entrepreneurship

What is entrepreneurship?

• a) The process of buying and selling goods

• b) The process of starting and running a new business to make a profit

• c) The process of managing an established business

• d) The process of working for a large company

Which of the following is a trait of an entrepreneur?

• a) Procrastination

• b) Risk-taking

• c) Avoiding challenges

• d) Dependence on others

Which of the following is a reason people become entrepreneurs?

• a) Fear of job security

• b) Opportunity to explore new environments

• c) Desire to work for someone else

• d) A need for high wages only

What is one of the common risks entrepreneurs face?

• a) Guaranteed success

• Psychological stress from uncertainty

• c) Instant profits

• d) Zero competition

Which characteristic is often found in small businesses?

• a) Large number of employees

• b) Ownership by a small group or individual

• c) Operates on a global scale

• d) Dominates the market

What is an important factor for the success of a small business?

• a) Clear objectives and planning

• b) Large initial investment

• c) Ignoring customer feedback

• d) Relying on luck

Which of the following is an advantage of buying an existing business?

• a) No employees to manage

• b) Established customer base and location

• c) Complete freedom with no restrictions

• d) No initial costs

What does franchising involve?

• a) Starting a completely new business

• b) Purchasing the rights to sell a product or service developed by another company

• c) Creating a business without any competition

• d) Owning all assets of an existing business

What is the primary disadvantage of starting a new venture from scratch?

• a) Established staff and suppliers

• b) Lack of proven track record

• c) Instant recognition in the market

• d) High initial returns

Which type of franchising involves the franchisee using both the franchisor’s name and products?

• a) Pure/Comprehensive Franchising

• b) Trade Name Franchising

• c) Product Distribution Franchising

• d) International Franchising