Entrepreneurship and Cosmetology Enterprise

Question 1

What is the process of identifying a business opportunity, organizing resources, and taking financial risks to establish a business for profit called?

Accepted Answer

Entrepreneurship

Question 2

An individual who takes the risk of investing capital, organizing resources, and managing a beauty salon is best described as a/an:

Accepted Answer

Entrepreneur

Question 3

A senior stylist employed in a large salon who designs a new hair-treatment technique using the employer's resources is acting as a/an:

Accepted Answer

Intrapreneur

Question 4

How does the financial risk of an intrapreneur compare to that of an entrepreneur?

Accepted Answer

The intrapreneur bears minimal financial risk as the employer absorbs losses.

Question 5

Which of the following is a key difference regarding funding between an entrepreneur and an intrapreneur?

Accepted Answer

Entrepreneurs raise personal capital or secure loans, while intrapreneurs use the employer's resources.

Question 6

In terms of autonomy and decision-making, how do entrepreneurs differ from intrapreneurs?

Accepted Answer

Entrepreneurs have complete independence, while intrapreneurs operate within corporate boundaries.

Question 7

How does entrepreneurship in cosmetology directly help reduce unemployment in Nigeria?

Accepted Answer

By establishing new salons and spas that employ stylists, receptionists, and sales reps

Question 8

Which benefit of entrepreneurship empowers individuals to become self-employed and reduces dependence on government jobs?

Accepted Answer

Self-reliance

Question 9

An entrepreneur who introduces a completely new organic hair-growth formula or an advanced digital salon booking system is classified as which type?

Accepted Answer

Innovative entrepreneur

Question 10

A salon owner in Nigeria who adopts a popular foreign hair-treatment trend and offers it locally is an example of which type of entrepreneur?

Accepted Answer

Imitative or adoptive entrepreneur

Question 11

Which type of entrepreneur is cautious, conservative, and only adopts new technologies when it becomes absolutely necessary for survival?

Accepted Answer

Fabian entrepreneur

Question 12

What type of entrepreneur resists any form of change or innovation, even if the business suffers financial losses as a result?

Accepted Answer

Drone entrepreneur

Question 13

Which characteristic of a successful entrepreneur involves the determination to continue working toward goals despite setbacks or slow periods?

Accepted Answer

Persistence and resilience

Question 14

Tracking income, calculating expenses, setting service prices, and managing cash flow in a salon require which core competency?

Accepted Answer

Financial literacy

Question 15

Mastery of hair cutting, chemical texturizing, facial treatments, and makeup application falls under which category of skills?

Accepted Answer

Technical skills

Question 16

Gathering the necessary capital, raw materials, beauty equipment, and skilled personnel for a cosmetology enterprise is known as:

Accepted Answer

Resource mobilization

Question 17

Which regulatory body in Nigeria sets health, safety, and registration standards for cosmetic products?

Accepted Answer

NAFDAC

Question 18

What is a major infrastructural challenge that forces Nigerian salon owners to purchase and maintain expensive power generators?

Accepted Answer

Unstable electricity supply

Question 19

Why do small-scale beauty operators in Nigeria often face difficulties securing start-up capital from commercial banks?

Accepted Answer

High interest rates, strict collateral requirements, and lack of credit history

Question 20

Besides technical training, what other critical gap often leads to the failure of cosmetology businesses in Nigeria?

Accepted Answer

Lack of business values like professional ethics, integrity, and customer service

Strong work.

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