#1
Which of the following is NOT a characteristic of successful entrepreneurs?
Avoiding challenges
ExplanationSuccessful entrepreneurs embrace challenges.
#2
What is the purpose of a mission statement for a company?
To establish the company's core values and purpose
ExplanationMission statements define a company's core values.
#3
What does ROI stand for in business?
Return on Investment
ExplanationROI measures the return on investment.
#4
What does SWOT stand for in business management?
Strengths, Weaknesses, Opportunities, Threats
ExplanationSWOT analysis examines strengths, weaknesses, opportunities, and threats.
#5
What is the term used to describe the process of converting inputs into outputs?
Production
ExplanationProduction involves converting inputs into outputs.
#6
What is the primary purpose of a business plan?
To set goals and strategies
ExplanationBusiness plans help set clear goals and strategies.
#7
Which of the following is NOT a factor typically considered in a SWOT analysis?
Sales projections
ExplanationSales projections are not part of SWOT analysis.
#8
What is the concept of 'bootstrapping' in entrepreneurship?
Starting a business with minimal external capital
ExplanationBootstrapping means starting with minimal capital.
#9
What is the key principle of the lean startup methodology?
Validated learning through experimentation
ExplanationLean startup emphasizes validated learning.
#10
Which of the following is NOT a stage in the product life cycle?
Stabilization
ExplanationStabilization is not a stage in the product life cycle.
#11
What is a 'blue ocean strategy' in business?
A concept that involves creating uncontested market space
ExplanationBlue ocean strategy aims to create new market space.
#12
Which of the following is NOT a common leadership style?
Bureaucratic
ExplanationBureaucratic leadership style is less common.
#13
Which of the following is NOT a component of the marketing mix?
Process
ExplanationProcess is not a component of the marketing mix.
#14
Which of the following is NOT a characteristic of a monopolistic market structure?
Price control by a single firm
ExplanationMonopolistic markets lack price control by a single firm.
#15
Which of the following is NOT a principle of Total Quality Management (TQM)?
Hierarchical decision-making
ExplanationTQM promotes decentralized decision-making.