1.1 quiz
1. What is entrepreneurship?
2. What is intrapreneurship?
3. What is a similarity between entrepreneurs and intrapreneurs?
1. Entrepreneurship is when the owner is self-opened, and creates a business that is his/hers.
2. Intrapreneurship is a person who works for a business and creates a product or service.
3. Both entrepreneurs and intrapreneurs have to balance the risk of failure as well as the likelihood of success in business.
1. What is the goal in business?
2. Name four possible problems for a business start up
1. The goal in business is to make money through creating a product to sell or providing a service.
2. - The target market wasn't appropriate
-Registration was too difficult
-The research for business start-up was poor
-Operation: The location of the business is inappropriate
Name five reasons why someone might start a business/own a business.
1. For independence/autonomy,
interest in starting a business
to share an idea
for the rewards/benefits
finding a gap/Finding a way to make something better and to meet a need that is currently not being met/ currently not being met EFFICIENTLY.
What are the first three steps to starting a business?
what are the last three steps to starting a business?
(name all six steps consecutively)
1. Organizing the basics- legal structure, registration
2. Refining the business idea through market research
3. Planning the business
4. Establishing legal requirements
5. Raising the finances - (through investors for example)
6. Testing the market (Releasing your product into the sales world with a small amount initially before gradually releasing more.)
What are the first two functions of a business and what do those functions refer to? (hr, m)
1. Human resources: ensures that the appropriate people are employed to make product or service (and are suitably rewarded for doing so)
2.Marketing- Advertising and promoting the product in a way that is digestible and appropriate funds are available to make product or service
What are the last two functions of a business and what do those functions refer to? (f, om)
3. Finance- Business offers a product or service that is desired by a sufficient amount of businesses for a profitable amount.
4. Operations management- Appropriate processes are used to make product or service in desired quality?