(LEVEL 1) Entrepreneurship

Question 1

A good entrepreneur can recognise...

Accepted Answer

changes in tastes and fashion to adapt product for customer

Question 2

A proactive entrepreneur undertakes...

Accepted Answer

market research & R&D to develop a marketable product

Question 3

An entrepreneur is...

Accepted Answer

one who organises, operates and takes a risk in a business

Question 4

Some advantages of becoming an entrepreneur are...

Accepted Answer

All are correct

Question 5

Enterprise is often referred to as...

Accepted Answer

business

Question 6

Having a good business vision allows the entrepreneur to...

Accepted Answer

adapt to change, and plan ahead better than most

Question 7

Some disadvantages of becoming an entrepreneur include

Accepted Answer

All correct

Question 8

being a risk-taker allows entrepreneurs to...

Accepted Answer

take action knowing that success is not guaranteed

Question 9

Being determined allows the entrepreneur to...

Accepted Answer

take on new challenges and work hard towards goals/aims

Question 10

Not having enough money to pay suppliers, workers, replenishing stocks is often because of...

Accepted Answer

a lack of working capital (CA-CL)

Question 11

Enterprise is one of the...

Accepted Answer

four factors of product

Question 12

A good entrepreneur makes use of...

Accepted Answer

social media & other innovative technology

Question 13

Poor leadership skills & financial skills, poor decision-making & marketing skills can lead to

Accepted Answer

business failure

Question 14

Common reasons for start-up failure include...

Accepted Answer

lack of capital (money), competition, poor management skills

Question 15

Entrepreneurship is about...

Accepted Answer

identifying a need or opportunity for a new good/service, Generating new ideas and risk-taking, Finding a new way of offering an existing product/service, the creation and development of new business

Question 16

Having high levels of motivation allows the entrepreneur to...

Accepted Answer

lead people effectively & inspire them to perform well

Question 17

Initiative, determination, passion, motivation, risk-taking, resilience, vision are all...

Accepted Answer

enterprising qualities/attributes

Question 18

In addition to enterprise, the other three factors of production are...

Accepted Answer

land, capital, labour

Question 19

A calculated risk is making an informed decision by taking into consideration possible risks

Accepted Answer

True

Question 20

An astute entrepreneur can...

Accepted Answer

identify & respond to gaps in the market that can be filled

Question 21

Well-established businesses tend to have fewer resources & market experience than start-ups

Accepted Answer

False

(LEVEL 1) Entrepreneurship

Questions 21

(LEVEL 1) Entrepreneurship

Questions 21