Innovation And Entrepreneurship MCQ Quiz Questions And Answers

Low management skills but high levels of creativity and innovation

Low levels of creativity and innovation, and high management skills.

High levels of both management skills and creativity and innovation.

Low levels of both management skills and creativity and innovation.

Depends, in some situations - a, and in some situations - d.

None of the above.

Business news about market trends, successes and failures.

Consumers? complaints.

Discussions with distributors of similar products.

Formal and informal experimentations with new concepts.

Challenges, difficulties and frustrations in life.

All of the above.

Values.

Purpose.

Strategy.

Policies.

Only a and b.

Only c and d.

Offering a new product to an established market.

Offering a new product to a new market.

Offering an established product in an established market.

Offering an established product in a new market.

All except a.

All except c.

The difference between what we imagine an innovation to be and what it is.

The difference between what we start developing in an innovation process and what our end result of that process is.

The difference between small improvements in what we are already doing and doing something we have never done before, or doing something we have done before only completely differently.

The difference between the perceived changes to a product by customers and the perceived changes to a product by a company.

All of the above.

None of the above

They have visited many countries for both business and pleasure.

They think internationally from early stages of their business development.

They have been educated in a foreign country.

They speak and understand a number of foreign languages.

A and c.

C and d.

Being my own boss, managing my own time and enjoying the benefits of my own labor.

In my country, successful entrepreneurs enjoy high social status, respect and appreciation of others.

Wishing to have a safe and stable career, while not worrying about my income each month/year.

Inventing a new technology and seeking to perfect its technical development.

Only a and b.

Only c and d.

Full demand.

Overfull demand.

Irregular demand.

Latent demand.

Unwholesome demand.

None of the above.

Right given to prevent others from printing, copying or publishing any original work of authorship.

Right given to prevent others from commercial and non-commercial usage of a unique visual appearance and design.

Right given to prevent others from commercial and non-commercial usage of a distinguishing word, name, design, symbol, or combinations of which, that are used to identify a certain product.

Right given to prevent others from commercial and non-commercial exploitation of an innovation.

An agreement to prevent former employees from using former employers? assets in their future entrepreneurial and non-entrepreneurial careers.

An agreement to prevent partners exposed to a trade secret to spread it onwards or use it outside the boundaries of its legally approved use.

When one thing seems worthless to one person, is viewed and turned into a source of value creation for another person (example ? bring mobile phone to poor countries).

When one technology is outdated by the availability of better technology in the market (example ? sell Blu-Ray films instead of regular DVDs).

When one business is able to make profit by inflicting loss to another (example ? market share of company 1 is grown at the expense of market share of company 2).

When the value of a product for one segment is partially attributed to the inability of other segments to get/own/afford it (example ? luxury products, sports cars, massive yachts, etc.).

None of the above.

All of the above.

Income statement.

Cash flow.

Balance sheet.

Tax reports.

Audit report.

None of the above.

Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system.

Being heavily dependent on government grants, social entrepreneurs only seek to change practices within boundaries of existing systems.

Social entrepreneurs believe that social problems created by an existing social system should be corrected by the same system that created them.

Social entrepreneurs are anti-system anarchists, who believe the best way to solve social problems is if each member of society will fend of him/herself.

Social entrepreneurs are devout classical economists, who believe that when left to operate freely, the market will solve all problems including those related to social and public goods.

None of the above.

A technologically skilled inventor.

A successful entrepreneur.

A successful intrapreneur.

A corporate entrepreneurship supporting manager.

An excellent team leader.

A project assassin.

Bricolage

Structural thinking.

Cognitive adaptation.

Effectuation.

Irrational thinking,

All of the above.

Employing large number of employees on full salaries.

Dependent on donations and grants from public sources.

Generating profits and transferring them to investors and owners.

Generating surpluses that are re-invested in the business and/or community.

Established as a replacement for the non-profit sector.

None of the above.

Introduction of a completely new product into the market.

Introduction of an existing product into a new market.

Introduction of a new production process for a popular products? production line.

Introduction of a significantly improved version of an existing product.

Only a and d, but not b and c.

Only b and d, but not a and c.

Products are often specially customized to specific customers.

Product types frequently change and to a significant extent.

Product range includes at least one stable or dominant design and/or format.

Products are produced inefficiently under a mode of constant exploration.

Competitive emphasis is on per unit cost reduction.

Products are produced in a highly efficient manner, often characterized by rigid procedures.

Non-profit organization.

For-profit social venture.

Special governmental educational program.

Successful international charity organization.

All of the above.

None of the above.

Exposure to different ideas and takes on problems based on different backgrounds, knowledge and experiences of team members.

Enhancing levels of acceptance, commitment, motivation and sense of ownership in representatives from different relevant organizational units.

Groups tend to take greater risks than individuals, thanks to shared and fuzzy responsibility allocation among members.

Enhancing group cohesion, communication and companionship across units and groups within the same organization.

None of the above.

All of the above.

Attitude, social norms, and self-efficacy.

Innovativeness, pro-activity and risk-taking proclivity.

Opportunity exploration, opportunity recognition, and opportunity exploitation.

Money, market, and management.

Financial risk-taking, social risk-taking, and career risk-taking.

None of the above.

Mostly rich friends and family members that save our business by injecting money into it before the venture collapses.

Experienced independent entrepreneurs who invest in new venture with relative minimum intervention in daily business practice.

Banks providing loans to firms at low interest rates.

The people that establish equity-based crowdfunding platforms.

All of the above.

None of the above.

B starts with problem and RB starts with solutions.

B allows free flow of ideas without criticism, while RB encourages critique of ideas raised.

B is a pleasant process while RB is an inherently unpleasant and hostile process.

B uses an impartial facilitator while RB uses a biased facilitator.

All of the above.

None of the above.

An organization where employees are faced with extreme challenges all the time.

An organization where everybody is suspicious of everybody else.

An organization where time, resources and mental support are provided for those coming up with initiatives and new ideas.

An organization where conflicts are frequent and debates are long and inconclusive.

An organization where people have complete autonomy to manage their workload, plans and resource allocations.

None of the above.

An organization?s performance can be evaluated via multiple bottom lines in terms of pre-tax profits, after tax-profits, and post dividend allocation profits.

An organization?s performance can be evaluated via multiple bottom lines in terms of economic value, social value, environmental value, etc.

An organization?s performance can be evaluated via multiple bottom lines in terms of how much money it generated, how many people did it employ, how many customers it served, etc.

An organization?s performance can be evaluated via multiple bottom lines in terms of financial performance in different foreign markets it is operating in.

Only a and c.

Only c and d.

Both innovation and entrepreneurship are two different labels describing the same thing launching new businesses.

Entrepreneurs use innovation processes for gaining strategic advantage in markets, by creating and exploiting change situations as opportunities for value creation.

Innovation is necessarily the way by which entrepreneurs create new organizations.

Entrepreneurs drive innovation in an attempt to change conditions in markets, as part of endless cycles of creative destruction.

Only b and d, but not a and c.

None of the above.

Inability to estimate demand volumes and growth potential for a new technological solution currently unavailable in the market.

Inability to launch perfect products from early on and needing to introduce improvements all the time.

Inability to assess whether new technology will actually work.

Inability to build entry barriers for competitors prior to product launch

Inability to form strong relations with key industry channels and players.

Inability to get customers to try new products.

Mature firm which took time to develop internationally, in recent years doing sales in multiple foreign markets, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

Young firm only doing sales in Norway, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

Young firm doing sales in multiple foreign markets, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

Young firm only doing sales in Norway, using Norwegian sub-suppliers, while selling a product so unique it is not available anywhere else in the world except Norway.

Both a and d.

Both b and c.

In E we are flexible to adapt to changing conditions, and in C we are completely inflexible.

In E we start with what we have and select a possible outcome, and in C we select a chosen outcome and look for the means to achieve it.

In E we start with a required outcome and look for the means to achieve it, and in C we start with the means we have and select a possible outcome.

In E the thinking process is more emotional and irrational, while in C the thinking process is less emotional and more rational.

In E, when trying to solve problems, we first use information we gained in our education, while in C we first use information we gained through connections and relations.

None of the above.

Monitor requests and ideas for improvement of existing competitor and own products.

Create opportunities for product discussion by encouraging word-of-mouth via online competitions, lotteries, viral campaigns, and social advertising.

Manage public relations by scanning for unresolved issues and complaints, provide solutions and publish responses and solutions.

Enhance effectiveness of advertising by creating well -targeted campaigns to specific groups, and measure their results.

Scan for and identify enthusiastic ?brand evangelists? you can recruit and reward.

All of the above.

Debt-based bank loans.

Venture capital.

Bootstrapping

Initial public offering (IPOs).

Angel investors.

None of the above.

Granting all employees access to an Intranet, for free communication with each other.

Use of high involvement innovation system encouraging employees to contribute ideas and suggestions.

Encouraging intrapreneurship by providing time and funding for internal entrepreneurial activities and initiatives.

Arranging and engaging employees in communities of practice.

None of the above.

All of the above.

Results-driven structure.

Collaborative climate.

Participation in decision making.

Competent team members.

All of the above.

None of the above.

Need for achievement.

Desire for autonomy/ independence.

Risk taking orientation.

Creativity

All of the above.

None of the above.

The assumption that logic is important in creativity.

The tendency to follow established rules unquestioningly.

The tendency to avoid ambiguity in viewing a situation.

The willingness to recognize the creative power of play.

The tendency to assign blame for failure.

The tendency to avoid unconventional thinking for not appearing foolish.

Generating knowledge ? incubation process ?generating ideas ? evaluation and implementation ? cycles of idea generation and evaluations.

Generating ideas ? incubation process ?generating knowledge ? evaluation and implementation.

Think about problem?talk about problem?learn about problem---suggest ideas.

Generating ideas?evaluation and evaluation ?incubation process.

None of the above.

All of the above.

A technical expert that fully understands the technological value of an invention.

A powerful and influential manager that can remove some organizational obstacles and development processes smoother in the company.

A manager who is champions the shutting down of innovative processes, mostly due to conflicting political interests between units and individuals.

An employee with or without formal capacity of facilitating knowledge exchanges between different individuals and units.

An expert that has the knowledge, motivation, inspiration and commitment to see an innovative development through within an existing organization.

None of the above.

Joint venturing.

Acquisition.

Merger

Strategic alliance.

Leveraged buyout.

None of the above.

The product is complex and requires long training.

The product is compatible with existing complimentary systems and products.

The product is difficult to try out and sample before purchase.

The product?s relative advantage is clear and values by the target market.

Only a and c.

Only b and d.

Technological, procedural and intellectual knowledge.

Flexible and imaginative thinking skills.

Passion and intrinsic motivation to derive solutions from problems.

Ability to balance pragmatism and dreaming.

Only a, c and d.

Only a, b and c.

Both are impacted by their external environments and its institutions.

Both require investment of limited resources with hope of future returns.

Both need to tap into networks of stakeholders for marshaling resources and distribution of core offerings.

Both are reliant on financial and human capital.

Both are driven by identified opportunities linked to concrete needs in their respective markets.

All of the above.

Must use business approaches to manage the enterprise.

Must create and distribute an offering which represents a public good.

Must be a non-profit generating organization.

Must be in the form of an independent new venture outside existing organizations.

All of the above.

Only a and b, but not c and d.

Homogenous culture and centralized structure.

Homogenous culture and complex structure.

Heterogeneous culture and centralized structure.

Heterogeneous culture and complex structure.

Only b and c.

Only a and d.

The product is under patent application and is only known to a few developers and investors under a noncompeting and non-disclosure agreements.

Little or no competition, slow sales, and limited uptake of offering by innovators and early adopters.

Growing competition, rapid sales, more demand than supply, prices rather high, and product endorsed by early majority customers.

Rapid growth, competition on price, new product endorsed by all customer groups.

Intensive competition, stagnation in growth, differentiation revolves around brand and features, product is endorsed by all customer groups.

Declining demand, customers adopting alternatives, few powerful competitors mostly competing on price in a shrinking market.

OAP is shorter than BP and focuses on concept rather than venture.

OAP does not include financial estimations and analysis.

OAP only analyzes concept and market conditions, while BP covers more issues such as team, competitor analysis, and execution time plan.

Unlike the BP, the OAP does not give us a clear idea whether we should pursue an opportunity or not.

OAP is only made for investors while BP is for all stakeholders.

None of the above.

An entrepreneur operating in a large company rather than in his own business.

A middle level employee that initiates and creates a new product or process for improving quality, efficiency, effectiveness and performance in the organization he or she is working for.

An employee of a firm that takes a creative action during work-time to develop and/or improve products, services and processes for his employer, usually in the face of some organizational obstacles.

An employee who may disregard formal routines and bureaucratic procedures in his employing organization for pursuing and developing an innovative solution for his organization.

All of the above.

None of the above.

Invention of a new product or service.

Imitation of an existing product or service.

Creative replication of existing concept.

Combination of existing concepts in a new way.

Only a and d.

Only c and d.

Tendency to oversimplify complex problems.

Insistence on one solution even when contradictory evidence is available.

Assumption that events can be controllable and predictable with proper planning.

Overemphasizing negative aspects of alternatives.

All of the above.

None of the above.

The ability or quality displayed when solving hitherto unsolved problems, when developing original and novel solutions to problems others have solved differently, or when developing original and novel products.

The multi stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace.

An activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes and raw materials through organizing efforts that previously had not existed.

The motivational factors that influence individuals to pursue entrepreneurial outcomes.

All of the above.

None of the above.