BUSINESS CONCEPT

Question 1

Which of the following is NOT a source of a business concept?

Accepted Answer

Existing Markets

Question 2

Which of the following questions should NOT be asked when developing a business concept?

Accepted Answer

What will be the name of the company?

Question 3

Which of the following are the first three steps in the entrepreneurial process?

Accepted Answer

Idea Generation, Opportunity Identification and Business conceptualization

Question 4

Which of the following documents can entrepreneurs prepare to help bridge the gap between an idea and a business plan?

Accepted Answer

Business Concept

Question 5

An idea for a business that includes basic info such as the service/product, target market and a USP can be defined as

Accepted Answer

Business Concept

Question 6

New organizational structures,new distribution channels & new production processes are BEST described as sources of new

Accepted Answer

Business concepts

Question 7

Which of the following is NOT an example of a business concept

Accepted Answer

Competition in an existing market

Question 8

What is KFC's Unique selling Point

Accepted Answer

The 11 herbs and spices

Question 9

An exploitable set of circumstances with uncertain outcomes, involving exposure to risk refers to

Accepted Answer

An opportunity

Question 10

Which of the following characteristics should be considered when identifying the features of a product?

Accepted Answer

Size, colour, material

Questions 10