Entrpreneurship quiz 1

Which of the following is considered a key characteristic of successful entrepreneurs?

• Preference for maintaining the status quo

• Reliance on others for decision-making

• Ability to adapt to changing circumstances

• Aversion to risk-taking

What is a common reason why many startups fail?

• Strong competition

• Overestimating market demand

• Lack of a business plan

• Excessive funding

Which of the following best describes a "business model"?

• A list of employees and their roles

• A financial forecast for the next five years

• The way a company creates, delivers, and captures value

• A detailed marketing strategy

What does the term "venture capital" refer to?

• Loans taken from banks

• Money earned from a successful business

• Funding provided by investors to startups with high growth potential

• Personal savings invested in a startup

Which of the following is a crucial step in the entrepreneurial process?

• Following a rigid business plan

• Ignoring customer feedback

• Conducting market research

• Launching the product without a prototype

The process of identifying a business opportunity and taking the necessary steps to create a business is called __________.

Describe a time when you or someone you know faced a significant setback in a business venture. What lessons were learned from that experience?

A __________ is a detailed plan that outlines a business's goals, strategies, and financial projections.

What are some common challenges entrepreneurs face when starting a new business, and how can they overcome them?