Understanding Entrepreneurial Strategies

What is the main aim of an entrepreneurship strategy?

• To avoid taking any risks

• To create and grow a successful business

• To copy other businesses exactly

• To only focus on making money quickly

Which of the following is a key characteristic of a successful entrepreneur?

• Fear of failure

• Creativity and innovation

• Dislike of teamwork

• Preference for routine

What does a business plan usually include?

• Only the business name

• Goals, strategies, and financial forecasts

• Just a list of employees

• Only the products to be sold

Which of the following is an example of a risk an entrepreneur might take?

• Investing their own money in a new idea

• Refusing to try anything new

• Ignoring customer feedback

• Copying a failing business

Why is market research important in entrepreneurship?

• To guess what people might want

• To understand customer needs and competition

• To avoid talking to customers

• To make random decisions

Which of the following best describes a 'unique selling point' (USP)?

• The price of the product

• What makes a product or service different from others

• The location of the business

• The number of employees

What is the purpose of a SWOT analysis in entrepreneurship?

• To design a logo

• To identify strengths, weaknesses, opportunities, and threats

• To hire staff

• To set prices

Which of the following is NOT a common source of finance for new businesses?

• Bank loans

• Personal savings

• Lottery winnings

• Venture capital

What does the term 'scalability' mean in business?

• The ability to climb stairs

• The potential to grow and handle increased demand

• The number of products sold

• The size of the office

Which of the following is an example of a social enterprise?

• A business that only aims to make profit

• A business that reinvests profits to help the community

• A business that ignores social issues

• A business that only sells luxury goods