Entrepreneurship and Business Planning Quiz

What is a key reason why an entrepreneur prepares a business plan?

• To determine the product price

• To raise funds and guide business operations

• To minimize competition

• To hire employees without planning

Which step comes first when establishing a business?

• Acquiring funds

• Conceptualization

• Creating a business plan

• Hiring employees

How do entrepreneurs contribute to job creation?

• By reducing salaries

• By hiring staff for their businesses

• By outsourcing all tasks

• By investing in foreign markets

Why is market research essential in business planning?

• It helps in understanding customer needs

• It avoids competition

• It guarantees immediate profit

• It helps hire employees

Which of the following is not part of the entrepreneurial role in economic development?

• Nation-building

• Creation of jobs

• Reducing public welfare

• Providing goods and services

Entrepreneurs help economies grow by ___________ with others to improve their communities.

The process of identifying customer needs to provide suitable goods or services is called ___________.

After identifying the necessary resources, the next step in business establishment is preparing a ___________ to outline goals and strategies.

An entrepreneur starts a new business and hires employees, thereby contributing to ___________ in the economy.

The six steps in establishing a business are: conceptualization, market research, identification of resources, creation of a business plan, acquisition of funds, and ___________ of the business.