BSM 100 FINAL EXAM TMU UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is entrepreneurship?
Answer:
Accepting the challenge of starting and running a business to satisfy needs while making a profit.
Question:
2. Why do people become entrepreneurs?
Answer:
Desire for profit, independence, opportunity, and challenge.
Question:
3. What are attributes of successful entrepreneurs?
Answer:
Self-directed, determined, action-oriented, energetic, tolerant of uncertainty, quick learners.
Question:
4. What is a small business?
Answer:
Independently owned and operated, not dominant in its industry; usually has fewer than 100 employees.
Question:
5. Why are small businesses important to Canada's economy?
Answer:
97.9% of businesses are small and they provide a major share of private employment.
Question:
6. Why do many small businesses fail?
Answer:
Poor financial planning, managerial incompetence, insufficient capital.
Question:
7. What helps small businesses succeed?
Answer:
Differentiation, strong management, location, financial planning, adaptability.
Question:
8. What is the first step in starting a small business?
Answer:
Writing a business plan.
Question:
9. What does a business plan include?
, Answer:
Company background, marketing plan, financial plan, location analysis.
Question:
10. What are sources of funding for small businesses?
Answer:
Personal financing, banks, angel investors, venture capital, government programs.
Question:
11. What are employee challenges in small business?
Answer:
Recruiting/retaining talent, training, conflict.
Question:
12. What resources support entrepreneurs?
Answer:
BDC, accountants, lawyers, mentors, Innovation Canada.
Question:
13. Why don't more small businesses export?
Answer:
Financing difficulty, lack of knowledge, cultural barriers, paperwork.
Question:
14. What is marketing?
Answer:
Identifying customer needs and delivering value through goods/services.
Question:
15. How has marketing evolved?
Answer:
Production ’ Selling ’ Marketing ’ Customer Relationship Era.
Question:
16. What is the marketing concept?
Answer:
Customer, service, and profit orientation.
Question:
17. What are the 4 Ps of marketing?
Answer:
Product, Price, Place, Promotion.
Question:
18. What is a product?
QUESTIONS AND CORRECT ANSWERS
Question:
1. What is entrepreneurship?
Answer:
Accepting the challenge of starting and running a business to satisfy needs while making a profit.
Question:
2. Why do people become entrepreneurs?
Answer:
Desire for profit, independence, opportunity, and challenge.
Question:
3. What are attributes of successful entrepreneurs?
Answer:
Self-directed, determined, action-oriented, energetic, tolerant of uncertainty, quick learners.
Question:
4. What is a small business?
Answer:
Independently owned and operated, not dominant in its industry; usually has fewer than 100 employees.
Question:
5. Why are small businesses important to Canada's economy?
Answer:
97.9% of businesses are small and they provide a major share of private employment.
Question:
6. Why do many small businesses fail?
Answer:
Poor financial planning, managerial incompetence, insufficient capital.
Question:
7. What helps small businesses succeed?
Answer:
Differentiation, strong management, location, financial planning, adaptability.
Question:
8. What is the first step in starting a small business?
Answer:
Writing a business plan.
Question:
9. What does a business plan include?
, Answer:
Company background, marketing plan, financial plan, location analysis.
Question:
10. What are sources of funding for small businesses?
Answer:
Personal financing, banks, angel investors, venture capital, government programs.
Question:
11. What are employee challenges in small business?
Answer:
Recruiting/retaining talent, training, conflict.
Question:
12. What resources support entrepreneurs?
Answer:
BDC, accountants, lawyers, mentors, Innovation Canada.
Question:
13. Why don't more small businesses export?
Answer:
Financing difficulty, lack of knowledge, cultural barriers, paperwork.
Question:
14. What is marketing?
Answer:
Identifying customer needs and delivering value through goods/services.
Question:
15. How has marketing evolved?
Answer:
Production ’ Selling ’ Marketing ’ Customer Relationship Era.
Question:
16. What is the marketing concept?
Answer:
Customer, service, and profit orientation.
Question:
17. What are the 4 Ps of marketing?
Answer:
Product, Price, Place, Promotion.
Question:
18. What is a product?
