Quiz Chapter 7

Who among the following is the most appropriate person to start his or her own venture?

Gita, who has been an event manager for five years but discontinues her job as she wants to spend enough time with her one-year-old child.

In the context of funding options for small businesses, which of the following offers a potential funding source for new business start-ups?

peer-to-peer lending.

In the context of entrepreneurs, which of the following statements is a difference between an internal locus of control and an external locus of control?

An internal locus of control involves personal responsibility, whereas an external locus of control does not.

In the context of the U.S. economy, small businesses:

Are often the first to contract when times are tough.

Tobin starts a catering company of his own and earns a substantial profit in the first year itself. His total earnings are more than what he used to earn as a salaried person. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Greater financial success.

In the context of protecting your start-up, ___ means using metrics, creative strategies, and state-of-the-art technology to accelerate the advancement of your brand, service, or product far beyond the norm.

Growth hacking

Maude worked as a lead animator in an animation company. However, she could not exercise her freedom while working on projects because she was bound by the decisions made by the company. Fed up with this, Maude quit her job and started an animation firm where she accepts only those projects that allow her free rein in terms of creativity. In the given scenario, Maude most likely started her own firm because it offered _____.

Independence

Rosa has several creative ideas for organizing events and starts an event management company. However, she does not know much about an event management business and is unable to handle the finance and marketing sides of the business. As a result, she faces huge losses and eventually shuts down the company. Which of the following threats is highlighted in the given scenario?

Lack of knowledge.

Luis runs a bakery that offers only takeaway service. His customers visit his residence and watch him prepare their order. They also get an opportunity to bring their cake designs and help Luis prepare the desired cake. As a result, he knows most of his customers well. The opportunity of _____ is highlighted in the given scenario.

Providing personal customer service.

In the context of small business opportunities, which of the following statements is true of market niches?

They tend to be quite attractive to small firms.