Entrep quiz

Question 1

which means “to undertake” or “to take in one’s own hand.”

Answer 1

entreprendre,

Question 2

D.E.E of Opportunities

Answer 2

Discovery of Opportunities
Evaluation of Opportunities
Exploitation of Opportunities

Question 3

thrives on structured, predictable opportunities and plays it safe within the existing market framework. (create business)

Answer 3

Businessman

Question 4

thrives on innovation, risk-taking, and creating opportunities where none existed before. (create enterprise)

Answer 4

Entrepreneur

Question 5

Factors Affecting Entrepreneurship

Answer 5

Personality Factors
Environmental Factors

Question 6

The overall state of the economy and its impact on business opportunities.

Answer 6

Economic Conditions

Question 7

Cultural and societal attitudes that shape entrepreneurship.

Answer 7

Social Conditions-

Question 8

The demand and supply conditions, competition, and customer behavior in the market.

Answer 8

Market Situations

Question 9

a person who creates and implements new ideas, products, or services in order to bring about positive change in the market and society.

Answer 9

Innovative Entrepreneur

Question 10

refers to the process of creating a business by copying or adapting an existing concept or business model.

Answer 10

Imitative entrepreneurship

Question 11

characterized by their cautious approach to business, prioritizing stability and long-term sustainability over rapid growth.

Answer 11

Fabian Entrepreneurs

Question 12

someone who sticks to traditional methods and resists the adoption of new technologies.

Answer 12

Drone Entrepreneur

Question 13

a person who establishes an enterprise with the aim of solving social problems or effecting social change.

Answer 13

social entrepreneurs

Question 14

an entrepreneur must be firm in making decisions.

Answer 14

Decisive

Question 15

an entrepreneur must have a convincing power.

Answer 15

Communicator

Question 16

an entrepreneur must have the charisma to be obeyed by his employees.
Basic skills and abilities every entrepreneur needs to succeed.

Answer 16

Leader

Question 17

an entrepreneur must have the ability to be the first to see business chances.

Answer 17

Opportunity seeker

Question 18

an entrepreneur can control a situation by making things happen or by preparing for possible future problems.

Answer 18

Proactive

Question 19

an entrepreneur has the courage to pursue business ideas.

Answer 19

Risk Taker

Question 20

the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.

Answer 20

Innovative

Question 21

Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.

Answer 21

Economic and Dynamic Activity

Question 22

The entrepreneur constantly looks for new ideas, thus he needs to be creative.

Answer 22

Innovative

Question 23

Advises businesses on strategy, operations, and problem-solving.
Responsibilities:
Conducting market research.
Developing business strategies.
Helping businesses improve performance.
Skills Needed: Analytical thinking, communication, problem-solving.
Example: Assisting a startup with developing a marketing plan.

Answer 23

Business Consultant

Question 24

Educates aspiring entrepreneurs and business students.
Responsibilities:
Teaching entrepreneurial concepts.
Mentoring students on business ideas.
Organizing workshops and seminars.
Skills Needed: Public speaking, mentoring, curriculum development.
Example: Conducting a class on writing business plans.

Answer 24

Teacher

Question 25

Studies trends, markets, and innovative practices in entrepreneurship. Responsibilities: Publishing findings in academic journals. Analyzing data on entrepreneurial success. Identifying emerging market opportunities. Skills Needed: Critical thinking, data analysis, academic writing. Example: Researching the impact of social media marketing on small businesses.

Answer 25

Researcher

Question 26

Sells products or services and builds customer relationships. Responsibilities: Identifying customer needs. Demonstrating product value. Negotiating deals and closing sales. Skills Needed: Communication, persuasion, relationship-building. Example: Selling SaaS solutions to small businesses.

Answer 26

Sales Professional

Question 27

Covers news and trends in the business world. Responsibilities: Writing articles on entrepreneurship and markets. Interviewing entrepreneurs and business leaders. Reporting on economic trends. Skills Needed: Writing, investigative research, networking. Example: Reporting on the rise of eco-friendly startups.

Answer 27

Business Reporter

Question 28

Starts and manages their own business. Responsibilities: Developing business ideas. Managing operations and finances. Scaling the business for growth. Skills Needed: Leadership, financial management, innovation. Example: Owning a successful e-commerce store.

Answer 28

Business Owner

Question 29

Entrepreneurship offers diverse career opportunities. Each role requires specific skills but shares a focus on innovation and growth. Explore your strengths to determine your entrepreneurial path.

Answer 29

Key Takeaways

Question 30

a written document that explains and analyzes an existing or proposed business venture.

Answer 30

Business Plan

Question 31

central Components of Business Plan

Answer 31

Operations Marketing Finance

Question 32

The operations section of your business plan is where you explain – in detail – you company's objectives, goals, procedures, and timeline.

Answer 32

Operations

Question 33

explains how you will reach your targeted customers and how you will effectively market your product or service to those customers.

Answer 33

Marketing

Question 34

the management of money and includes activities such as investing, borrowing, lending, budgeting, saving, and forecasting

Answer 34

Finance

Question 35

three (3) issue to consider before makng a business plan

Answer 35

Opportunity Owner/Entrepreneur Resources

Question 36

Refers to the business idea or market gap the entrepreneur aims to address. Entrepreneurs need to evaluate the viability and potential of the opportunity.

Answer 36

Opportunity

Question 37

Represents the individual or team creating the business plan. Their skills, experience, and vision play a critical role in shaping the business plan.

Answer 37

Owner/Entrepreneur

Question 38

Includes financial, human, and material resources necessary to execute the plan. Identifying available resources and potential shortages is essential.

Answer 38

Resources

Question 39

Each component is interconnected and influenced by UNCERTAINTY: The feasibility of the opportunity may be unclear. The entrepreneur’s ability to execute the plan may be uncertain. The availability and sufficiency of resources can vary.

Answer 39

Connections

Question 40

Implications to Business Plan

Answer 40

Addressing uncertainties in these areas ensures a more realistic and achievable business plan. Entrepreneurs must evaluate: Is the opportunity worth pursuing? Are the entrepreneur’s skills and expertise sufficient? Can resources be secured and optimized? What are the gaps, and how can they be mitigated?

Question 41

emphasize the external conditions that support or hinder entrepreneurship. provide both opportunities and constraints for entrepreneurship. Entrepreneurs must analyze these factors to create strategies for success.

Answer 41

Environmental Factors

Question 42

The influence of government policies, stability, and actions on entrepreneurship.

Answer 42

Political Factors-

Question 43

The geographical and natural conditions that can impact entrepreneurial opportunities.

Answer 43

Climate

Question 44

The framework of laws and regulations governing businesses.

Answer 44

Legal System