BSM 100 Final Exam TMU Solved Papers -
Questions with Complete Solutions
What is the first problem entrepreneurs face? - Correct
Answers ✅The gap in the market
What 4 things make a successful business? - Correct
Answers ✅Team, Marketing, Finances, Operations
Examples of a businesses external environment - Correct
Answers ✅Suppliers, Consumers, Political and Economic
Issues
What are three ways to make meaning in your
product/service - Correct Answers ✅Increase the quality of
life, Right a wrong- fix a problem in the world, Preventing the
end of something good
Business - Correct Answers ✅any activity that provides
goods and services to earn a profit
Define an Entrepreneur - Correct Answers ✅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 - Correct Answers ✅a debate
about whether human behaviour is determined by a person's
genes or the environment.
,BSM 100 Final Exam TMU Solved Papers -
Questions with Complete Solutions
What are the risks entrepreneurs face? - Correct Answers
✅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? - Correct Answers ✅The financial reward
that comes from starting and running a business; the money
that a business earns in sales- minus all expenses
Role of Business - Correct Answers ✅Value-> Profit-
>Wealth->Standard of Living->Quality of Life
Entrepreneurship vs. Employment - Correct Answers
✅Employees are not responsible for any risk to the business-
and can leave anytime, but Entrepreneurs are relied on
and utilize their creativity for the business
Value - Correct Answers ✅The benefits are more than the
cost
What are 4 qualities associated with opportunity? - Correct
Answers ✅VAULT- Value, Attractive, Unlimited Links, Timely
, BSM 100 Final Exam TMU Solved Papers -
Questions with Complete Solutions
Value proposition - Correct Answers ✅the set of benefits or
values that a company promises to deliver to customers to
satisfy their needs
market research - Correct Answers ✅The activity of
gathering information about consumers' needs and
preferences. The analysis of markets to assess opportunities,
and finding information to make good decisions
Market Research Process - Correct Answers ✅Define
Problem, Design Research Project, Collect Data, Analyze Data,
Take Action
Primary vs Secondary Data - Correct Answers ✅primary -
up to date, expensive, can be flawed
secondary - Data that's already published and available to
everyone, Want to go beyond what everyone else knows,
Done by experts
Visible Characteristics - Correct Answers ✅Age, race,
income
Invisible characteristics - Correct Answers ✅Values,
attitudes, beliefs
Questions with Complete Solutions
What is the first problem entrepreneurs face? - Correct
Answers ✅The gap in the market
What 4 things make a successful business? - Correct
Answers ✅Team, Marketing, Finances, Operations
Examples of a businesses external environment - Correct
Answers ✅Suppliers, Consumers, Political and Economic
Issues
What are three ways to make meaning in your
product/service - Correct Answers ✅Increase the quality of
life, Right a wrong- fix a problem in the world, Preventing the
end of something good
Business - Correct Answers ✅any activity that provides
goods and services to earn a profit
Define an Entrepreneur - Correct Answers ✅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 - Correct Answers ✅a debate
about whether human behaviour is determined by a person's
genes or the environment.
,BSM 100 Final Exam TMU Solved Papers -
Questions with Complete Solutions
What are the risks entrepreneurs face? - Correct Answers
✅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? - Correct Answers ✅The financial reward
that comes from starting and running a business; the money
that a business earns in sales- minus all expenses
Role of Business - Correct Answers ✅Value-> Profit-
>Wealth->Standard of Living->Quality of Life
Entrepreneurship vs. Employment - Correct Answers
✅Employees are not responsible for any risk to the business-
and can leave anytime, but Entrepreneurs are relied on
and utilize their creativity for the business
Value - Correct Answers ✅The benefits are more than the
cost
What are 4 qualities associated with opportunity? - Correct
Answers ✅VAULT- Value, Attractive, Unlimited Links, Timely
, BSM 100 Final Exam TMU Solved Papers -
Questions with Complete Solutions
Value proposition - Correct Answers ✅the set of benefits or
values that a company promises to deliver to customers to
satisfy their needs
market research - Correct Answers ✅The activity of
gathering information about consumers' needs and
preferences. The analysis of markets to assess opportunities,
and finding information to make good decisions
Market Research Process - Correct Answers ✅Define
Problem, Design Research Project, Collect Data, Analyze Data,
Take Action
Primary vs Secondary Data - Correct Answers ✅primary -
up to date, expensive, can be flawed
secondary - Data that's already published and available to
everyone, Want to go beyond what everyone else knows,
Done by experts
Visible Characteristics - Correct Answers ✅Age, race,
income
Invisible characteristics - Correct Answers ✅Values,
attitudes, beliefs
