TMU BSM 100 TOP QUESTIONS & ANSWERS 2024

What is the first problem entrepreneurs face? - The gap in the market What 4 things make a successful business? - Team, Marketing, Finances, Operations Examples of a businesses external environment - Suppliers, Consumers, Political and Economic Issues What are three ways to make meaning in your product/service - Increase the quality of life, Right a wrong- fix a problem in the world, Preventing the end of something good Business - any activity that provides goods and services to earn a profit Define an Entrepreneur - people who have dreams, continue to do new things- filling a gap in the market in a different way, Aware of all the opportunities Define Nature vs. Nurture - a debate about whether human behaviour is determined by a person's genes or the environment. What are the risks entrepreneurs face? - They don't seek out risks they seek out opportunities- focus on the upside of the opportunity, Rewards and risks are related, Care more about how the product should come to the market What is profit? - The financial reward that comes from starting and running a business; the money that a business earns in sales- minus all expenses