Entrepreneurship and Business Management Quiz

Successful entrepreneurs rely on strategy and effort, not luck.

SWOT analysis evaluates internal strengths and weaknesses, along with external opportunities and threats.

Manufacturing involves the production of goods from raw materials.

Sole proprietorships are businesses owned and operated by a single individual.

Technology is not traditionally considered a factor of production in classical economic theory.

Surveying existing customers is a direct method of gathering primary market research data.

Bootstrapping involves launching a business using personal finances or limited external funding.

ROI measures the profitability of an investment relative to its cost.

Effective business plans should be clear and decisive, minimizing ambiguity and uncertainty.

Corporations are legal entities separate from their owners, offering limited liability protection.

Laissez-faire leadership emphasizes autonomy for team members.

Span of control determines the number of employees under the direct supervision of a manager.

Talent management involves nurturing and developing the skills of individuals within an organization.

Successful negotiation strategies prioritize mutual benefit and understanding over individual gain.

ROI measures the profitability of an investment relative to its cost.