Entrepreneurship And Innovation Knowledge Test! Trivia Quiz

40 Questions | Total Attempts: 2187

SettingsSettingsSettings
Please wait...
Entrepreneurship Quizzes & Trivia

Below are an entrepreneurship and innovation knowledge test! An entrepreneur is a person who comes up with an idea of a business but can predict the risks involved and if they are worth bringing the intended profits. One of the skills that an entrepreneur should have is a knack for innovation. This trivia quiz will test just how much you understand about the interrelation between entrepreneurship and innovation.


Questions and Answers
  • 1. 
    The easiest part of launching a business is coming up with an idea for a new business.
    • A. 

      True

    • B. 

      False

  • 2. 
    Business success requires much more than just a great new idea.
    • A. 

      True

    • B. 

      False

  • 3. 
    The idea assessment is the process of examining a particular need in the market, developing a solution for that need and determining the entrepreneur's ability to successfully turn the idea into a market.
    • A. 

      True

    • B. 

      False

  • 4. 
    The best business ideas start with a group of customers with a common problem.
    • A. 

      True

    • B. 

      False

  • 5. 
    One of the following is not from the idea sketch pad.
    • A. 

      Customers

    • B. 

      Value proposition

    • C. 

      People

    • D. 

      Tested

  • 6. 
    A feasibility analysis is a process of determining whether entrepreneurs' ideas are a viable foundation for creating a successful business.
    • A. 

      True

    • B. 

      False

  • 7. 
    FA consist of four interrelated component expect
    • A. 

      An industry

    • B. 

      An goods

    • C. 

      An product

    • D. 

      An market

  • 8. 
    If the idea fails to pass muster the entrepreneur drops it and moves on to the next idea.
    • A. 

      True

    • B. 

      False

  • 9. 
    The primary goals of a business plan are
    • A. 

      To guide entrepreneurs as they launch their businesses

    • B. 

      To help them acquiring the necessary financing to launch

    • C. 

      All of the above

    • D. 

      None

  • 10. 
    The idea sketch pad not include offering.
    • A. 

      True

    • B. 

      False

  • 11. 
    A business plan serves two essential functions:
    • A. 

      Guiding the company by charting its future course and defining its strategy for following it

    • B. 

      Attracting lenders and investors who will provide needed capital

    • C. 

      All of the above

    • D. 

      None

  • 12. 
    The Reality Test proving that
    • A. 

      A market really does exist for your product or service

    • B. 

      You can actually build or provide it for the cost estimates in the Plan

    • C. 

      All of the above

    • D. 

      None

  • 13. 
    A business plan is the best insurance against launching a business destined to fail or mismanaging a potentially successful company.
    • A. 

      True

    • B. 

      False

  • 14. 
    Hire and train employees is one from start-up companies.
    • A. 

      True

    • B. 

      False

  • 15. 
    The Competitive Test evaluates;
    • A. 

      A company's position relative to its competitors

    • B. 

      Management's ability to create a company that will gain an edge over its rivals

    • C. 

      All of the above

    • D. 

      None

  • 16. 
    Focus groups include customers (24-30).
    • A. 

      True

    • B. 

      False

  • 17. 
    There are two components of the reality test:
    • A. 

      External component only

    • B. 

      Internal component

    • C. 

      A+b

    • D. 

      None

  • 18. 
    Internet is a secondary research tool.
    • A. 

      True

    • B. 

      False

  • 19. 
    The first step in assessing industry attractiveness is into the paint a picture.
    • A. 

      True

    • B. 

      False

  • 20. 
    Assess industry attractiveness using global.
    • A. 

      True

    • B. 

      False

  • 21. 
    Primary research tools include secondary research.
    • A. 

      True

    • B. 

      False

  • 22. 
    Providing that a profitable market exists involves two steps
    • A. 

      Show customer interest Proves that target customers actually need or want the product or service.

    • B. 

      Document market claims Supports market size and growth rates with facts

    • C. 

      A+b

    • D. 

      None

  • 23. 
    -A feature is a descriptive fact about a product or service (e.g. ergonomically designed, more comfortable handle
    • A. 

      True

    • B. 

      False

  • 24. 
    benefit is what the customer gains from the product or service feature (e.g. lower energy bills, faster access to the internet.
    • A. 

      True

    • B. 

      False

  • 25. 
    The entrepreneur must not determine how the value proposition will generate revenue.
    • A. 

      True

    • B. 

      False