Entrepreneurship Revision Chapter 4 - 8

A business model defines the process a business will use to generate ____________?

• sales and profit

• Business & Jobs

• a & b

• all of the above

A definition of the business target market is ____________________________________?

• A group of customers with special needs

• A group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service.

• A group of customers with specific age, gender, income, interests or hobbies.

• B & C

The major elements to be included in a financial feasibility analysis included: ​_________________________?

• Estimated earnings: forecast the earning potential of the proposed business through a forecasted income statement.

• Return on investment (ROI): combine the estimated earnings and the capital requirements to determine the rate of return expected from the business.

• Initial capital requirement: an estimate of the amount of start-up capital an entrepreneur needs to get the business up and running.

• All of the above.

Guerilla Marketing Strategies​ is; _______________________

• Unconventional, low-cost, creative marketing strategies designed to give small companies an edge over their larger, richer, more powerful rivals.​

• Demand creativity, ingenuity, and an understanding of customer's buying habits.

• Expensive high budget marketing campaign to target market.

• a & b

A Guerilla Marketing Plan should accomplish_____________________?

• It should pinpoint the specific target markets the small company will serve. ​

• It should determine customer needs and wants through market research. ​

• It should analyze the firm's competitive advantages and build a marketing strategy around them. ​

• All of the above

______________is the process of quickly put together food samples to represent ideas, test, various aspect of a food product and gather early customer feedback.

• Product development

• Prototyping

• Creating food

• Testing food

The first set of people who join the company during the early stages. It's a mix of founders, cofounders, executives and employees, advisors, and consultants who play an essential role in converting the idea into a reality are called.​

• Team

• Founding team

• Team work

• All of the above

Why Do Entrepreneurs Fail to Manage Growth?

• limited time and resources to spend on assets.

• No team work in day to day operation.

• Little planning for development

• All of the above

What is the primary purpose of a business plan in the context of entrepreneurship?

• To outline the company's mission and vision.

• To secure funding from investors.

• To provide a roadmap for business growth and development.

• All of the above.

Which of the following is a common reason for startup failure?

• Insufficient market research.

• Overestimating revenue projections.

• Poor management of cash flow.

• All of the above.