- 1. is the process of identifying opportunities and creating value by developing new products, services, or business ventures.
A) Job creation
B) Entrepreneurship
C) Entrepreneurs
D) Economic growth
- 2. are individuals who take calculated risks to turn their innovative ideas into viable businesses
A) Economic growth
B) Job creation
C) Entrepreneurs
D) Entrepreneurship
- 3. are often associated with starting businesses from scratch, and they play a crucial role in driving innovation and economic growth.
A) Economic growth
B) Entrepreneurship
C) Job creation
D) Entrepreneurs
- 4. Small and medium-sized enterprises, often founded by entrepreneurs are major contributors to job creation
A) Wealth generation
B) Entrepreneurship
C) Economic growth
D) Job creation
- 5. an increase in the capacity of an economy to produce goods and services, compared from one period of time to another
A) Economic growth
B) Wealth generation
C) Entrepreneurs
D) Job creation
- 6. Successful entrepreneurial ventures can lead to significant wealth creation for both the entrepreneurs and their stakeholders.
A) Pursuing opportunity
B) Job creation
C) Technological advancement
D) Wealth generation
- 7. Entrepreneurship provides people with the opportunity to pursue their dreams and make a difference in the world.
A) Entrepreneurship
B) Job creation
C) Wealth generation
D) Pursuing opportunity
- 8. Many technological breakthroughs are driven by entrepreneurial ventures.
A) Job creation
B) Technological advancement
C) Wealth generation
D) Pursuing opportunity
- 9. Entrepreneurs think outside the box, identifying unique solutions to problems
A) Creative and innovative
B) Vision
C) Job creation
D) Risk- taking
- 10. Entrepreneurs are comfortable with taking calculated risks to pursue their business ideas
A) Vision
B) Wealth generation
C) Creative and innovative
D) risk - taking
- 11. Entrepreneurs have a clear vision of what they want to achieve with their businesses.
A) Creative and innovative
B) Vision
C) Passion
D) Risk - taking
- 12. A strong vision and passion inspire others to join their journey, including employees, investors, and customers.
A) Vision
B) Passion
C) Risk - taking
D) Creative and innovative
- 13. is essential for maintaining momentum and continuing to work towards long-term goals despite obstacles
A) Vision
B) Resilience
C) Adaptability
D) Risk-taking
- 14. Being adaptable allows entrepreneurs to stay relevant and competitive, ensuring that their businesses can thrive in dynamic environments.
A) Resilience
B) Adaptability
C) Job creation
D) Vision
- 15. They continually gather market insights and adjust their offerings to meet evolving customer needs.
A) Resilience
B) Vision
C) Adaptability
D) Risk - taking
- 16. Building strong networks is crucial for entrepreneurs to access resources, mentorship, and potential partnerships.
A) Adaptability
B) Resilience
C) Networking
D) Passion
- 17. refers to the process of buying, displaying, marketing, and selling physical products to customers. It primarily involves the resale of products that have been manufactured or produced by others
A) Customer interaction
B) Merchandising
C) Marketing and presentation
D) Inventory management
- 18. Merchandising businesses maintain inventory of products they intend to sell, often in retail stores or online
A) Marketing and presentation
B) Customer interaction
C) Merchandising
D) Inventory management
- 19. Effective marketing and product presentation are essential to attract customers and drive sales.
A) Inventory management
B) Marketing and presentation
C) Customer interaction
D) Merchandising
- 20. Customer service plays a crucial role in ensuring customer satisfaction
A) Marketing and presentation
B) Inventory management
C) Profit margin
D) Customer interaction
- 21. is generated by selling products at a higher price than the purchase cost.
A) Wide product selection
B) Lower production costs
C) Profit margin
D) Customer interaction
- 22. Merchandising businesses don't have the expenses associated with manufacturing or production facilities, which can result in lower operational costs.
A) Lower production costs
B) Quick entry to market
C) Customer interaction
D) Wide product selection
- 23. Retailers can offer a wide variety of products from different manufacturers and suppliers, catering to diverse customer preferences
A) Wide product selection
B) Quick entry to market
C) Lower production costs
D) Customer interaction
- 24. Starting a retail business is often quicker and requires less initial investment compared to manufacturing
A) Quick entry to market
B) Inventory management
C) Customer interaction
D) Market competition
- 25. Direct interaction with customers provides opportunities for building brand loyalty and receiving immediate feedback
A) Quick entry to market
B) Customer interaction
C) Inventory management
D) Market competition
- 26. Managing inventory can be complex and costly, as unsold products tie up capital and may become obsolete
A) Market competition
B) Customer interaction
C) Inventory management
D) Seasonal fluctuations
- 27. High competition in the retail sector can lead to pressure on pricing and profit margins.
A) Marketing costs
B) Seasonal fluctuations
C) Market competition
D) Inventory management
- 28. Many retail businesses experience seasonal fluctuations in sales, which can impact revenue and cash flow.
A) Seasonal fluctuations
B) Inventory management
C) Market competition
D) Marketing costs
- 29. Effective marketing and advertising are crucial but can be expensive
A) Seasonal fluctuations
B) Marketing costs
C) Inventory management
D) Market competition
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