Chapter 1-5 Unit Test Review

  • Chapter 1 – What is Entrepreneurship
  • Chapter 2 – Entrepreneurs and Enterprising People
  • Chapter 3 – Assessing your Entrepreneurial Potential
  • Chapter 4 – Challenges and Changes in the Labour Market
  • Chapter 5 – Invention, Innovation, and the Creative Edge
  • Marketing Extra – Advertising, Sales Promotion, and Publishing, Goals of Advertising, Advertising Appeals, AIDA.
  • Other – Dragon’s Den, School store, etc.

The following test set up/marking scheme below is similar, but

not necessarily the same as you will see:

Part A – Definitions/10 Marks

Part B – Short Answer/20 Marks

Part C – Long Answer/20 Marks

Part D – Venture Profile/15 Marks

TOTAL/65 MARKS

Your Assignment:s

Create a test and an answer key with the following:

  1. Definitions15
  2. Short Answer10
  3. Long Answer1

Part A – Definitions

Define the following terms. Use examples when possible to help you.

Chapter 1

Entrepreneurship / Creative thinking / Mental locks
Market niche / Venture / Entrepreneur
Need / Want / Profit
Not-for-profit / Good / Service
Virtual business / Bricks and mortar business / e-commerce
Demographics / Intrapreneur / Large scale/small scale
Local/provincial/national/international

Chapter 2

Value-added / Trade-off / Internal motivator
External motivator

Chapter 3

Goals / SWOT analysis / Out-of-the-box thinking
Interpersonal skills / Critical-thinking skills / Creative-thinking skills
Practical skills

Chapter 4

Labour market / Goodwill / Work-life balance
Attrition.

Chapter 5

Invention / Innovation / Intellectual property
Patent / Copyright / Trademark
Proprietor / Left brain/right brain / Lateral thinking
De Bono’s Thinking Hats / Word clustering / Mind mapping
Brainstorming / Visualization / observant

Marketing and such!

AIDA / Brand Preference / Sales Promotion
Emotional Advertising Appeal / Endorsement / Brand Repositioning
Publicity / Rational Appeal

Part B – Short Answer

Chapter 1

  1. What is the difference between “wants” and “needs”? How do these terms relate to demand and entrepreneurship?
  2. What is a niche market? Give an example of a business in our community that is a niche business focusing on a niche market.

Chapter 2

  1. List and explain ten (10) characteristics of successful entrepreneurs.
  2. Explain the difference between entrepreneurs and enterprising people.
  3. List and explain eight (8) skills that successful entrepreneurs should possess.

Chapter 3

  1. What are some advantages and disadvantages of being a young entrepreneur?
  2. Goals should follow the SMART principal. Explain this.
  3. Why should we set goals?
  4. Complete a SWOT analysis of your own entrepreneurial potential.

Chapter 4

Work-life balance is an emerging trend in the new economy. What is “Work-life balance” and what impact might this trend have on individuals, families, and organizations?

Chapter 5

  1. Explain with examples the difference between inventions and innovations.
  2. List and explain four (4) sources to find new ideas.
  3. What are the advantages of being a good observer?
  4. Explain the difference between patents, copyrights, and trademarks. Use examples to help you with this.
  5. What skills do effective problem solvers demonstrate?

School Store

  1. List five things that should be done as we close the store for the day
  2. In order, how much are most hoodies, beef jerkey, and 5 Gum?
  3. What do we clean the popcorn machine with and why?
  4. I encourage you to upsell whenever possible. What does this mean?

Part C – Long Answer

Chapter 1

  1. What is intrapreneurship? How does it help an organization gain market share?

Chapter 2

  1. Identify three Canadian entrepreneurs and explain their venture(s).

Chapter 3

  1. Are your strongest skills your interpersonal skills, your thinking skills, your practical skills, or a combination of all three? Explain.
  2. Identify one interpersonal skill, one thinking skill, and one practical skill that you would like to improve. Briefly list strategies that you could use to improve each one.

Chapter 4

Why does a company such as Nike view storytelling as so important to its culture/atmosphere?

Chapter 5

  1. List explain the three steps of the problem solving process.
  2. Explain De Bono’s six metaphorical thinking hats. What are they used for?
  3. Think of a problem currently in either our community or in your life/circle of friends. Use De Bono’s “thinking hat” approach to see what solutions you can generate.
  4. Explain the left-brain/right-brain theory. Then, explain whether it is more important for entrepreneurs to be stronger in the left-brain, the right-brain or both and WHY?
  5. Make a list of the ways in which your experiences at school have developed the left and right sides of your brain.

Other

  1. Summarize one Dragon’s Den feature that you watched. Tell me all about it including, but not limited to:
  2. Who do you think the target market was?
  3. What were the benefits of the good or service being offered?
  4. What was the ask?
  5. What was the final outcome and why?
  6. If you were a dragon, what would your decision have been and why?

Part D – Venture Profile

Review the various venture profiles that we looked at.

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