PART I: Write TRUE IF THE STATEMENT IS CORRECT AND FALSE IF IT IS INCORRECT
1. Disagreement with previous employer is pull factor that motivates for starting a business
2. The business plan can be used as a tool to convince potential employees about the attractiveness of working with the business
3. An investor is a person who creates and develops a business idea and takes the risk of setting up an enterprise to produce a product or service
4. Assertiveness indicates placing the highest priority on getting a job completed
5. The depth and detail of the business plan depends on the size and scope of the proposed type of new venture
6. A feasibility study is the blueprint of the step-by-step procedure that would be followed to convert a business idea into a successful business venture
7. Opportunity identification is the ability to see, discover and exploit the better ways that others miss
8. Inflation rates, exchange rates, market trends, and competitive pressures are some example of internal factor of business
PART II: CHOOSE THE BEST ANSWER FROM THE ALTERNATIVES
1. Which ONE of the following is not a creativity barrier?
A. Negative beliefs and habits
B. Full financial support
C. Fearing mistakes
D. Blindly following the rules
2. Which personal characteristics of entrepreneur reflect finding ways to do things faster with fewer resources?
A. Confidence
B. Monitoring
C. Efficacy oriented
D. Plan oriented
3. Entrepreneurship contribute to economic development through benefits that include all of the following EXCEPT:
A. Product-process innovation
B. Unemployment
C. Increased export
D. Social betterment
4. Which one of the following is not true about entrepreneurship?
A. Entrepreneurship avoids risk
B. Entrepreneurship creates something new
C. Entrepreneurship devotes time and effort
D. Entrepreneurship is the ability to create and build a vision from practically nothing
5. A corporate manager who start the initiative to create new product for the organization he work for is called:
A. Entrepreneur
B. Investor
C. Supervisor
D. Intrapreneur
6. In which section of a business plan issues like competition be discussed?
A. Industry Analysis
B. Financial Plan
C. Marketing Plan
D. Operations Plan
7. Under which business planning process key business assumptions on which the plans will be based are done?
A. Preliminary Investigation
B. Opportunity Identification
C. Environmental Scanning
D. Feasibility analysis
E. Report Preparation
8. All business ideas are not equally worthy, which one of the following is NOT the criteria used for screening the promised business idea?
A. Availability of raw materials
B. Availability of financial institutions
C. Availability of skilled manpower|
D. Availability of business plan
9. Which of these business components help in understanding how the business’s plan to expand in the future?
A. Growth strategy
B. Revenue plan
C. Competitor’s analysis
D. Company description
10. Among the following which one is odd?
A. Employees
B. Suppliers
C. Customers
D. Investors
11. The process of making a decision about the future in terms of what to do, when to do, where to do, how to do, by whom to do and using what resources is ____
A. Opportunity-seeking
B. Persevering
C. Risk Taking
D. Demanding for efficiency and quality
E. Planning
12. The method of generating business ideas which deals with the process of opening up your mind and thinking about many different ideas is:
A. Braindrain
B. Brainwash
C. Brainstorming
D. None of the above
13. The negative external forces that hinder an individual from accomplishing his/her mission, goals and objectives
A. Strengths
B. Weakness
C. Opportunities
D. Threats
14. Idea generation is the first stage in product or service development process, which one of the following is/are considered as the source of ideas for entrepreneur?
A. Potential customer’s
B. Distribution channel
C. Federal government
D. All of the above
15. Why is it important for entrepreneurs to talk with industry experts when developing new business concepts?
A. The industry experts usually improve your management skills
B. The industry experts typically provide useful information
C. The industry experts commonly enhance your confidence
D. The industry experts frequently offer financial support
Part III: Short Answer question
1. Distinguish the difference between creativity and innovation
2. List the elements of a business plan
