What term is used to describe the process of identifying, assessing, and developing a business idea into a viable business?
Business development
Idea refinement
Business planning
Opportunity recognition
Correct Answer :
D. Opportunity recognition
Related Questions
What is the term for the process of bringing together people, capital, and resources to start and run a business?
Incubation
Formation
Entrepreneurship
Aggregation
Which type of entrepreneurship involves creating and operating a business primarily for the lifestyle benefits it provides to the owner?
Serial entrepreneurship
Social entrepreneurship
Lifestyle entrepreneurship
Corporate entrepreneurship
Which type of market research involves gathering information directly from people through surveys or interviews?
Primary research
Secondary research
Qualitative research
Quantitative research
What is the term for the process of seeking and obtaining financial backing for a business venture?
Funding procurement
Capital acquisition
Financing
Fundraising
What is the term for the process of determining the worth of a business or an asset?
Valuation
Appraisal
Pricing
Estimation
Which type of innovation involves making significant improvements to existing products or processes?
Disruptive
Incremental
Breakthrough
Radical
What is the term for the process of finding, attracting, and hiring new employees for a business?
Recruitment
Training
Onboarding
Human resources management
Which legal form of business provides the most personal liability protection for its owners?
Sole proprietorship
Partnership
Limited liability company (LLC)
Corporation
What is the term for the process of selling a product or service to a foreign market?
Exporting
Outsourcing
Importing
Domestication
What is the primary characteristic of an entrepreneur?
Risk aversion
Innovation and risk-taking
Following established norms
Avoiding challenges
Which of the following is NOT a common characteristic of an entrepreneurial mindset?
Risk aversion
Creativity
Resilience
Adaptability
What is the term for the total market value of all goods and services produced by a country in a given period?
Gross Domestic Product (GDP)
Net Profit Margin
Return on Investment (ROI)
Cost of Goods Sold (COGS)
What is the term for the process of studying and analyzing the external environment to identify business opportunities and threats?
Market research
Environmental scanning
Competitive analysis
SWOT analysis
What is the term for a legal form of business in which there is one owner who has unlimited personal liability?
Corporation
Partnership
Sole proprietorship
Limited liability company (LLC)
Which of the following is NOT a key characteristic of a successful entrepreneur?
Perseverance
Creativity
Risk aversion
Adaptability
What type of innovation involves making incremental improvements to existing products or processes?
Disruptive
Radical
Incremental
Breakthrough
What is the term for a person who starts and manages a business with the aim of making a profit?
Investor
Entrepreneur
Innovator
Executive
What is the term for a legally recognized entity that separates the personal assets of the owners from the business assets?
Sole proprietorship
Partnership
Limited liability company (LLC)
Corporation
What is the term for the process of identifying potential customers and tailoring marketing efforts to reach them?
Market segmentation
Target marketing
Customer profiling
Product positioning
What is a SWOT analysis used for in entrepreneurship?
Evaluating internal and external factors influencing a business
Identifying potential customers
Calculating financial projections
Assessing employee performance
What is the term for a person who provides financial backing for a startup in exchange for ownership equity or debt?
Mentor
Investor
Co-founder
Partner
What is the term for a legal document that outlines the rights and responsibilities of partners in a business venture?
Business plan
Partnership agreement
Memorandum of understanding (MOU)
Articles of incorporation
What type of innovation involves creating entirely new products or processes that disrupt existing markets?
Incremental
Disruptive
Breakthrough
Radical
Which of the following is NOT a common method of market entry for international expansion?
Franchising
Licensing
Insourcing
Joint venture
Which of the following is an example of a microenterprise?
A multinational corporation
A small family-owned bakery
A government agency
A non-profit organization
Which of the following is an example of a non-profit organization that engages in entrepreneurial activities to achieve social or environmental goals?
Red Cross
Microsoft
Coca-Cola
Apple Inc.
What is the term for a detailed plan that outlines a company's goals and the strategy for achieving them?
Business model
Marketing plan
Business plan
Financial statement
What is a business model?
A visual representation of a company's structure
The way a company creates, delivers, and captures value
A list of all the employees in a company
The physical location of a business
What is the term for the process of introducing a new product or service to the market?
Market entry
Product launch
Market expansion
Market penetration
Which of the following is NOT a common source of funding for startups?
Venture capital
Crowdfunding
Taxation
Angel investors