A skill can be defined as

The ability to do something well, gained through training and experience

Fulfilling a social need is

Improving society and the environment through business activities

Why is entrepreneurship said to be 'not just the idea'

It’s having the capabilities to make that idea a success as well

The term entrepreneurship is best defined as

the process of establishing a business to satisfy needs while taking a risk

Networking skills involve

developing business contacts that can provide assistance in the future

Personal independence is

Being in control of your own decisions and actions

Which of the following is incorrect when talking about innovation

Innovation does not involve modifying an existing good

Innovation is a skill that involves

develop new ideas and process and find new approaches to problems

A gap in the market occurs when

There is a need that is not currently being met by a business

studbud

Headstart recap quiz

15 termsStudBud Administration52 plays

Imported from external platform

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
A skill can be defined as
A special quality or trait that makes a person different from others.
The ability to do something well, gained through training and experience
All of the above
Working really hard to develop a business and plan effectively
2
WHY WOULD A PERSON WANT TO START A BUSINESS?
•Financial independence
•Personal independence – to be their own boss
All of the above
•To fulfil a market need
3
Which of the below are said to be 'sources of business opportunities'
•Innovation
All of the above
•Changing customer needs
•Recognising and taking advantage of market opportunities
4
TRUE OR FALSE Changing customer needs are the transitions in the desires of consumers
False
True
5
Fulfilling a social need is
Making a product that people want and that will be profitable
Improving society and the environment through business activities
Not wanting to make a profit
Giving to charity
6
Why is entrepreneurship said to be 'not just the idea'
As long as it makes money, it doesn't matter about the idea
You don't have to have an idea to be en entrepreneur
It is all about taking risks
It’s having the capabilities to make that idea a success as well
7
TRUE OR FALSE: Market Opportunities result in developing a need or a want that is NOT currently being met
True
False
8
The term entrepreneurship is best defined as
the process of establishing a business to satisfy needs while taking a risk
the risk free process of setting up a business
The want or need to make high profits
A business owner who has interest in setting up a business
9
Which of the below skills and characteristics does a successful entrepreneur need?
A lack of drive
•Strong networking ability
Lazyness
•Willingness to take uncalculated risks
10
An Entrepreneur need the following skills when setting up their business
All of the above
•Develop and conceptualise new products
•Make informed business decisions
•They need the ability to take measured risks
11
Networking skills involve
selecting a suitable course of action from a range of plausible outcomes
clearly transfer information to employees and other relevant people
distinguishing from competitors or to develop new practices
developing business contacts that can provide assistance in the future
12
Personal independence is
Not having the freedom to innovate and problem solve
Being in control of your own decisions and actions
Not being in control of your own decisions and actions
Have fixed hours and conditions
13
Which of the following is incorrect when talking about innovation
Goods need to be something that a customer can use or it will not be succes
Innovation does not involve modifying an existing good
innovation can offer the business a competitive advantage
is creating and implementing new ideas or improving an existing good
14
Innovation is a skill that involves
shari the business’s vision to inspire, support and persuade employees
risking money, time and career despite the possibility of failure
develop new ideas and process and find new approaches to problems
helping an entrepreneur take calculated risks
15
A gap in the market occurs when
There is a need that is not currently being met by a business
A business leaves the market
Safetly guidelines are not in place in the work place
None of the above

Headstart recap quiz Flashcards | StudBud