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Entrepreneurship

The process of creating a new enterprise and bearing any of its risks, with the view of making the profit for its development and operation as an entrepreneur.

bill gates

steve jobs

accountancy

mark zuckerberg

pierre omidyar

arianna huffington

small business

large company

scalable startup

hustler

innovative

imitator

creator

builder

operator

Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to take risk, but they never gamble with the results.

  • Need to achieve
  • Risk bearing
  • Locus of control
  • No correct answer

If you know what makes them tick, you can serve them in the way they prefer.

  • What they expect of you
  • What they think about you
  • What they think about your competitors
  • What makes them feel good about buying
How to Start a Small Business
How to Start a Small Business

They are like competitors but their products are not the same.

  • Substitutors
  • Regulators
  • Competitors
  • Influencers

During this stage, an entrepreneur must assess potential strategies and business models as well as conduct market and economic analyses.

  • Self-employed
  • Core Competencies
  • Opportunity Assessment
  • Fund-raiser

Every business needs a reason for their customers to buy from them and not their competitors.

  • Marketing Mix
  • Unique Sales Proposition
  • Marketing Strategy
  • Promotional Strategy

A company in the same industry or a similar industry that offers a similar product or service

  • Diffusion
  • Multinational
  • Competitor
  • Profitability

Indicate how similar products are selling in the marketplace, using the market research that you have collected.

  • Create a pricing strategy for the product
  • Describe the targeted audience for the product
  • Define the promotional techniques that you will use for the product
  • Define the product in detail

Crucial for survival but does not confer any specific differential advantage over other competitors in the industry.

  • Core Capabilities
  • Core Competency
  • Technical Capabilities
  • Competitive Advantage

Inventory fully assembled and available for sals

  • Channel sale
  • Work-in-progress
  • Finished products
  • Raw material

Your financial statements should include an income statement, a balance sheet and a _____ statement

  • income
  • long-term
  • intangible
  • fixed
  • inventory-reporting
  • sales
  • cash-flow
  • current
  • depreciation
  • variable

The process of developing core competencies starts with this thought of being a leader in the market.

  • Strategic Architecture
  • Exiting Customers
  • Strategic Intent
  • Target market users

Combining the elements of these provides you with a clear focus for marketing a product and for satisfying the objectives a company has for the product.

  • 7P's of Marketing
  • Product, price, place promotion
  • Pricing strategy and promotional techniques
  • Marketing Mix and Marketing Strategy

The costs incurred to deliver the product from the production unit to the end user. It is a broad terminology and it includes several costs.

  • Target Market
  • All of the answers correct
  • Marketing Cost
  • Distribution cost

This thinking generally means the ability to give the "correct" answer to standard questions that do not require significant creativity, for instance in most tasks in school and on standardized multiple- choice tests for intelligence

  • powerful
  • convergent
  • divergent
  • skeptical

An entrepreneur may decide to offer a new product in a growth area rather than pursuing sales of existing products that have minimum growth potential.

  • Risk and rewards
  • Ability to compete
  • Growth potential
  • All of the answers correct

If you have a retail outlet, you have the means of distributing a customer comment card or __________.

  • industrial
  • promotional
  • climate
  • surveys
  • psychographic
  • reachable
  • demographic
  • feature
  • profitability
  • questionnaire

A party that supplies goods or services.

  • Profitability
  • Benefit
  • Multinational
  • Supplier

Entity that advances cash to a borrower for a stated period and for a fixed or variable rate of interest

  • Liabilities
  • competitive
  • loan
  • Revenues
  • insurance
  • lender
  • creative
  • Expenses
  • structure
  • investment

With coworkers on a daily basis and creating procedures for receipt submission and expense account reimbursements can help your work day flow smoothly

  • Sales

Include items such as the cost of goods sold payroll for employees, payroll, sales and income taxes, business insurance and loan interest

  • creative
  • Expenses
  • loan
  • insurance
  • Revenues
  • lender
  • Liabilities
  • investment
  • structure
  • competitive

Fill in the blanks. _____ The desire for status, enhanced appearance and more money are examples of this variable.

  • psychographic v

Amounts that are owed to you by your customers

  • Equity
  • Purchases
  • Cashbook
  • Inventory
  • Cash
  • Sales
  • Bookkeeping
  • Transaction
  • Records
  • Debtors

A two bladed sword if not handled properly

  • Competency
  • Recruiter
  • Outsourcing
  • Revenue

All of your business transactions pass through this account

  • Cash
  • Bookkeeping
  • Records
  • Sales
  • Purchases
  • Transaction
  • Equity
  • Debtors
  • Cashbook
  • Inventory

People in your target market who are not currently looking for a solution.

  • Strategic Mindset
  • Target market users
  • Market Segment
  • Long-term competitive advantage

Without developing a core competency, a company may be highly profitable.

  • Long term
  • Occasionally
  • No correct answer
  • Only for a short period

A principle or standard by which something may be judged or decide

  • Brand
  • memorable
  • intrusion
  • Reputation
  • logo
  • disruptiveness
  • impression
  • Branding
  • criteria
  • Image

Which of these is an example of a business structure?

  • All of the answers correct
  • Limited liability company or corporation
  • Sole proprietorship
  • Partnership

Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a position.

  • Teacher
  • Business Reporter
  • Sales
  • Recruiter

Which of these is an example of a record?

  • Cash book
  • Both of the given choices are correct
  • Stock records
  • No correct answer

_____ Typically, anonymous and try to reach as many members of a target market as possible

  • Surveys

Which of these states the importance of core competencies?

  • No correct answer
  • Both of the given choices are correct
  • Help in the development of core products
  • Indicator that resources are being used in the right places in the right amount

Customer classification depending on profitability.

  • Marketing Cost
  • Product Concept
  • Profit tiers
  • Distribution cost

Attempt to get an understanding of a specific market segment by questioning eight to 12 members of that group to discover what psychographic and behavioristic factors might motivate the entire group.

  • Focus groups
  • Surveys
  • Interviews
  • All of the answers correct

Reward your followers with something special and exclusive

  • Be interested, and respond
  • Be interesting, and give
  • Have a payoff, and say thank you
  • Ask, do not tell

The interaction with competitors is usually directly

  • Friendly
  • Antagonistic
  • Hostile
  • Pleasant

Entrepreneurs are capable of working for long hours and solving different complexities at the same time.

  • Ability to accept change
  • Make stress work for them
  • An eye for opportunity
  • An appetite for hard work

Products you have in stock to sell are like money sitting on a shelf and must be carefully accounted for and tracked.

  • True
  • False

Recording this in a timely and accurate manner is critical to knowing where your business stands.

  • Bookkeeping
  • Equity
  • Purchases
  • Transaction
  • Inventory
  • Cash
  • Records
  • Cashbook
  • Debtors
  • Sales

Profitable customers

  • Lead
  • think
  • Iron
  • revenue
  • successful
  • costs
  • Platinum
  • profitable
  • Gold
  • profit

A person who writes the text of advertisements or publicity material

  • Price
  • advertisement
  • Promotion
  • Packaging
  • marketplace
  • People
  • Product
  • Positioning
  • Place
  • copywriter

Outsourcing can give short term

  • Core Competency
  • Technical Capabilities
  • Competitive Advantage
  • Core Capabilities

They need to know how to represent a company, manage accounts, and follow up on leads.

  • Recruiter
  • Sales
  • Teacher
  • Business Reporter

Those who sell non-competing products and which generally help your sales.

  • Substitutors
  • Competitors
  • Influencers
  • Complementors

The beliefs or opinions that are generally held about someone or something.

  • Positioning
  • Disruptiveness
  • Reputation
  • Packaging

Your projections should be

  • Realistic in-between
  • Overly optimistic best-case scenarios
  • Overly cautious worst-case scenarios
  • All of the answers correct

These costs include materials used, direct labor, plant manager salaries, freight and other costs associated with operating a plant.

  • Net profit after taxes
  • Costs of goods sold
  • Operating expenses
  • Net profit before taxes

Companies would always give the best service and other benefits to this type of customers.

  • Platinum
  • Gold
  • Lead
  • Iron

The state of being spread out or transmitted

  • Diffusion
  • Segmentation
  • Supplier
  • Ambitious

Strategic Architecture requires the distillation of past and present data to answer which of these questions.

  • All of the answers correct
  • New technological possibilities
  • Competitor's positioning
  • Change in customer interference
  • Current and future set up of the industry

Unprofitable and undesirable customers

  • successful
  • costs
  • think
  • Platinum
  • revenue
  • Iron
  • Lead
  • profit
  • Gold
  • profitable

If your customers enjoy dealing with you, they are likely to buy more. In addition, you can only tackle problems that customers have if you know what they are.

  • What makes them feel good about buying
  • What they think about you
  • What they expect of you
  • What they think about your competitors

Coined the term core competency in 1989.

  • Prof. Gray Hamel
  • Dr.C.K Prahalad
  • Both Dr.C.K Prahalad
  • No correct answer

If __________ is not properly involved in the other four M's and it is sufficiently aware of the process and the possible outcomes, the whole operation and even the problems solution process could yield only mediocre to poor results

  • manager
  • production
  • machine
  • sales
  • simultaneously
  • management
  • apparatus
  • materials
  • manpower
  • controlling

This is when a company purchases a fixed asset and expenses it over the entire period of its planned use, not just in the year purchased

  • Depreciation
  • Inventory-reporting
  • Records
  • Intangible

Estimates of the future financial performance of a business.

  • Variable costs
  • Income Statement
  • Value chain
  • Financial projections

To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers

  • In a competitive market
  • In the right market
  • All of the given choices are correct
  • In any market available

The last portions of the M's of Production

  • production
  • simultaneously
  • controlling
  • apparatus
  • machine
  • manager
  • materials
  • manpower
  • sales
  • management

Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits.

  • Opportunity Recognizers
  • An eye for opportunity
  • Business Plan
  • Focus on profits

People form their first impression within the first

  • 20 seconds
  • 40 seconds
  • 30 seconds
  • 10 seconds

Problems with yet undefined solutions.

  • No correct answer
  • Both of the given choices are correct
  • Stated Needs
  • Silent Needs

The job of entrepreneur is not for

  • Teacher
  • Graduates
  • Everyone
  • Recruiter

A valuable exercise and can create preliminary benchmarks.

  • Both of the given choices are correct
  • Surveying existing customers
  • Surveying potential customers
  • No correct answer

Which of these is a key financial statement?

  • All of the answers correct
  • Income statement
  • Balance sheet
  • Cash flow statement

The most important advantage of having core competencies is having this.

  • Choosing that product or service
  • Core competency trunk
  • No correct answer
  • Long-term competitive advantage

As an organization, they developed products that are rich in design and user experience.

  • Apple
  • Canon
  • NEC
  • Netflix

A person who helps others to acquire knowledge, competences or values

  • Recruiter
  • No correct answer
  • Graduates
  • Teacher

Involves innovation, risk taking, and decision-making

  • Leadership
  • Image
  • Wealth
  • Profit

During this phase, it is time to take advantage of the situation and execute all of the great ideas and projections ascertained from the two prior phases.

  • Market Potential
  • Opportunity Realization
  • Entrepreneur
  • Competences

Includes all interest payable for debts, both short-term and long-term

  • Revenue
  • internet
  • Income
  • markup
  • Shortlist
  • Interest
  • Exhibitions
  • Supplier
  • Depreciation
  • Budgets

Includes homes, schools, businesses, and government organizations.

  • market of a local movie theater or restaurant
  • market for a landscaping business
  • market for downloadable e-books over the internet
  • market for personal computers

Core competencies play an important role in the process of

  • all of the answers correct
  • outsourcing
  • survival
  • advantage

Companies have systems in place to avoid this type of customers.

  • Lead
  • Gold
  • Iron
  • Platinum

A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue

  • surveys
  • profitability
  • questionnaire
  • climate
  • industrial
  • reachable
  • promotional
  • psychographic
  • demographic
  • feature

A bookkeeper must meet with department supervisors and other managers to discuss budget needs and inventory demands.

  • Office Communication
  • All of the answers correct
  • Accounting
  • Administration

Purchased to create a finished product.

  • Finished products
  • Work-in-progress
  • Channel sale
  • Raw material

Entrepreneurs have many

  • Capitalism
  • Possibilities
  • All of the answers correct
  • Personalities

Your brand must be powerful enough to force them out of their routines.

  • Know What the Customer Wants
  • Get known
  • Craft your image
  • No correct answer

Besides the inability to secure any type of employment this is the most basic reason for self-employment.

  • To fulfill a life-long ambition
  • Inability to secure a desirable job
  • Love for adventure
  • Need to improve personal income

Are assets for long-term use and include land, buildings, leasehold improvements, equipment, machinery and vehicles

  • Loan
  • Variable
  • Fixed
  • Cashbook

A bookkeeper's central role.

  • To deposit funds from clients or patients
  • To maintain financial records for a company or organization.
  • No correct answer
  • Both of the given choices are correct

People who have already purchased your product.

  • No correct answer
  • Both of the given choices are correct
  • Existing Customers
  • Customers

To make a product successful, you must be

  • Either of the given choices are correct
  • Personally committed to its success
  • Emotionally committed to its success
  • Both of the given choices are correct

Market Potential will enable you to more accurately assess this.

  • Risk and rewards
  • Ability to compete
  • Growth potential
  • All of the answers correct

It becomes difficult especially in a service environment where labor as well as time also has a cost factor associated with it.

  • Technical/technology capabilities
  • Research and Development
  • Calculating cost per customer
  • Opportunity Recognizers

His definition of entrepreneurship placed an emphasis on innovation.

  • Rotte MacClellan
  • J.B. Say
  • Joseph Schumpeter
  • M. M. P. AKhouri

If you ask too many deep questions, you might lose the

  • surveying
  • authenticity
  • interview
  • audience

They may sell directly into the market but largely they need to be kept aligned to your strategy.

  • Minor customers
  • Major customers
  • Suppliers
  • Competitors

A stock or any other security representing an ownership interest

  • Equity

A thought process or method used to generate creative ideas by exploring many possible solutions.

  • Divergent thinking
  • Convergent thinking
  • Assumption
  • Self-analysis

The act of utilizing the promotional mix

  • Marketing Cost
  • Process of promotion
  • Distribution cost
  • Profit tiers

How many new businesses fail within 18 months of getting started?

  • Three
  • Thirty-five
  • Five
  • Three out of five

A thing providing protection against a possible eventuality

  • loan
  • Expenses
  • Liabilities
  • Revenues
  • creative
  • structure
  • lender
  • investment
  • insurance
  • competitive

These liabilities typically consist of all bank debt or stockholder loans payable outside of the following 12-month period.

  • sales
  • depreciation
  • inventory-reporting
  • current
  • long-term
  • income
  • variable
  • intangible
  • cash-flow
  • fixed

Relating to or noting a new product, service, or idea that radically changes an industry or business strategy

  • Positioning
  • Packaging
  • Reputation
  • Disruptiveness

If I had asked people what they wanted, they would have said faster horses.

  • J.B. Say
  • Jonathan Bender
  • Michael Smith
  • Henry Ford

Entrepreneurs have strong desire to achieve higher goals.

  • Need to achieve
  • All of the answers correct
  • An eye for opportunity
  • Silent needs

Help an entrepreneur keep track of business transactions, aid in the filing of taxes, compile final accounts and act as a future reference.

  • Debtors
  • Cashbook
  • Sales
  • Transaction
  • Bookkeeping
  • Cash
  • Records
  • Purchases
  • Equity
  • Inventory

Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of operating their own business.

  • Opportunity Recognizers
  • Self-reliance
  • Self-confidence
  • Long-term competitive advantage

A limited list of important items or individuals: especially: a list of candidates for final consideration

  • Supplier
  • Interest
  • markup
  • Revenue
  • Income
  • Exhibitions
  • Budgets
  • Shortlist
  • Depreciation
  • internet

A disruptive technology with the ability to revolutionize certain industries

  • internet
  • Exhibitions
  • Income
  • Budgets
  • Interest
  • Supplier
  • Depreciation
  • markup
  • Revenue
  • Shortlist

Entrepreneurs are always alert to opportunities.

  • Opportunity Recognizers
  • Stability and structure
  • An eye for opportunity
  • Stated needs

Cost of goods, commissions or discounts, variable and fixed expenses.

  • Business expenses
  • Fixed assets
  • Current liabilities
  • Gross profit

Extend the application of a method or conclusion

  • Segmentation
  • Diffusion
  • Multinational
  • Extrapolate

The ability to implement creative ideas

  • Innovativeness
  • Leadership
  • Inquisitive
  • Entreprendre

Any group of actual or potential buyers of a product.

  • Customer
  • Competitor
  • Market
  • Supplier

When teaching the entrepreneurial side, which one should you focus on?

  • Math to business
  • Literature to persuasive advertising
  • All of the answers are correct
  • History to innovation

An intra company entrepreneur

  • Profit
  • Enterprenuership
  • Entreprendre
  • Intrapreneur

In Entrepreneurship, you may become stressed. Why?

  • Both of the given choices are correct
  • No correct answer
  • You manage cash flow
  • You manage expansion

This figure represents the amount of income earned by the business before paying taxes.

  • Operating expenses
  • Net profit after taxes
  • Net profit before taxes
  • Costs of goods sold

Determines the most efficient way for each portion of the process to be done to eliminate damage to the product and to eliminate areas where time and manpower are being wasted

  • manager
  • sales
  • controlling
  • production
  • machine
  • management
  • manpower
  • apparatus
  • materials
  • simultaneously

Customers understand problems, but they cannot help you to move your product forward.

  • Focusing only on customers
  • Focusing only on innovation and the competition.
  • All of the answers correct
  • Focusing only on revenue

A certain amount of risk is involved in all entrepreneurial ventures, and growth is no different.

  • Risk bearing
  • Choosing that product or service
  • Risk and rewards
  • Targeting your market

Enables you to concentrate on and solve your target market's problems.

  • Outside-in approach
  • No correct answer
  • Silent need
  • Stated need

Explicit statements from your market that declare, "I want a product to do X".

  • Market Forecast
  • Risk and rewards
  • Marketing Effort
  • Stated Needs

A financial journal that contains all cash receipts and payments, including bank deposits and withdrawals.

  • Equity
  • Inventory-reporting
  • Cashbook
  • Depreciation

Which of these questions will help you analyze the product or service from the customer's point of view?

  • Who is going to sell the product?
  • Is there a real demand for the product at the price you will have to charge?
  • Can you see yourself selling this product or service for the next five to 10 years?
  • What does the product achieve, avoid or preserve for the customer?

A reason a person to strike out on his or her own rather than work inside a larger company.

  • Life event
  • Key motivator
  • Source of inspiration
  • All of answers correct

Buy less, but are useful as in aggregate they may buy quite a lot.

  • Major customers
  • Competitors
  • Minor customers
  • Suppliers

When you determine your target audience

  • Focus is on market size but not necessarily target market
  • No correct answer
  • Everyone is a potential customer
  • Both of the given choices are correct

Which of these is a factor to consider before going into self-employment?

  • Business Idea
  • All of the answers correct
  • Legal Issues
  • Raw Materials

The technical equipment or machinery needed for a particular activity or purpose

  • Production
  • Brand
  • Apparatus
  • Materials

Give the character depth and be genuine.

  • Listen, do not just talk
  • Be interesting, and give
  • Be real, and have a story
  • Ask, do not tell

Designed to meet the company's marketing objectives by providing its customers with value.

  • Promotional Strategy
  • Unique Sales Proposition
  • Marketing Mix
  • Marketing Strategy

The ability to generate ideas

  • Wealth
  • Creativity
  • Leadership
  • Image

Core capabilities are crucial for this

  • advantage
  • survival
  • company
  • competency

Critical to determining attractiveness.

  • Ability
  • Duration
  • Risks
  • Growth

To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers.

  • In any market available
  • All of the answers correct
  • In a competitive market
  • In the right market

_____ A profile for a business would include such factors as customer size, number of employees, type of products, and annual revenue.

  • Demographic profile

A value that will purchase a finite quantity, weight, or other measure of a good or service

  • Budgets
  • Promotion
  • Price
  • Internet

The arena of competitive or commercial dealings: the world of trade

  • Positioning
  • Packaging
  • Product
  • People
  • copywriter
  • marketplace
  • Price
  • Place
  • advertisement
  • Promotion

The desire for status, enhanced appearance and more money are examples of this variable

  • feature
  • profitability
  • reachable
  • climate
  • promotional
  • surveys
  • psychographic
  • industrial
  • questionnaire
  • demographic

Which of these are included in a business record?

  • All of the answers correct
  • Accounting source documents
  • Employment contracts
  • Meeting minutes

These include sales of common stock, changes in short- or long-term loans and dividends paid.

  • Net change in cash and marketable activities
  • Net cash flow from investing activities
  • Net cash flow from financing activities
  • Net cash flow from operating activities

Purchases is where you track all incoming revenue from what you sell.

  • True
  • False

It is critical to find a balance between prospects and customers to ensure that your future revenue is protected, while still keeping existing customers happy.

  • Focusing only on customers
  • Focusing only on revenue
  • All of the answers correct
  • Focusing only on innovation and the competition.

Time spent with each customer is different

  • but cost is still the same
  • no correct answer
  • therefore the cost is different
  • either the given choices are correct

Which of this is a job you can get with an Entrepreneurship degree?

  • Not-for-profit fundraiser
  • Business consultant
  • Both of the given choices are correct
  • No correct answer

This is the third M in the sequence

  • apparatus
  • materials
  • sales
  • manager
  • manpower
  • controlling
  • production
  • simultaneously
  • management
  • machine

Most profitable customers

  • Iron
  • costs
  • think
  • revenue
  • profitable
  • Lead
  • profit
  • Platinum
  • Gold
  • successful

There are not enough employment opportunities in the formal sector. The small business sector has the capacity to create many jobs.

  • Love for adventure
  • Inability to secure a desirable job
  • To fulfill a life-long ambition
  • Need to improve personal income

Includes all revenue streams generated by the business

  • Shortlist
  • Interest
  • Exhibitions
  • internet
  • markup
  • Revenue
  • Budgets
  • Income
  • Supplier
  • Depreciation

Truly think outside the box, stretch the limits, and are combinatorial in non-traditional ways.

  • An eye for opportunity
  • Need to achieve
  • All of the answers correct
  • Opportunity Recognizers

The total cost associated with delivering goods or services to customers.

  • Distribution cost
  • Marketing Cost
  • All of the answers correct
  • Target Market

Helps in growing branches of different businesses and then these businesses grow products as fruit.

  • Long-term competitive advantage
  • Core competency trunk
  • Choosing that product or service
  • No correct answer

The state or condition of yielding a financial profit or gain

  • Gold
  • think
  • Platinum
  • profitable
  • successful
  • profit
  • Lead
  • Iron
  • revenue
  • costs

There are those people in society whose ultimate goal is to go into business at some defined point life no matter how attractive wage employment might seem.

  • Need to improve personal income
  • Inability to secure a desirable job
  • Love for adventure
  • To fulfill a life-long ambition

The drive train that gets us where we are going

  • sales
  • management
  • simultaneously
  • manpower
  • apparatus
  • machine
  • manager
  • controlling
  • production
  • materials

A straightforward product design is essential.

  • Refine your design with simplicity in mind.
  • Consider retailers and communicate wisely.
  • Do not overstock
  • Do not skimp on materials or manufacturing

An individual who works to fill job openings in businesses or organizations

  • Everyone
  • Graduates
  • Recruiter
  • Teacher

This is not essential, but is normally a great help in thinking through the case for a new business.

  • A market research
  • No correct answer
  • A formal business plan
  • Both of the given choices are correct