ENTREP EXAM

Question 1

A person who creates
unique ideas for starting a business

Answer 1

Entrepreneur

Question 2

The science of
converting ideas into successful business
ventures.

Answer 2

Entrepreneurship

Question 3

Why Study Entrepreneurship?

Answer 3

Skills Development
Career Growth
Economic Impact

Question 4

Entrepreneurial Competencies

Answer 4

1. Specific Goal Setting: Clear objectives for
   success.
2. Self-Efficacy: Confidence in personal
   abilities.
3. Need for Achievement: Drive to
   accomplish significant goals.
4. Ambition: Motivation to grow and improve.
5. Willingness to Learn: Openness to new
   ideas.
6. Adaptability & Flexibility: Adjusting to
   changes efficiently.
7. Willingness to Take Risks: Courage to
   face uncertainties.
8. Interpersonal Skills: Building relationships
   and communicating effectively.
9. Integrity: Acting with honesty and fairness.
10. Strategic Thinking: Planning and
    problem-solving for long-term success

Question 5

Starts with an existing idea
or concept.

Answer 5

Businessman

Question 6

○ Defining characteristics that make a
business or an individual stand out
from the competition.

Answer 6

Core Competencies

Question 7

Examples of Entrepreneurial Competencies

Answer 7

1. Conceptual Thinking: Reviewing
   outcomes to understand issues.
2. Customer Relations: Meeting customer
   needs to build long-term relationships.
3. Decisiveness: Choosing strategies that
   optimize results.
4. Collaboration: Working effectively with
   others.
5. Risk-Taking: Pursuing opportunities despite
   uncertainties.

Question 8

Core Competencies of Entrepreneurs:

Answer 8

1. Entrepreneur as a Missionary:
   Entrepreneurs focus on their mission and
   goals.
2. Entrepreneur as a Marketing Man:
   Entrepreneurs grow their business from
   small to big.
3. Entrepreneurs are Goal-Driven: They are
   highly focused on achieving their objectives.

Question 9

A tool used to evaluate a business’s
Strengths, Weaknesses,
Opportunities, and Threats

Answer 9

SWOT Analysis

Question 10

Steps to Entrepreneurial Success

Answer 10

1. Start on your own – Be proactive in
   exploring business opportunities.
2. Explore the business environment –
   Analyze competition, customer needs, and
   market trends.
3. Be in control – Manage operations
   efficiently and responsibly.
4. Seek financial and legal advice – Work
   with accountants and legal professionals.
5. Develop entrepreneurial competencies –
   Learn through experience and education.

Question 11

7ps of Marketing Mix

Answer 11

Product
Price
Place
Promotion
Packaging
People
Process
Physical Evidence

Question 12

Pricing strategies

Answer 12

○ Cost-plus pricing
○ Standard markup pricing
○ Target profit pricing
○ Competition-based pricing
○ Psychological pricing
○ Premium pricing

Question 13

Manufacturer sells
directly to consumers.

Answer 13

Direct Distribution

Question 14

Uses intermediaries
(retailers, wholesalers, distributors).

Answer 14

Indirect Distribution

Question 15

: Combination of direct
and indirect methods.

Answer 15

Hybrid Distribution

Question 16

Dividing a market into smaller, distinct
groups based on:
○ Demographics (age, gender,
income)
○ Geographic (location, climate)
○ Psychographic (lifestyle, values)
○ Behavioral (buying habits, brand
loyalty)

Answer 16

Market Segmentation

Question 17

Market Targeting Strategies

Answer 17

Mass Marketing
Differentiated Marketing
Niche Marketing
Individual Marketing

Question 18

One product for a broad
audience.

Answer 18

Mass Marketing

Question 19

Different
products for multiple segments.

Answer 19

Differentiated Marketing

Question 20

Focus on a specific,
smaller segment.

Answer 20

Niche Marketing

Question 21

– Tailored marketing
for specific customers.

Answer 21

Individual Marketing

Question 22

Creating a brand image in the consumer’s
mind.

Answer 22

Market Positioning

Question 23

is a step-by-step procedure that an entrepreneur follows to establish a business

Answer 23

The Entrepreneurial Process

Question 24

Positive and optimistic mindset

Answer 24

Mind Frame

Question 25

Passion and emotional intelligence

Answer 25

Heart Flame

Question 26

– Intuition and courage

Answer 26

Gut Game

Question 27

Identifying ideas from various sources

Answer 27

Seeking the Opportunity

Question 28

Evaluating feasibility and risk appetite

Answer 28

Screening the Opportunity

Question 29

Implementing and innovating

Answer 29

Seizing the Opportunity

Question 30

Types of Innovation

Answer 30

1. Breakthrough Innovation – Rare, groundbreaking (e.g., internet, airplane) 2. Technological Innovation – Improvements of existing products (e.g., WiFi, laptops) 3. Ordinary Innovation – Small, market-driven improvements (e.g., wireless mouse)