CB16: A Review Quiz On Entrepreneurship

1. Entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems.

True

False

Entrepreneurs are known for their ability to think outside the box and come up with innovative solutions. They are constantly seeking new opportunities and finding creative ways to address challenges. This is a key characteristic of successful entrepreneurs, as they are always looking for ways to improve and differentiate themselves in the market. Therefore, it can be concluded that entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems, making the answer "True".

Explanation

Entrepreneurs are known for their ability to think outside the box and come up with innovative solutions. They are constantly seeking new opportunities and finding creative ways to address challenges. This is a key characteristic of successful entrepreneurs, as they are always looking for ways to improve and differentiate themselves in the market. Therefore, it can be concluded that entrepreneurs are usually creative thinkers who often come up with new ideas and new ways to solve problems, making the answer "True".

2. Teenagers cannot be successful entrepreneurs. You must be an adult with plenty of work experience.

True

FALSE

The given statement suggests that teenagers cannot be successful entrepreneurs because they must be adults with plenty of work experience. However, this is not true. While age and work experience can be beneficial, they are not the sole determinants of success in entrepreneurship. Many successful entrepreneurs have started their ventures as teenagers and achieved great success. Age does not limit one's ability to have innovative ideas, passion, and determination, which are crucial qualities for entrepreneurship. Therefore, the answer is FALSE.

Explanation

The given statement suggests that teenagers cannot be successful entrepreneurs because they must be adults with plenty of work experience. However, this is not true. While age and work experience can be beneficial, they are not the sole determinants of success in entrepreneurship. Many successful entrepreneurs have started their ventures as teenagers and achieved great success. Age does not limit one's ability to have innovative ideas, passion, and determination, which are crucial qualities for entrepreneurship. Therefore, the answer is FALSE.

3. Business Plans should contain all of the following elements except:

Goals and Objectives

Details of Previous Work Experience

Financial Plan

Nature of the Business

Marketing Plan

A business plan is a document that outlines the goals, objectives, financial plan, nature of the business, and marketing plan of a company. It is used to provide a roadmap for the business and to attract investors or secure funding. While including details of previous work experience can be beneficial in certain cases, it is not a necessary element that must be included in a business plan. The focus of a business plan is typically on the future goals and strategies of the business rather than the past experiences of the individuals involved.

Explanation

A business plan is a document that outlines the goals, objectives, financial plan, nature of the business, and marketing plan of a company. It is used to provide a roadmap for the business and to attract investors or secure funding. While including details of previous work experience can be beneficial in certain cases, it is not a necessary element that must be included in a business plan. The focus of a business plan is typically on the future goals and strategies of the business rather than the past experiences of the individuals involved.

4. People who take on the responsibility of developing a new innovation in a larger company are considered:

Entrepreneurs

Intrapreneurs

Intrapreneurs are individuals within a larger company who take on the responsibility of developing a new innovation. Unlike entrepreneurs who start their own businesses, intrapreneurs work within an existing organization to drive change and create new opportunities. They exhibit entrepreneurial qualities such as creativity, risk-taking, and a drive for innovation, but do so within the confines of a larger corporate structure. Intrapreneurs often have the support and resources of the company behind them, allowing them to pursue new ideas and initiatives while still benefiting from the stability and resources of a larger organization.

Explanation

Intrapreneurs are individuals within a larger company who take on the responsibility of developing a new innovation. Unlike entrepreneurs who start their own businesses, intrapreneurs work within an existing organization to drive change and create new opportunities. They exhibit entrepreneurial qualities such as creativity, risk-taking, and a drive for innovation, but do so within the confines of a larger corporate structure. Intrapreneurs often have the support and resources of the company behind them, allowing them to pursue new ideas and initiatives while still benefiting from the stability and resources of a larger organization.

5. According to your CB16 textbook, what percentage of new businesses end within the first five to six years?

10%

20%

30%

40%

50%

According to the CB16 textbook, approximately 50% of new businesses end within the first five to six years. This suggests that starting a new business is a risky endeavor, with a high likelihood of failure. This statistic highlights the importance of careful planning, market research, and effective management in order to increase the chances of long-term success in the business world.

Explanation

According to the CB16 textbook, approximately 50% of new businesses end within the first five to six years. This suggests that starting a new business is a risky endeavor, with a high likelihood of failure. This statistic highlights the importance of careful planning, market research, and effective management in order to increase the chances of long-term success in the business world.