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Test: Entrepreneurial Journey - 2 - Commerce MCQ


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20 Questions MCQ Test Entrepreneurship Class 11 - Test: Entrepreneurial Journey - 2

Test: Entrepreneurial Journey - 2 for Commerce 2024 is part of Entrepreneurship Class 11 preparation. The Test: Entrepreneurial Journey - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Entrepreneurial Journey - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Entrepreneurial Journey - 2 below.
Solutions of Test: Entrepreneurial Journey - 2 questions in English are available as part of our Entrepreneurship Class 11 for Commerce & Test: Entrepreneurial Journey - 2 solutions in Hindi for Entrepreneurship Class 11 course. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free. Attempt Test: Entrepreneurial Journey - 2 | 20 questions in 20 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Entrepreneurship Class 11 for Commerce Exam | Download free PDF with solutions
Test: Entrepreneurial Journey - 2 - Question 1
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Samuel is of the view that Successful Entrepreneurs approach idea generation as the top priority activity by devoting a sufficient period of time to it.

Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 1
Samuel's View on Idea Generation:


Agree:
- Successful entrepreneurs prioritize idea generation as a top activity because it is the foundation of any business venture.
- Devoting sufficient time to idea generation allows entrepreneurs to come up with innovative and unique concepts that can differentiate their business from competitors.
- It enables entrepreneurs to identify potential market gaps and opportunities that can be exploited for business growth.
- Idea generation is crucial for problem-solving and finding creative solutions to challenges that may arise in the business.
- Giving time and attention to idea generation demonstrates a proactive and forward-thinking approach to entrepreneurship.
In conclusion, Samuel's view that successful entrepreneurs prioritize idea generation by devoting sufficient time to it is agreed upon. Idea generation is a vital activity that sets the stage for the success of any entrepreneurial venture.
Test: Entrepreneurial Journey - 2 - Question 2
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Yajnas is of the view that An Entrepreneur should listen to the customer will tell you what to do if you will only listen to them, Categorise the above statement as :

Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 2
Misconception of business idea
- An entrepreneur should not solely rely on customer feedback to determine what to do.
- While listening to customers is important, it is not the only factor in making business decisions.
- Customers may not always know what they want or need, and their feedback can be subjective.
- The entrepreneur should have a vision and strategy for their business based on their own expertise and market research.
- It is important to consider various factors such as market trends, competition, and industry knowledge.
- A successful entrepreneur should be able to identify opportunities and innovate rather than simply following customer demands.
- Customer feedback should be considered as one of the inputs in decision-making, but not the sole determinant.
In conclusion, the statement that an entrepreneur should listen to the customer to know what to do is a misconception of the business idea. While customer feedback is important, it should be considered along with other factors in making business decisions.
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Test: Entrepreneurial Journey - 2 - Question 3
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Akshita is of the view that Great ideas are not the problems, implementing them is, Categorise the above statement as :

Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 3
Misconception of business idea
The statement "Great ideas are not the problems, implementing them is" can be categorized as a misconception of business idea. Here's why:
1. Importance of implementation: The statement implies that the real challenge lies in executing or implementing great ideas rather than coming up with them. This suggests that having a brilliant idea is not enough for success in business; it is the execution that matters.
2. Underestimating the idea: By stating that great ideas are not the problems, the statement implies that the idea itself is not the main concern. This misconception can lead to a lack of emphasis on the importance of generating innovative and viable ideas for business success.
3. Overlooking the significance of idea generation: While implementation is crucial, it is important to recognize that great ideas are the foundation of any successful business venture. Without a strong idea, even the best implementation efforts may not yield desired results.
4. Downplaying the challenges: The statement may downplay the challenges and complexities involved in implementing a great idea. It suggests that the idea is easy, but execution is difficult. However, in reality, both idea generation and implementation pose unique challenges that need to be addressed for business success.
In conclusion, categorizing the statement as a misconception of business idea highlights the need to recognize the equal importance of both generating great ideas and effectively implementing them for achieving success in business.
Test: Entrepreneurial Journey - 2 - Question 4
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In which of the following Approaches to generate ideas, Ideas are generated by screening Secondary data like Magazines, government, and consumer publications etc.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 4
Approaches to Generate Ideas:


1. Environment Scanning:
- Ideas are generated by screening secondary data like magazines, government publications, and consumer publications.
- This approach involves gathering information from external sources to identify emerging trends, market opportunities, and potential ideas.
- Secondary data is analyzed and used as a basis for generating new ideas or improving existing ones.
2. Brainstorming:
- In brainstorming, ideas are generated through a group or individual brainstorming session.
- This approach encourages free thinking and idea sharing, without any criticism or evaluation.
- Participants are encouraged to think outside the box and come up with as many ideas as possible.
3. Focus Groups:
- Focus groups involve bringing together a small group of individuals to discuss a specific topic or problem.
- Ideas are generated through group discussions and interactions.
- The moderator facilitates the discussion, while participants provide their insights, opinions, and ideas.
4. Creativity and Creative Problem Solving:
- This approach involves using various techniques and methods to foster creativity and generate new ideas.
- Creative problem-solving techniques, such as mind mapping, lateral thinking, and random stimulus, are used to stimulate idea generation.
- This approach encourages individuals to think differently and come up with innovative solutions.
Answer: A - Environment Scanning
Test: Entrepreneurial Journey - 2 - Question 5
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______________ is a method of gathering information about products/ services that already exist in the market.Fill in the above blank with a suitable structural approach to generate ideas.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 5
Market research
Market research is a method of gathering information about products/services that already exist in the market. It involves collecting and analyzing data to understand various aspects of the market, such as consumer behavior, preferences, and trends. Here's a detailed explanation of market research as a suitable structural approach to generate ideas:
1. Definition: Market research is the process of systematically collecting, analyzing, and interpreting data related to a specific market or industry.
2. Purpose: The primary purpose of market research is to gather insights and information that can help businesses make informed decisions about their products/services, target audience, marketing strategies, and overall business growth.
3. Methods: Market research can be conducted through various methods, including surveys, interviews, focus groups, observations, and data analysis. These methods help in collecting both qualitative and quantitative data.
4. Information gathering: Market research involves gathering information about competitors, target audience, industry trends, market size, customer needs, and preferences. This information provides valuable insights into existing products/services in the market.
5. Data analysis: Once the data is collected, it needs to be analyzed to identify patterns, trends, and correlations. This analysis helps in understanding the current market scenario and identifying potential opportunities or gaps in the market.
6. Decision-making: The insights gained from market research can be used to make informed decisions about product development, pricing, marketing strategies, and overall business planning. It helps businesses understand the demand for their products/services and tailor their offerings accordingly.
7. Continuous process: Market research is an ongoing process as market dynamics and consumer preferences keep evolving. Regularly conducting market research helps businesses stay updated with the latest trends and make necessary adjustments to stay competitive.
In conclusion, market research is a systematic and structured approach to gather information about existing products/services in the market. It provides valuable insights that can aid in generating ideas, making informed decisions, and achieving business success.
Test: Entrepreneurial Journey - 2 - Question 6
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Why is It important to evaluate ideas before Implementation?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 6
Why is it important to evaluate ideas before implementation?
There are several reasons why it is important to evaluate ideas before implementation:
To decide what is important:
- Evaluating ideas allows you to determine which ones are worth pursuing and which ones are not.
- It helps you prioritize and focus on the ideas that align with your goals and objectives.
To identify strengths and weaknesses of the idea:
- Evaluating ideas helps you understand the potential benefits and drawbacks of each idea.
- It allows you to identify any potential risks or challenges associated with the idea.
- It helps you make informed decisions about whether an idea is feasible and viable.
To make the best use of limited resources:
- Evaluating ideas helps you allocate your limited resources effectively.
- It allows you to identify the ideas that have the highest potential for success and invest resources accordingly.
- It helps prevent wasting resources on ideas that may not yield significant results.
All of the above:
- Evaluating ideas before implementation helps you make well-informed decisions that consider the importance, strengths, weaknesses, and resource allocation.
- By evaluating ideas comprehensively, you increase the chances of successful implementation and achieve desired outcomes.
In conclusion, evaluating ideas before implementation is crucial as it allows you to make informed decisions, identify strengths and weaknesses, and optimize the use of limited resources.
Test: Entrepreneurial Journey - 2 - Question 7
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Which of the following feasibility study is conducted to find out the details on how to deliver a product or service?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 7
Technical Feasibility
- Technical feasibility is a type of feasibility study that is conducted to determine the specific details and requirements for delivering a product or service.
- It focuses on assessing whether the necessary technology, infrastructure, and resources are available or can be developed to support the delivery of the product or service.
- This feasibility study involves evaluating the technical aspects such as equipment, software, hardware, and technical expertise required to deliver the product or service.
- It also considers factors such as compatibility, scalability, reliability, and security of the technology being used.
- The technical feasibility study helps in identifying any potential technical challenges or limitations and finding ways to overcome them.
- It provides insights into the technical risks, costs, and timelines associated with delivering the product or service.
- The findings of the technical feasibility study are crucial for making informed decisions and developing an effective plan for delivering the product or service.
- By conducting a technical feasibility study, organizations can ensure that the necessary technical capabilities are in place to successfully deliver the product or service to the target audience.
Test: Entrepreneurial Journey - 2 - Question 8
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Which of the following feasibility study is conducted to define the professional background information about the founders and what skills they can contribute to the business.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 8
Organizational feasibility
- Organizational feasibility study is conducted to define the professional background information about the founders and what skills they can contribute to the business.
- It focuses on assessing the capabilities and qualifications of the founders to determine if they have the necessary expertise and experience to successfully run the business.
- This feasibility study evaluates the management team's skills, knowledge, and abilities to determine if they are capable of leading the organization effectively.
- It considers factors such as the founders' educational background, work experience, industry knowledge, and leadership skills.
- The study also assesses the founders' ability to attract and retain talented employees who can contribute to the success of the business.
- This feasibility study helps in determining if the founders have the necessary resources and capabilities to establish and manage the business successfully.
- It provides insights into the potential strengths and weaknesses of the management team, which can help in making informed decisions about starting the business.
- Overall, the organizational feasibility study helps in evaluating the founders' suitability and readiness to undertake the venture and ensures that the business has a strong foundation for success.
Test: Entrepreneurial Journey - 2 - Question 9
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______________ is a written summary of various elements involved in starting a new enterprise of how the business will organize its resources to meet oits goals and how it will measure the progress.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 9
Business Plan
A business plan is a written summary of various elements involved in starting a new enterprise, including how the business will organize its resources to meet its goals and how it will measure progress. It serves as a roadmap for the business and outlines the strategies and actions needed to achieve success. Here are the key points to understand:
1. Purpose of a Business Plan:
- To clearly define the business idea and its objectives.
- To outline the strategies and tactics to achieve those objectives.
- To attract investors, lenders, or potential partners.
- To provide a framework for decision-making and operational activities.
2. Components of a Business Plan:
- Executive Summary: An overview of the business idea and its potential.
- Company Description: Detailed information about the business, its mission, and legal structure.
- Market Analysis: Research on the target market, competitors, and industry trends.
- Organization and Management: Details about the management team and organizational structure.
- Products or Services: Description of what the business offers and its unique selling propositions.
- Marketing and Sales Strategy: How the business will attract and retain customers.
- Financial Projections: Forecast of revenue, expenses, and profitability.
- Funding Request: If seeking external funding, the amount and purpose of the funds requested.
- Appendix: Additional supporting documents, such as resumes, permits, or market research.
3. Importance of a Business Plan:
- Provides a roadmap for the business and keeps it focused on its goals.
- Helps attract investors and secure funding.
- Assists in making informed decisions and managing risks.
- Acts as a communication tool to share the business vision with stakeholders.
- Allows for regular evaluation and adjustment of strategies based on progress.
In conclusion, a business plan is a crucial document that outlines the key elements and strategies required to start and grow a new enterprise. It serves as a guide for decision-making and helps measure progress towards achieving the business goals.
Test: Entrepreneurial Journey - 2 - Question 10
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Which of the following helps in measuring the progress of the venture at successive stages?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 10
Measurement of progress in a venture at successive stages:
- Business Plan: A business plan outlines the goals, strategies, and financial projections for a venture. It helps in measuring progress by comparing actual performance with the planned objectives and milestones.
- Feasibility study: A feasibility study evaluates the viability of a business idea and determines if it is feasible or not. It helps in measuring progress by analyzing the findings of the study and assessing the project's potential for success.
- Idea evaluation: Idea evaluation involves assessing the potential of a business idea based on various factors such as market demand, competition, and profitability. It helps in measuring progress by determining the feasibility and value of the idea at different stages.
- Business idea: While a business idea is the initial concept for a venture, it does not directly measure progress at successive stages. However, it serves as the foundation for developing a business plan, conducting feasibility studies, and evaluating the idea's feasibility.
Therefore, the correct answer is Business Plan (B) as it helps in measuring progress at successive stages by comparing actual performance with the planned objectives and milestones outlined in the plan.
Test: Entrepreneurial Journey - 2 - Question 11
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Atul and Vijay had co-founded the Startup Dum Duma Dum to sell the Packaged Mughlai food items. During the year they asked  Adir to joined their business. before joining Adir wanted to be clear of his role in the business  So he asked about the Administrative structure of the venture. Which h of the following Element of the Business plan will be provided Adir the required information?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 11
Organized Plan
- The element of the business plan that will provide Adir with the required information about the administrative structure of the venture is the "Organized Plan."
- The organized plan section of the business plan outlines the management structure, roles, and responsibilities within the business.
- It provides details about the key positions, such as founders, co-founders, executives, and managers, and their respective roles in the company.
- The organized plan also describes the reporting relationships, decision-making processes, and communication channels within the organization.
- It helps Adir understand his potential role and responsibilities within the company and how he will fit into the administrative structure.
- Adir can gather information about the leadership team, their qualifications, and their areas of expertise from the organized plan section of the business plan.
- This information will help Adir make an informed decision about joining the business and understand how his skills and experience will contribute to the overall success of the venture.
Test: Entrepreneurial Journey - 2 - Question 12
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Atul and Vijay had co-founded the Startup Dum Duma Dum to sell the Packaged Mughlai food items. During the year they asked  Adir to invest in their business. before joining Adir wanted to know the financial status of the business  So he asked about the sources of capital of the venture. Which of the following Element of the Business plan will be provided Adir the required information?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 12
Financial Plan
- The financial plan is an essential element of a business plan that provides detailed information about the sources of capital for the venture.
- It includes information about the initial investment required to start the business and the projected financial statements such as income statement, balance sheet, and cash flow statement.
- The financial plan outlines the funds needed to purchase equipment, lease or buy a location, hire employees, and cover other startup costs.
- It also includes information about the sources of capital, such as personal savings, loans, investments from partners or investors, and any grants or subsidies.
- Adir can review the financial plan to assess the financial health of the business and make an informed decision about investing in the venture.
- The financial plan provides transparency and accountability regarding the financial aspects of the business and helps investors understand the potential return on investment.
Therefore, the financial plan will provide Adir the required information about the sources of capital for the venture.
Test: Entrepreneurial Journey - 2 - Question 13
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______________ is carried out to know if the business is worth the time, effort and resources. While (ii)______________ Is made up of mostly tactics and strategies to be implemented in order to grow the business.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 13

The correct answer is B: (i) Feasibility Study (ii) Business Plan.
Explanation:
- Feasibility Study: A feasibility study is carried out to determine if a business idea or project is feasible and worth pursuing. It assesses the viability of the business idea and examines various factors such as market demand, competition, financial feasibility, and resource availability. The main purpose of a feasibility study is to identify potential risks and challenges that may arise during the implementation of the business idea.
- Business Plan: A business plan, on the other hand, is a document that outlines the goals, objectives, strategies, and tactics for operating and growing a business. It includes detailed plans for marketing, sales, operations, and financial projections. A business plan is typically created after a feasibility study has been conducted and the business idea has been deemed viable. It serves as a roadmap for the business and provides a framework for decision-making and monitoring progress.
In summary, a feasibility study is conducted to determine the viability of a business idea, while a business plan is a comprehensive document that outlines the strategies and tactics for growing the business.
Test: Entrepreneurial Journey - 2 - Question 14
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Hemant and Rishi had co-founded the Startup Fun and Family which is an online quiz based business. During the year they asked  Rani to join their business. before joining Rani wanted to Know the detail about products and services offered. Which of the following Element of the Business plan will be provided Rani the required information?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 14
Marketing Plan:
- The marketing plan of a business plan provides information about the products and services offered by the company.
- It outlines the target market, customer segments, and the value proposition of the products/services.
- It includes details about the pricing strategy, distribution channels, and promotional activities.
- The marketing plan also analyzes the competition and identifies the unique selling points of the business.
- By reviewing the marketing plan, Rani will be able to understand the nature of the products and services offered by the startup.
Test: Entrepreneurial Journey - 2 - Question 15
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Which of the following communicates to investors, lenders, suppliers, etc initiating the programs of the business?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 15
Business Plan
- A business plan is a formal document that outlines the goals of a business and the strategies for achieving those goals.
- It communicates the vision, mission, and objectives of the business to stakeholders such as investors, lenders, suppliers, and others.
- It provides a detailed description of the products or services offered, target market, competition, marketing strategies, operational plans, financial projections, and more.
- Investors, lenders, and suppliers use the business plan to assess the viability and potential of the business before making any decisions.
- It helps in evaluating the financial feasibility, market potential, and risks associated with the business.
- A well-written business plan can attract investors, secure funding, and establish credibility with stakeholders.
- It serves as a roadmap for the business, guiding its operations and strategic decisions.
- The business plan is an essential tool for initiating and implementing the programs of the business.
Test: Entrepreneurial Journey - 2 - Question 16
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__________ provides a blue print of actions to be taken in future.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 16
Business Plan:
- A business plan is a comprehensive document that outlines the goals, objectives, strategies, and financial projections of a business.
- It provides a blueprint or roadmap for the actions to be taken in the future.
- A well-written business plan helps entrepreneurs and business owners to organize their thoughts, make informed decisions, and communicate their vision to potential investors, partners, and stakeholders.
- It includes sections such as executive summary, company description, market analysis, marketing and sales strategies, organizational structure, product or service offerings, financial projections, and implementation plan.
- The business plan highlights the steps that need to be taken to achieve the desired outcomes and serves as a guide for the future growth and development of the business.
- It helps in identifying potential risks and challenges and provides strategies to mitigate them.
- The business plan also includes a timeline for implementation and sets milestones for measuring progress.
- It acts as a tool for attracting funding from investors or securing loans from financial institutions.
- Regularly reviewing and updating the business plan allows the business to adapt to changing market conditions and stay on track towards its goals.
- In summary, a business plan is a crucial document that provides a blueprint of actions to be taken in the future and helps in achieving business success.
Test: Entrepreneurial Journey - 2 - Question 17
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Which of the following feasibility study looks at the entire structure , needs and operations of a business.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 17
Comprehensive Feasibility Report
- The correct answer is B: Comprehensive feasibility report.
- A comprehensive feasibility report is a study that examines the entire structure, needs, and operations of a business.
- It assesses various aspects of the business, including financial, technical, operational, and market feasibility.
- This type of feasibility study provides a detailed analysis of the business's potential success and helps stakeholders make informed decisions.
- It considers factors such as market demand, competition, financial resources, technical requirements, and operational capabilities.
- The comprehensive feasibility report helps identify potential risks, challenges, and opportunities associated with the business.
- It provides recommendations and strategies to mitigate risks and enhance the business's chances of success.
- This study is crucial for determining whether a business venture is viable and worth pursuing.
- It helps stakeholders understand the overall feasibility and sustainability of the business idea.
- The comprehensive feasibility report serves as a foundation for developing a business plan and seeking funding from investors or financial institutions.
Test: Entrepreneurial Journey - 2 - Question 18
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Which of the following feasibility study is conducted to Project how much start-up capital is needed, sources of capital, returns on Investment etc.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 18
Financial feasibility is the correct answer.
Explanation:
Financial feasibility study is conducted to project how much start-up capital is needed, sources of capital, returns on investment, and overall financial viability of a project. It assesses the financial aspects of the project and determines whether it is economically viable and sustainable. Here are the key points to support this answer:
1. Financial analysis: A financial feasibility study involves conducting a detailed analysis of the project's financials, including revenue projections, cost estimates, and profitability analysis.
2. Start-up capital requirements: The study determines the amount of capital needed to initiate the project, considering factors such as equipment, infrastructure, inventory, and working capital requirements.
3. Sources of capital: It identifies potential sources of funding for the project, such as loans, equity investments, grants, or self-funding. This helps in assessing the availability and feasibility of obtaining the required capital.
4. Return on investment (ROI): The study calculates the expected returns on investment by estimating the project's revenue generation and comparing it with the initial capital investment. It helps in evaluating the profitability and attractiveness of the project.
5. Cost-benefit analysis: Financial feasibility study involves conducting a cost-benefit analysis to determine whether the project's potential benefits outweigh the costs. It helps in assessing the project's economic viability and potential profitability.
6. Financial indicators: Various financial indicators, such as payback period, break-even analysis, net present value (NPV), and internal rate of return (IRR), are calculated to assess the project's financial feasibility and profitability.
Therefore, financial feasibility study plays a crucial role in evaluating the financial viability and sustainability of a project by analyzing the required capital, sources of funding, expected returns on investment, and overall financial aspects.
Test: Entrepreneurial Journey - 2 - Question 19
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Which of the following feasibility study is conducted to know the competition, sales projections, potential buyers, etc?
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 19
Market Feasibility Study
A market feasibility study is conducted to assess the potential market for a product or service. It focuses on understanding the competition, sales projections, potential buyers, and other market-related factors. Here are the key points to understand about market feasibility study:
1. Objective: The main objective of a market feasibility study is to determine the viability and potential success of a product or service in the target market.
2. Competition Analysis: This study involves analyzing the existing competition in the market. It helps to understand the strengths and weaknesses of competitors, market trends, and customer preferences.
3. Sales Projections: Market feasibility study includes estimating the potential sales and revenue that can be generated by introducing the product or service. This involves analyzing market demand, pricing strategies, and market share projections.
4. Potential Buyers: The study focuses on identifying the target audience or potential buyers for the product or service. It helps in determining the target market size, customer behavior, and preferences.
5. Market Analysis: Market feasibility study includes conducting market research and analysis to gather relevant data. This may involve surveys, interviews, focus groups, and secondary research to understand market dynamics and trends.
6. Risk Assessment: The study also assesses the potential risks and challenges associated with entering the market. This includes analyzing market barriers, regulatory factors, and potential obstacles to market entry.
7. Recommendations: Based on the findings of the market feasibility study, recommendations are provided regarding the viability and potential success of the product or service in the target market. This helps in making informed decisions about market entry or product/service modifications.
Therefore, the correct answer is A: Market feasibility as it specifically focuses on understanding the competition, sales projections, potential buyers, and other market-related factors.
Test: Entrepreneurial Journey - 2 - Question 20
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One may think that if one takes time to evaluate one’s entrepreneurial ideas one will miss the quickly closing window of opportunity. So Ideas should not be evaluated, these should be just implemented without evaluation.
Detailed Solution for Test: Entrepreneurial Journey - 2 - Question 20
Explanation:
To evaluate or not to evaluate entrepreneurial ideas is a common dilemma for many entrepreneurs. Let's break down the statement and evaluate each part:
- One may think that if one takes time to evaluate one’s entrepreneurial ideas, one will miss the quickly closing window of opportunity. This statement suggests that evaluating ideas takes time and may result in missed opportunities. However, this assumption is not entirely accurate. Evaluating entrepreneurial ideas can actually help in making informed decisions and increasing the chances of success.
- So ideas should not be evaluated, these should be just implemented without evaluation. This statement implies that ideas should not be evaluated and should be implemented without any evaluation. However, this approach can be risky and may lead to failures. Evaluating ideas before implementation allows entrepreneurs to identify potential challenges, assess market demand, and refine their strategies.
Considering these points, the correct answer is:
Answer: B. False
It is important to evaluate entrepreneurial ideas before implementation. Evaluation helps in making informed decisions, minimizing risks, and increasing the chances of success. Entrepreneurs should take the time to evaluate their ideas rather than blindly implementing them.
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