Entrepreneurship
Quiz by Arlhene Lictawa
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- Q1What is a primary characteristic of an entrepreneur?ConformityRisk-takingStagnationReliability30s
- Q2Which term describes a person who starts and runs their own business?InvestorManagerEntrepreneurEmployee30s
- Q3What is an incubator in the context of entrepreneurship?A machine to produce goodsA program that supports early-stage startupsA governmental regulationA type of business tax30s
- Q4Which of the following best describes 'social entrepreneurship'?Creating ventures that address social issuesInvesting in technologyFocusing solely on profitRunning non-profit organizations exclusively30s
- Q5
The 'entrepreneurial heart flame' refers to:
The financial aspects of a business
The passion, drive, and emotional commitment that fuels an entrepreneur
The ability to detach emotionally from the business
The logical and analytical side of entrepreneurship
30s - Q6
A key personal attribute of a successful entrepreneur is:
Reliance on others for decision-making.
Strong need for security and stability.
Aversion to risk.
Persistence and resilience in the face of setbacks.
30s - Q7
A businessperson is MOST likely to focus on:
Optimizing existingoperations for efficiency and profitability.
Identifying new market opportunities.
Creating entirely newindustries.
Disrupting existing markets with innovative solutions.
30s - Q8
Market potential refers to:
The total possible demand for a product or service in a given market.
The total revenue a company is currently generating.
The current market share of a particular company.
The total number of customers currently buying a product.
30s - Q9
Market research is BEST defined as:
Setting prices for products and services.
Advertising products through various channels.
The process of gathering and analyzing information about a market, including consumer needs and preferences.
Selling products to a target audience.
30s - Q10
A Unique Selling Proposition (USP) is:
A catchy slogan or jingle.
A marketing strategy focused on mass advertising.
A low price offered to customers.
A specific benefit that makes a product or service stand out from its competitors.
30s - Q11
Sarah needs transportation (need). She wants a sports car (want), but she can only afford a used sedan. Her purchase of the sedan represents:
Market potential.
A demand.
A want.
A need.
30s - Q12
Screening new product ideas involves:
Focusing solely on the inventor's personal preferences.
Evaluating ideas based on feasibility, market potential, and alignment with business goals.
Immediately launching all generated ideas.
Choosing ideas randomly.
30s - Q13
A company receives numerous customer emails requesting a smaller, more portable version of their popular blender. This is an example of idea generation through:
Internal research and development.
Competitive analysis.
Customer feedback.
Random chance.
30s - Q14
Which of the following is NOT a typical activity in the idea screening process?
Assessing the potential profitability of the idea.
Immediately launching all generated ideas into the market.
Evaluating the technical feasibility of the idea.
Conducting market research to assess demand.
30s - Q15
Which element of MADI would be most relevant to address when customers complain about long wait times on customer service calls?
Annoying/Irritating
Disappointing
Missing
None of the above
30s