AFM 131 MODULE 3 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++

AFM 131 MODULE 3 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ _____________________ is starting and running a small business. Entrepreneurship Compared to small businesses, entrepreneurial ventures _____________________________________________. Generate more wealth quickly, have higher risks and must involve innovation A common theme for successful entrepreneurs is __________________________. A successful business springs from a good idea and borrowed money Many people turn to entrepreneurship because they have an idea they believe can _______________________________________. Outdo competitors in a certain market sector Many people turn to entrepreneurship because they value ____________________________. Working for themselves Many people turn to entrepreneurship because, in their history, _______________________. Many of their family members have taken the entrepreneurial challenge High ___________________ attract potential entrepreneurs. Chances of profit ____________________ may turn to entrepreneurship due to having difficulty finding employment. Immigrants To be successful, an entrepreneur should be ________________________________________________________________. Self-disciplined, self-nurturing, action-oriented, energetic, tolerant of uncertainty and quick learners In order for a business idea to work, you must be able to make money, i.e. _________________________. It must satisfy customers' needs, and you must be able to sell at a profit In order for a business idea to work, as the seller, you _________________________. Must have skills and resources to succeed, and must be able to get your idea out before your window closes In order for a business to generate profits in the future, you ___________________________. Must be able to continue business for a long time and generate profits ________________ tend to have higher success rates in entrepreneurial ventures and mainly run SMEs. Women Reasons for emerging female entrepreneurs include ________________________________________________. Financial need, outdated skills after maternity leave, divorce, public awareness, part-time skill development An ____________________________ is a group of business people who join to market a new product. Entrepreneurial team Advantages of entrepreneurial teams are ______________________________. Ensuring cooperation, combining creative with marketing and production skills