Entrep

Quiz
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Business
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University
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Medium
Samuel Domingo
Used 2+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
By exploiting technological innovations to create new markets
By reforming production patterns through creative destruction
By shifting resources to higher productivity areas
By pursuing opportunities without regard to available resources
Answer explanation
Shifting resources to higher productivity areas creates value, not just exploiting technology.
An entrepreneur creates value by reallocating resources from less productive areas to those with higher productivity, enhancing overall economic efficiency and yield. This process is essential for innovation and growth in various sectors.
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which is a characteristic of an entrepreneurial mindset?
They passionately seek new opportunities
They avoid taking risks and prefer stability
They focus solely on financial gain and profit
They resist change and prefer traditional methods
Answer explanation
The entrepreneurial mindset embraces risk and seeks opportunities, unlike the chosen answer suggesting avoidance of risk.
They passionately seek new opportunities is one of the five characteristics of the entrepreneurial mindset. This trait drives entrepreneurs to explore and innovate, essential for identifying and capitalizing on market gaps.
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What type of innovation occurs when small improvements are made to existing products or services?
Disruptive innovation
Incremental innovation
Breakthrough innovation
Reverse innovation
Answer explanation
Incremental innovation involves small improvements, while disruptive innovation creates entirely new products.
Incremental innovation involves making small improvements to existing products or services without completely changing them. This approach is common in industries like technology, where enhancements are regularly introduced to improve functionality and user experience.
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the definition of "mindset" according to Merriam-Webster?
mental attitude or inclination
A fixed set of beliefs that cannot change.
A collection of skills and talents that define a person.
A mental state that determines one's success in life.
Answer explanation
"Mindset" is defined as a "mental attitude or inclination." It reflects how individuals perceive and react to information, shaping their beliefs and thoughts about themselves and the world around them.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A recent college graduate, Sarah, lost her job during the pandemic and decided to start a handmade jewelry business. She identifies market opportunities through social media and networks with local artists for collaboration. As she implements her plan, she faces challenges in pricing and promotion.
What stage of the entrepreneurial process is Sarah currently in?
Implementation
Innovation
Evaluation
Growth
Answer explanation
Sarah is in the implementation stage, where she is actively putting her business plan into action by identifying market opportunities and collaborating with others, while also facing challenges in pricing and promotion.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A young entrepreneur, Sarah, has just launched her first startup. Despite initial setbacks and criticism from peers about her lack of experience, she remains determined to learn and improve her skills. She views failures as opportunities for growth and actively seeks feedback to enhance her business model.
How does Sarah's approach to failure reflect her mindset type?
She exhibits a fixed mindset.
She shows indifference to feedback.
She believes success is purely luck-based.
She demonstrates a growth mindset.
Answer explanation
Sarah's approach to failure shows a growth mindset, as she views setbacks as learning opportunities and actively seeks feedback to improve. This mindset fosters resilience and adaptability, essential traits for successful entrepreneurs.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A tech startup is struggling to compete in the smartphone market. They initially targeted budget-conscious consumers but are now looking to introduce premium features. The team considers collaborating with external developers for innovative ideas and improving their product line.
What type of innovation does introducing premium features represent?
Disruptive Innovation
Incremental Innovation
Breakthrough Innovation
Reverse Innovation
Answer explanation
Introducing premium features is incremental innovation, not disruptive. Incremental means small improvements, not market shifts.
Introducing premium features represents incremental innovation, as it involves making small improvements to existing products rather than creating entirely new ones. This approach helps enhance competitiveness without overhauling the product line.
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