Question 1

What are the two kinds of social businesses?

Accepted Answer

The answer of What are the two kinds of social...

Question 2

A trade-off can be defined as giving up one thing to lose another.

Accepted Answer

A trade-off typically involves giving up one thing to gain another, not to lose another. It's about balancing benefits and costs in decision-making.

Question 3

A new version of an existing product is considered an invention.

Accepted Answer

A new version of an existing product is typically not considered an invention, as it does not introduce any new, original ideas or concepts. It may be considered an innovation or improvement, but not a new invention.

Question 4

Discuss how you would create a business opportunity.What are the factors to consider,the sources of information you would value,changes to take into consideration,and so on? How is this an opportunity versus an idea?

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Question 5

Would you apply a product uniqueness or low cost approach for competitive advantage? How would you apply the approach?

Accepted Answer

The answer of Would you apply a product uniqueness or...

Question 6

What would be some of the costs and benefits of becoming an entrepreneur? How would they affect your life?

Accepted Answer

The answer of What would be some of the costs...

Question 7

If you opened a restaurant,would you be providing a tangible product or an intangible service? Explain your answer.

Accepted Answer

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Question 8

Green Entrepreneurship is another form of social entrepreneurship.

Accepted Answer

Green entrepreneurship is a form of social entrepreneurship that focuses on creating environmentally sustainable businesses or products.

Question 9

Business opportunities are based solely on the external market.

Accepted Answer

While the external market can have a significant impact on business opportunities, they can also arise from internal factors such as innovation, changes in organizational structure, or strategic partnerships.

Question 10

Threats are defined as all of the negatives that the entrepreneur faces,such as lack of capital or training,or failure to set up a workable accounting system.These are internal to the organization.

Accepted Answer

Threats are external factors that the entrepreneur faces, such as competition, changes in regulations or economic downturns. Internal factors such as lack of training or poor accounting are classified as weaknesses.

Quiz 1: Entrepreneurs Recognize Opportunities