, and charisma
- Organization, attention to detail, and patience
What are the different types of brand names?
What are the different types of brand names?
- Common, proper, and abstract
- Eponymous, descriptive, and acronymic (correct)
- Suggestive, associative, and non-English
- Historical, geographical, and cultural
What is included in a business plan?
What is included in a business plan?
- Employee handbook, customer service policies, and pricing strategy
- Cover page, executive summary, marketing plan, and financial plan (correct)
- Mission statement, company history, and product descriptions
- Sales projections, inventory management, and supply chain analysis
What do advertising agencies do?
What do advertising agencies do?
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What is market segmentation?
What is market segmentation?
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What are the legal forms of business?
What are the legal forms of business?
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What are product decisions?
What are product decisions?
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Study Notes
- Entrepreneurship involves managing resources to create solutions for societal needs.
- Personality factors of successful entrepreneurs include initiative, perseverance, and risk-taking.
- A business plan includes a cover page, executive summary, marketing plan, and financial plan.
- Brand names can be eponymous, descriptive, acronymic, suggestive, associative, non-English, or abstract.
- Advertising agencies plan and manage advertising for clients.
- Market identification and segmentation help define target audiences and potential customers.
- Legal forms of business include sole proprietorship, partnership, and corporation.
- Products can be tangible items or intangible services.
- Product decisions include attributes, branding, packaging, labeling, and support services.
- Service levels can be self-service, limited service, or full service.
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