Entrepreneurship: Sound Business Ideas Quiz

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15 Questions

According to Mike Nesselbeck, what is a characteristic of a successful business idea?

Scalability, allowing exponential growth

What is a sound business idea in the context of entrepreneurship?

An idea with potential for achieving desirable economic value

What are some questions that need to be answered to determine the soundness of a business idea?

Does the product or service meet a real need

What does it mean for a business idea to be scalable?

It allows for exponential growth without doubling costs

Why is understanding the concept of a sound business idea important for an entrepreneur?

To save time, money, and effort in pursuing the business

According to the text, what is the key aspect that can take a business idea from average to great?

Scalability

What is one reason why many business ideas fail?

They don't solve problems in a way that people like

What does it mean for a business to be sustainable?

Involving methods that do not completely use up or destroy natural resources and being able to last for a long time

What is meant by 'profitable' in the context of a business idea?

Being able to make money

What should an entrepreneur consider when entering an existing market?

Ensuring their products and services are differentiated and set them apart from the competition

Why is it important for a business idea to have a multi-year plan?

To have a vision of where the business idea will be in the future

What should an entrepreneur avoid when thinking of a new business idea?

Launching in a declining or peaked market

What is the significance of a growing market for an entrepreneur?

It provides the entrepreneur with many opportunities in maximizing profit

'Differentiated' in the context of a business idea means:

Offering something unique and not being replicated by others yet

'Intuitive' solutions in business are those that:

Are easy and efficient to use

Test your knowledge about sound business ideas in the context of entrepreneurship in tourism and hospitality. Learn about the importance of understanding and evaluating business ideas for success in the industry.

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