Business Ownership and Entrepreneurship Quiz

What are the factors to consider when selecting a form of business ownership?

• Product distribution, pure/business format/system franchising, trade name franchising

• Capital, personal assets, span of control, sharing of information

• Location, size, competitors, laws and regulations

• Interest, knowledge, experience, size of business

How many types of business ownership are mentioned in the text?

• Two

• Five

• Three

• Four

What are three advantages of a private company?

• Proven track record, standardized quality, management training

• Increased ability, relative ease of securing capital, complete freedom

• Increased ability, relative ease of securing capital, restriction of activities

• Complete freedom, immediate operations, maximum risk

What are three disadvantages of business franchise?

• Proven track record, standardized quality, management training

• Increased ability, relative ease of securing capital, restriction of activities

• Complete freedom, immediate operations, maximum risk

• Unsatisfactory training, franchise fees, strict franchisor control

What are the four phases of the creative process mentioned in the text?

• SCAMMPERR, mind mapping, problem reversal, attribute listing

• Technological innovation, operational innovation, organizational innovation, risk-taking

• Background or knowledge accumulation, the incubation process, the idea experience, evaluation and implementation

• Brainstorming, lateral thinking, mind mapping, problem reversal

Which type of innovation involves the successful introduction of a new thing or method?

• Technological Innovation

• Risk-taking Innovation

• Operational Innovation

• Organizational Innovation

What is the definition of opportunity according to the text?

• The merging of ideas which have not been merged before

• The ability to use the imagination to develop new ideas, new things or new solutions

• The process of bringing something new into being

• A situation that enables an entrepreneur to offer marketable products or services to interested buyers or end users

What is the definition of creativity according to Edward De Bono?

• The process into which entrepreneurs convert opportunities into marketable ideas

• The merging of ideas which have not been merged before

• The specific instrument of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service

• Creativity is a process that can be developed and improved

What are the common characteristics of creative entrepreneurs mentioned in the text?

• Sensitive to problems, broad perspectives, flexible and adaptable, original thinker and stick-to-own opinion

• Complete freedom, immediate operations, maximum risk, unsatisfactory training

• Proven track record, standardized quality, management training, brand name appeal

• Increased ability, relative ease of securing capital, restriction of activities, lack of representation

What is the definition of innovation according to Luecke & Katz?

• The ability to use the imagination to develop new ideas, new things or new solutions

• Creativity is a process that can be developed and improved

• The process of bringing something new into being

• Innovation is the successful introduction of a new thing or method