Entrepreneurial Skills, Module-2 - Practice Mode

1) Why is it important to have a business plan before starting a business?

To attract investors and get a loan To outline goals and set clear direction for growth To identify potential challenges and risks All of these

Correct Answer: All of these

2) Imagine you are setting up a mobile repair shop. Which of the following is the most important for its success?

Setting up the shop in a busy area Offering repair services at a higher price Putting up flyers in the neigh- bourhood Picking the right shop name

Correct Answer: Setting up the shop in a busy area

3) Mehul is making a plan for his business. Which of the following is NOT included in a business plan?

Business idea Startup costs Future growth strategies Personal interests and hobbies

Correct Answer: Personal interests and hobbies

4) Anita is going to the bank today to ask for a loan. She has prepared a business plan. Which of the following will make her business plan strong?

Have only the idea and name of her business Total cost of starting her business without any details Challenges her business might face along with solutions for them None of these

Correct Answer: Challenges her business might face along with solutions for them

5) Imagine you are starting a bakery business. What would you focus on first in your business plan?

Selecting a catchy name for the bakery Calculating how much money you need to start the business Planning how to advertise the bakery on social media Figuring out how the business will grow

Correct Answer: Calculating how much money you need to start the business

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