Entrepreneurship- Module 2 Review Questions

Which of the following is NOT a method of generating a venture idea?

• Training

• Checklist

• Notebook

• Brainstorming

Which of the following organizations will MOST likely give financial assistance and technical support to implement a business idea

• Central banks

• Angel investors

• Commercial banks

• Business development agencies and programmes

An entrepreneur creates new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying

• Threats

• people

• products

• opportunities

Every business venture starts with

• capital

• an idea

• a market

• an opportunity

What is the LAST step to be taken by an entrepreneur in selecting a business opportunity?

• Preparing a business plan

• Screening of business opportunity

• Evaluating self and the community

• Identifying the needs and wants of costumers

Which of the following strategies can be described as both harvesting and exit?

• Licensing

• Shut Down

• Management buyout

• Family Succession

Which of the following is a characteristic of a business idea?

• Always abstract

• May look bad at first

• Always structured and systematic

• Requires more than one person to generate

The first step in the entrepreneurial process ESSENTIALLY involves

• idea generation

• resource mobilization

• opportunity identification

• business concept utilization

Planning for unexpected growth in an entrepreneurial venture involves

• determining future goals and objectives

• assigning tasks and allocating resources

• motivating persons towards achieving goals

• ensuring that performance is in accordance with goals

Demographic segmentation strategies separate potential customers into

• age, gender, and income

• region, city and population

• loyalty, product use, and culture

• lifestyle, social issues and education