Entrepreneurship Quiz 3^{Entrepreneurship}

Entrepreneurship

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By Simran Bally on Mar 30, 2024

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1. Generating new ideas by assembling a group of individuals who are unaware of the problem is the focus of

a. Brainstorming
b. the Delphi method
c. the Gordon method
d. the checklist method

2. New organisational structures, new distribution channels, and new production processes are best described as sources of new

a. profit margins
b. business concepts
c. marketing challenges
d. competitor challenges

3. Due to an amendment in a country's legislation to curtail pollution, a company that produces bottled water developed a thinner, flexible plastic bottle which is easily disposed of. This source of opportunity is considered to be the result of

a. new technology
b. a regulatory change
c. an emerging market
d. a demographic trend

4. The following are some steps in the entrepreneurial process. 1. Opportunity Identification. 2. Venture Implementation. 3. Idea Generation. Which is the correct sequencing of these steps?

a. 1-2-3
b. 2-1-3
c. 3-1-2
d. 3-2-1

5. Which of the following factors is the least important in the evaluation of a venture opportunity?

a. Industry
b. Ethnicity
c. Economics
d. Competitive Advantage

6. The following should determine the choice of a distribution channel

a. type of product
b. sources of input
c. management style
d. organisational structure

7. John Williams has been a successful entrepreneur for years. He has decided to retire from business and does not want the venture to continue. The recommended exit strategy for him would be

a. Liquidation of assets
b. Sale to a foreign investor
c. Private sale to the management team
d. Transfer of ownership to family members

8. Which of the following questions should not be asked when developing a business concept?

a. What is the product?
b. Who will buy the product?
c. Who will be the competitors?
d. What will be the name of the company?

9. A benevolent investor who provides financial backing for small start-ups or entrepreneurs may be classified as

a. a partner
b. a joint venture
c. an angel investor
d. a venture capitalist

10. Innovation is important in entrepreneurship as it 1. Is the vehicle through which the entrepreneur creates new avenues for wealth generation 2. Provides a means for the entrepreneur to transform ideas into sellable or saleable solutions 3. Enables the entrepreneur to target new customers and markets

a. 1 & 2 only
b. 1 & 3 only
c. 1, 2 & 3
d. 2 & 3 only

11.

a.
b.
c.
d.

12.

a.
b.
c.
d.

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c

b

b

c

b

a

a

d

c

b

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