Question 1

What is a social enterprise?

Accepted Answer

The key parts of the definition are that it is a trading organization, but also that it serves a social purpose. You should also include the idea that it can take a number of different legal forms; it does not have to be a limited company, for example. See Section 1.2.3 for more information.

Question 2

What are entrepreneurs?

Accepted Answer

The key parts of the definition entrepreneurs seek to value by the creation or expansion of economic activity. The way in which they do this is by identifying and exploiting opportunities. See Section 1.2.2 for more information.

Question 3

Complete the following sentence by choosing the appropriate phrase for each gap.
One of the main challenges of an entrepreneurial venture is to handle, and to integrate effectively, ______ and ______ from several different fields (e. g. marketing, operations, human resources, accounting and finance).

Accepted Answer

information; resources
Explanation: A successful venture needs both of those ingredients across the relevant fields.

Question 4

Fills the gaps in the following sentence.
The term technology entrepreneur typically describes a person who has founded a ______ in order to develop some form of ______ , most commonly in industry sectors such as ______, ______, ______ and other applied sciences.

Accepted Answer

The answer of Fills the gaps in the following sentence.
The...

Question 5

Joseph Shumpeter came up with the term 'creative destruction', about the impact of innovative entrepreneurs. Complete the following sentence which explains what this type of entrepreneur achieves.
Creative destructors act as ______ in an economy, and their creation - a new ______, a new ______, or a new ______ - triggers '______ that disrupts the existing ______ or ______ structure and creates a new industry or a new infilldustrial structure through innovation.

Accepted Answer

The answer of Joseph Shumpeter came up with the term...

Question 6

Please fill the gaps in this quote about social enterprises' success, by John Elkington.
"Social enterprises' success often depends upon their ability to satisfy the three-pronged fork of ______, ______, and ______."

Accepted Answer

The answer of Please fill the gaps in this quote...

Question 7

Complete the following statement.
One of the key skills of successful entrepreneurs is being able to identify ______ and to recognize the ______ that they make possible.

Accepted Answer

The answer of Complete the following statement.
One of the key...

Question 8

Complete the following statements.
One of the major disadvantages of the emergent approach is that it can be difficult to explain your ______ to other people, including potential financiers and partners. This may be appropriate for some kinds of venture, including those that are less ______ and more ______.

Accepted Answer

The answer of Complete the following statements.
One of the major...

Question 9

Match the following elements of a business plan with their descriptions.
-Executive summary.
A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Accepted Answer

The executive summary outlines the key features of the venture, including aspects like funding requirements, growth potential, and potential returns for investors, making it a concise overview of the business plan.

Question 10

Match the following elements of a business plan with their descriptions.
-The business opportunity.
A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Accepted Answer

The business opportunity section of a business plan typically describes what the venture aims to provide, why there is a demand for it, and who the key players are, such as customers, suppliers, and partners.

Question 11

Match the following elements of a business plan with their descriptions.
-Marketing and promotional strategy.
A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Accepted Answer

The marketing and promotional strategy section of a business plan typically includes analysis of the potential market and competition, a summary of the marketing mix (product, price, place, promotion), and an explanation of how the products or services will be promoted to the target audience.

Question 12

Match the following elements of a business plan with their descriptions.
-Operational strategy.
A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Accepted Answer

Operational strategy focuses on the practical aspects of running a business, including processes, systems, assets, and controls, which matches description A.

Question 13

Complete the following statement.
The business model approach offers two important advantages over the other approaches. Firstly, it provides you with a clear and concise way to ______ an entrepreneurial opportunity. Secondly, in the process of constructing a business model, you can improve your own ______ of the underlying concept, enabling you to refine it further and build a more convincing case.

Accepted Answer

The answer of Complete the following statement.
The business model approach...

Question 14

Match their titles to their descriptions:
-Infrastructure management.
A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Accepted Answer

Infrastructure management in the context of business models often refers to the organization's capabilities, the partnerships it forms, and how it configures value through its operations. This includes how a company leverages its resources, networks, and core competencies to deliver value.

Question 15

Match their titles to their descriptions:
-Product innovation.
A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Accepted Answer

Product innovation is primarily concerned with the development or improvement of a company's product or service offerings and their value proposition to customers. The other options listed are related to different aspects of business strategy and operations, such as financial metrics (A), partnerships and collaborations (B), and customer management (D).

Question 16

Match their titles to their descriptions:
-Customer relationship.
A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Accepted Answer

Customer relationship is most closely associated with "Customer, channel, and relationship." The other options are components of a business model: 
A) Cost, profit, and revenue are part of the cost structure
B) Capabilities, partnerships, and value configuration are part of key resources and partnerships
C) Offering and value proposition are part of the value proposition.

Question 17

Match their titles to their descriptions:
-Financial aspects.
A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Accepted Answer

Cost, profit, and revenue are financial aspects that relate to the monetary elements of a business, including expenses, earnings, and income generation.

Question 18

Complete the following definition.
Innovation is popularly defined as 'the introduction of ______; the ______ of what is established by the introduction of new elements or forms'.

Accepted Answer

The answer of Complete the following definition.
Innovation is popularly defined...

Question 19

How does innovation in an entrepreneurship context differ from inventions or new business ideas?

Accepted Answer

The answer of How does innovation in an entrepreneurship context...

Question 20

Match these types of innovation with their descriptions (based on Francis and Bessant 2005).
-Product innovation.
A) The way they are introduced to market
B) Product/service offered
C) Improvement to a part of product/service
D) Underlying business models

Accepted Answer

Product innovation refers to changes or improvements made to the products or services offered by a company.

Quiz 1: Exploring Entrepreneurship

What is a social enterprise?

What are entrepreneurs?

Complete the following sentence by choosing the appropriate phrase for each gap. One of the main challenges of an entrepreneurial venture is to handle, and to integrate effectively, and from several different fields (e. g. marketing, operations, human resources, accounting and finance).

Fills the gaps in the following sentence. The term technology entrepreneur typically describes a person who has founded a in order to develop some form of , most commonly in industry sectors such as , , __ and other applied sciences.

Please fill the gaps in this quote about social enterprises' success, by John Elkington. "Social enterprises' success often depends upon their ability to satisfy the three-pronged fork of , , and __."

Complete the following statement. One of the key skills of successful entrepreneurs is being able to identify and to recognize the that they make possible.

Complete the following statements. One of the major disadvantages of the emergent approach is that it can be difficult to explain your to other people, including potential financiers and partners. This may be appropriate for some kinds of venture, including those that are less and more __.

Match the following elements of a business plan with their descriptions. -Executive summary.

Match the following elements of a business plan with their descriptions. -The business opportunity.

Match the following elements of a business plan with their descriptions. -Marketing and promotional strategy.

Match the following elements of a business plan with their descriptions. -Operational strategy.

Match their titles to their descriptions: -Infrastructure management.

Match their titles to their descriptions: -Product innovation.

Match their titles to their descriptions: -Customer relationship.

Match their titles to their descriptions: -Financial aspects.

Complete the following definition. Innovation is popularly defined as 'the introduction of ; the of what is established by the introduction of new elements or forms'.

How does innovation in an entrepreneurship context differ from inventions or new business ideas?

Match these types of innovation with their descriptions (based on Francis and Bessant 2005) . -Product innovation.

Quiz 1: Exploring Entrepreneurship

What is a social enterprise?

What are entrepreneurs?

Fills the gaps in the following sentence. The term technology entrepreneur typically describes a person who has founded a ______ in order to develop some form of ______ , most commonly in industry sectors such as ______, ______, ______ and other applied sciences.

Please fill the gaps in this quote about social enterprises' success, by John Elkington. "Social enterprises' success often depends upon their ability to satisfy the three-pronged fork of ______, ______, and ______."

Complete the following statement. One of the key skills of successful entrepreneurs is being able to identify ______ and to recognize the ______ that they make possible.

Match the following elements of a business plan with their descriptions. -Executive summary.

Match the following elements of a business plan with their descriptions. -The business opportunity.

Match the following elements of a business plan with their descriptions. -Marketing and promotional strategy.

Match the following elements of a business plan with their descriptions. -Operational strategy.

Match their titles to their descriptions: -Infrastructure management.

Match their titles to their descriptions: -Product innovation.

Match their titles to their descriptions: -Customer relationship.

Match their titles to their descriptions: -Financial aspects.

Complete the following definition. Innovation is popularly defined as 'the introduction of ______; the ______ of what is established by the introduction of new elements or forms'.

How does innovation in an entrepreneurship context differ from inventions or new business ideas?

Match these types of innovation with their descriptions (based on Francis and Bessant 2005) . -Product innovation.

Fills the gaps in the following sentence. The term technology entrepreneur typically describes a person who has founded a in order to develop some form of , most commonly in industry sectors such as , , __ and other applied sciences.

Please fill the gaps in this quote about social enterprises' success, by John Elkington. "Social enterprises' success often depends upon their ability to satisfy the three-pronged fork of , , and __."

Complete the following statement. One of the key skills of successful entrepreneurs is being able to identify and to recognize the that they make possible.

Complete the following definition. Innovation is popularly defined as 'the introduction of ; the of what is established by the introduction of new elements or forms'.