Entrepreneurship in Travel and Tourism

An individual who initiates, creates and manages a new business can be called

• A leader

• A manager

• A professional

• An entrepreneur

Someone who improves an existing business can be called _________.

• An intrapreneur.

• A professional

• A co-worker.

• A changeling.

Why are small businesses important to a country's economy?

• They give an outlet for entrepreneurs.

• They can provide specialist support to larger companies.

• They can be innovators of new products

• All the above`

Intellectual Property laws can protect _________.

• Trademarks

• Copyright.

• Patents.

• All the above.

A business arrangement where one party allows another party to use a business name and sell its products or services is known as__________.

• A cooperative.

• A franchise.

• An owner-manager business.

• A limited company.

The use of informal networks by entrepreneurs to gather information is known as _______.

• Secondary research.

• Entrepreneurial networking

• Informal parameters

• Marketing`

Good sources of information for an entrepreneur about competitors can be Obtained from_________.

• Websites

• Product information leaflets

• Company reports and published accounts.

• All the above.

Primary data is________.

• the most important data.

• the data that is collected first

• new data specifically collected for a project

• data that is collected second.

Which of these statements best describes the context for entrepreneurship?

• Entrepreneurship takes place in small businesses.

• Entrepreneurship takes place in large businesses

• Entrepreneurship takes place in a wide variety of contexts.

• Entrepreneurship does not take place in social enterprises.

A new venture's business plan is important because ______.

• It helps to persuade others to commit funding to the venture.

• Can help demonstrate the viability of the venture.

• Provides a guide for business activities by defining objectives.

• All the above.