Enterprise And Entreprenurship

Question 1

What is the definition of entrepreneurship?

Answer 1

Entrepreneurship is the process of starting and running a new business, typically involving risk and innovation.

Question 2

True or False: An entrepreneur is someone who starts a business to make a profit.

Answer 2

True

Question 3

What are the four factors of production?

Answer 3

Land, labor, capital, and entrepreneurship.

Question 4

Fill in the blank: A __________ is a business that is owned and operated by one individual.

Answer 4

sole proprietorship

Question 5

What is a business plan?

Answer 5

A business plan is a document that outlines a company’s goals, strategies, and financial projections.

Question 6

Which type of business structure limits personal liability?

Answer 6

Limited liability company (LLC) or corporation.

Question 7

True or False: Market research is important for understanding customer needs.

Answer 7

True

Question 8

What is the purpose of a SWOT analysis?

Answer 8

To assess a business’s strengths, weaknesses, opportunities, and threats.

Question 9

What does the acronym ‘USP’ stand for in business?

Answer 9

Unique Selling Proposition.

Question 10

What is the difference between revenue and profit?

Answer 10

Revenue is the total income generated from sales, while profit is the income remaining after expenses are deducted.

Question 11

Fill in the blank: __________ is the amount of goods and services that consumers are willing and able to buy at a given price.

Answer 11

Demand

Question 12

What is a target market?

Answer 12

A specific group of consumers at which a company aims its products and services.

Question 13

True or False: A franchise is a type of business that allows individuals to operate under a larger company’s brand.

Answer 13

True

Question 14

What is crowdfunding?

Answer 14

Crowdfunding is the practice of funding a project or venture by raising small amounts of money from many people, typically via the internet.

Question 15

Name one advantage of being self-employed.

Answer 15

Greater flexibility in work hours or the ability to be your own boss.

Question 16

What is a business incubator?

Answer 16

A business incubator is an organization designed to help startups develop by providing services such as management training and office space.

Question 17

Fill in the blank: __________ is the process of creating a new product or service to meet consumer needs.

Answer 17

Innovation

Question 18

What does ‘market segmentation’ refer to?

Answer 18

The process of dividing a market into distinct groups of buyers with different needs or characteristics.

Question 19

True or False: All entrepreneurs are risk-takers.

Answer 19

False

Question 20

What is the role of a mentor in entrepreneurship?

Answer 20

A mentor provides guidance, advice, and support to a less experienced entrepreneur.

Question 21

What is e-commerce?

Answer 21

E-commerce is the buying and selling of goods and services over the internet.

Question 22

What is a value proposition?

Answer 22

A value proposition is a statement that explains how a product or service solves a problem or improves a situation for customers.

Question 23

Fill in the blank: A __________ is a formal agreement between two or more parties to conduct business together.

Answer 23

partnership

Question 24

What is the primary goal of marketing?

Answer 24

To attract and retain customers.

Question 25

What does ‘scalability’ mean in a business context?

Answer 25

The ability of a business to grow and manage increased demand without compromising performance.

Question 26

True or False: Startups are typically characterized by high levels of uncertainty.

Answer 26

True

Question 27

What is a pitch in the context of entrepreneurship?

Answer 27

A pitch is a presentation intended to convince others to support an idea or business.