Innovation And Entrepreneurship MCQ Quiz Questions And Answers

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Seb.rothe
S
Seb.rothe
Community Contributor
Quizzes Created: 1 | Total Attempts: 7,558
Questions: 98 | Attempts: 7,651

SettingsSettingsSettings
Innovation And Entrepreneurship MCQ Quiz Questions And Answers - Quiz

Innovation and entrepreneurship are interrelated concepts. Today, we will check your knowledge on the same with this Innovation and entrepreneurship MCQ quiz that we've designed below. This quiz consists of well-researched questions and answers that will keep you engaged till the end. So, are you prepared enough to start this test? Give it a try, and we'll see how many marks you can score. We wish you good luck in advance!


Questions and Answers
  • 1. 

    Setting mechanisms for information flow and processing, decision making processes, conflict resolution, and risk sharing, are characteristics of which stage of innovation network management?

    • A.

      Set-up stage.

    • B.

      Operating stage.

    • C.

      Sustaining stage.

    • D.

      Closure/exit stage.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. Operating stage.
    Explanation
    In the operating stage of innovation network management, mechanisms for information flow and processing, decision making processes, conflict resolution, and risk sharing are set up. This stage is characterized by the active implementation and execution of the network's activities and goals. It involves the coordination and collaboration among network members to ensure smooth operations and effective management of resources.

    Rate this question:

  • 2. 

    Which of the following does not describe strategic alliances?

    • A.

      A coalition of two or more organizations, formed for achieving significant goals that are mutually beneficial to all members.

    • B.

      An arrangement when a large firm buys a small specialized technology firm, but allows it to run as autonomously, while both organizations share the small firm?s profit.

    • C.

      Formal and informal arrangements including joint ventures, license agreements, R&D partnerships, joint distribution agreements, etc.

    • D.

      Arrangements resulting from firm?s long-term strategy for improving or changing a company?s competitive position.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. An arrangement when a large firm buys a small specialized technology firm, but allows it to run as autonomously, while both organizations share the small firm?s profit.
    Explanation
    The given correct answer does not describe strategic alliances because it refers to an acquisition or ownership arrangement, rather than a collaborative partnership between two or more organizations. Strategic alliances involve cooperation and collaboration between organizations to achieve common goals, whereas the described arrangement implies a more hierarchical relationship between a large firm and a small specialized technology firm. In strategic alliances, the organizations typically maintain their autonomy while working together, rather than sharing profits or being owned by one another.

    Rate this question:

  • 3. 

    Engaging networks in open innovation efforts means what?

    • A.

      Creating cross-functional teams within the organization of open minded people to discuss and envisage possible innovations.

    • B.

      Employing a team of highly skilled and competent individuals to the firms R&D unit and allowing them full autonomy to do whatever they want as part of an innovation process.

    • C.

      Engaging skilled individuals, as well as committed and motivated potential users, who are external to the firm, in the firm?s product and process innovation efforts.

    • D.

      Holding innovation idea competitions among firm employees, where participation is open to all employees at all ranks and all types of positions.

    • E.

      Only a and b.

    • F.

      None of the above.

    Correct Answer
    C. Engaging skilled individuals, as well as committed and motivated potential users, who are external to the firm, in the firm?s product and process innovation efforts.
    Explanation
    The correct answer is engaging skilled individuals, as well as committed and motivated potential users, who are external to the firm, in the firm's product and process innovation efforts. This option describes the concept of open innovation, which involves involving external stakeholders such as customers, suppliers, and partners in the innovation process. By engaging these individuals, the firm can tap into their diverse perspectives, knowledge, and expertise to generate new ideas and solutions. This approach promotes collaboration and can lead to more successful and impactful innovations.

    Rate this question:

  • 4. 

    Online communities in general and social network sites (SNS) in particular, represent opportunities for entrepreneurial business and innovation development. Which of the following activities can be done via SNSs?

    • A.

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

    • B.

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

    • C.

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

    • D.

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

    • E.

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

    • F.

      All of the above.

    Correct Answer
    F. All of the above.
    Explanation
    All of the activities mentioned can be done via social network sites (SNSs). Online communities and SNSs provide a platform for businesses to monitor requests and ideas for improvement, create opportunities for product discussion, manage public relations, enhance advertising effectiveness, and identify brand evangelists. These activities help businesses engage with their audience, gather feedback, address concerns, and promote their products or services effectively.

    Rate this question:

  • 5. 

    Which of the following is not a benefit entrepreneurs can enjoy via engagement in social networks?

    • A.

      Thanks to their position as network hubs, entrepreneurs can enjoy perfect information about the market they are operating in, by processing information from all members of their network.

    • B.

      Thanks to familiarity, relationship, trust and reciprocity entrepreneurs can find potential customers in and through their network.

    • C.

      Thanks to communications with network members entrepreneurs can gain critical knowledge and insights into potential markets and industry developments.

    • D.

      Thanks to communications and interactions with like-minded individuals in the network, entrepreneurs can gain support, morale boosts and encouragement for their efforts.

    • E.

      Only b and c.

    • F.

      None of the above.

    Correct Answer
    A. Thanks to their position as network hubs, entrepreneurs can enjoy perfect information about the market they are operating in, by processing information from all members of their network.
    Explanation
    Entrepreneurs can enjoy perfect information about the market they are operating in by processing information from all members of their network. This means that they have access to valuable insights and knowledge that can help them make informed decisions and stay updated on industry developments. This benefit allows entrepreneurs to stay ahead of the competition and make strategic choices that can contribute to their success.

    Rate this question:

  • 6. 

    Which of the following conditions is likely to encourage entrepreneurs to form strategic alliances?

    • A.

      Rapid technological development, requiring pooling of resources from a number of players for keeping up technological supremacy, otherwise too expensive to develop alone.

    • B.

      Rising ambition to enter and serve a foreign market, assumed to have large demand for the entrepreneur?s product or service, while having limited knowledge, contacts and experience in that foreign market, as well as limited resources to invest in such effort.

    • C.

      Following other similar firms in the same industry that rush into various strategic alliance arrangements, regardless of financial implications.

    • D.

      When engaging in new product development that combines technologies and elements from different suppliers, all of which critical to the success of the final product.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    E. All of the above.
    Explanation
    The correct answer is "All of the above." This means that all of the conditions mentioned in the options are likely to encourage entrepreneurs to form strategic alliances. Rapid technological development may require pooling resources to keep up with advancements. Entering a foreign market with limited knowledge and resources may also prompt entrepreneurs to form alliances. Following similar firms in the industry and engaging in new product development that combines technologies from different suppliers are also situations where strategic alliances may be beneficial.

    Rate this question:

  • 7. 

    Which of the following is an aspect of web configuration of a network?

    • A.

      In a web configuration all elements are directly connected to each other.

    • B.

      A web configuration allows for high levels of redundancy.

    • C.

      A web configuration allows for high flexibility in terms of possibilities for traffic direction.

    • D.

      A web configuration is costly to maintain and manage.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    E. All of the above.
    Explanation
    A web configuration of a network refers to a network topology where all elements are directly connected to each other. This means that each device in the network can communicate with any other device without having to go through any intermediary devices. This type of configuration allows for high levels of redundancy, as there are multiple paths for data to travel between devices. Additionally, a web configuration offers high flexibility in terms of possibilities for traffic direction, as data can be routed in various ways through the network. However, it is important to note that maintaining and managing a web configuration can be costly due to the large number of interconnected devices.

    Rate this question:

  • 8. 

    Which of the following statements about networks is correct?

    • A.

      Regardless of costs, networks are valuable because of their ability to coordinate activities between different, independent and specialized members.

    • B.

      Networks facilitate coordination of activities among its members, by channeling communications, controlling conflict and fostering cooperation among them.

    • C.

      Networks by definition always support innovation, because they facilitate knowledge and information flow from multiple sources in the network.

    • D.

      Networks are mostly barriers to innovation, since it facilitates communication among like-minded people, who serve as gatekeepers keeping new players and ideas out.

    • E.

      Networks are only naturally formed and cannot be purposefully and intentionally engineered.

    • F.

      Only b, c and e.

    Correct Answer
    B. Networks facilitate coordination of activities among its members, by channeling communications, controlling conflict and fostering cooperation among them.
    Explanation
    The correct answer states that networks facilitate coordination of activities among its members by channeling communications, controlling conflict, and fostering cooperation among them. This means that networks play a crucial role in enabling effective communication, managing conflicts, and promoting collaboration within a group of individuals or organizations. By providing a platform for information exchange and cooperation, networks enhance the overall efficiency and productivity of its members.

    Rate this question:

  • 9. 

    Which of the following are not Hansen?s (2009) recommendations for collaborative effective networking in the work place?

    • A.

      Better to develop smaller networks that include diverse individuals, who can contribute with different perspectives, insights and resources, than to develop large networks of like-minded people.

    • B.

      Better to develop large networks of like-minded people, who will support your initiatives and facilitate efficient processes, than investing in diverse individuals with diverse interests that will make processes more difficult facing conflicting interests.

    • C.

      Foster and deepen strong ties, as they will always be there for you, and don?t waste time on collecting and maintaining weak ties.

    • D.

      Build network outward not inward, since the whole point is to interact and connect with people you wouldn?t normally interact.

    • E.

      Only a and d.

    • F.

      Only b and c.

    Correct Answer
    F. Only b and c.
    Explanation
    Hansen's (2009) recommendations for collaborative effective networking in the workplace include developing smaller networks that include diverse individuals who can contribute with different perspectives, insights, and resources. This promotes innovation and creativity within the network. Additionally, it is important to foster and deepen strong ties as they provide support and reliability. On the other hand, the recommendation to develop large networks of like-minded people and investing in diverse individuals with conflicting interests can make processes more difficult. Therefore, the correct answer is "Only b and c" because these recommendations are not suggested by Hansen.

    Rate this question:

  • 10. 

    Which of the following financial statements helps us to understand how much money is generated or needed for working capital during a certain period of time?

    • A.

      Income statement.

    • B.

      Cash flow.

    • C.

      Balance sheet.

    • D.

      Tax reports.

    • E.

      Audit report.

    • F.

      None of the above.

    Correct Answer
    B. Cash flow.
    Explanation
    The cash flow statement helps us understand how much money is generated or needed for working capital during a certain period of time. It provides information about the cash inflows and outflows from operating activities, investing activities, and financing activities. This statement allows us to analyze the sources and uses of cash within the business, providing insights into the company's liquidity and ability to meet its short-term obligations. The income statement shows the revenue, expenses, and net income or loss for a specific period, while the balance sheet provides a snapshot of the company's financial position at a given point in time. Tax reports and audit reports are not specifically focused on working capital.

    Rate this question:

  • 11. 

    Seed capital can be described as ___________

    • A.

      Relatively large investments to support a firm?s growth in periods of rapid growth.

    • B.

      Medium investments to support a firm?s operations in early stages.

    • C.

      A medium investment to support a firm?s marketing efforts at the introduction stage.

    • D.

      Relatively small investments to support feasibility and proof-of-concept studies.

    • E.

      Relatively small investments primarily for paying salaries of entrepreneurs.

    • F.

      None of the above.

    Correct Answer
    D. Relatively small investments to support feasibility and proof-of-concept studies.
    Explanation
    Seed capital can be described as relatively small investments that are provided to support feasibility and proof-of-concept studies. This type of funding is typically used in the early stages of a firm's development to determine the viability of a business idea or concept. It is used to conduct research, develop prototypes, and gather data to assess the feasibility and potential success of the venture. Seed capital is often provided by angel investors or venture capitalists who are willing to take on the risk associated with early-stage startups.

    Rate this question:

  • 12. 

    The term Angel investors refers to ________________. 

    • A.

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

    • B.

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

    • C.

      Banks providing loans to firms at low interest rates.

    • D.

      The people that establish equity-based crowdfunding platforms.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. Experienced independent entrepreneurs who invest in new venture with relative minimum intervention in daily business practice.
    Explanation
    The correct answer is experienced independent entrepreneurs who invest in new ventures with relative minimum intervention in daily business practice. Angel investors are typically individuals who have previous experience in starting and running their own businesses. They provide funding and guidance to new ventures, but generally have a hands-off approach when it comes to day-to-day operations. This allows the entrepreneurs to maintain control and make their own decisions while benefiting from the investor's expertise and financial support.

    Rate this question:

  • 13. 

    The most important aspect of daily financial management of entrepreneurial firms is 

    • A.

      Ensuring availability of sufficient working capital.

    • B.

      Ensuring and supporting large volumes of sales.

    • C.

      Ensuring periodic payment of dividends to investors early on for keeping them satisfied.

    • D.

      Only engaging in transactions where income from customers comes before payment to suppliers.

    • E.

      Only b and d.

    • F.

      None of the above.

    Correct Answer
    A. Ensuring availability of sufficient working capital.
    Explanation
    The most important aspect of daily financial management of entrepreneurial firms is ensuring availability of sufficient working capital. This is crucial because working capital is the funds needed to cover day-to-day operations and expenses. Without sufficient working capital, a business may struggle to pay its bills, purchase inventory, or invest in growth opportunities. By ensuring the availability of enough working capital, the firm can maintain smooth operations, meet its financial obligations, and have the flexibility to seize opportunities for growth.

    Rate this question:

  • 14. 

    Why do we need to include a financial plan in the business plan?

    • A.

      Demonstrate potential value of company to investors.

    • B.

      Demonstrate health and value of company to credit providers.

    • C.

      Setting a baseline for measuring and monitoring company development.

    • D.

      Planning and ensuring sufficient working capital throughout the firm?s operations.

    • E.

      All of the above.

    Correct Answer
    E. All of the above.
    Explanation
    Including a financial plan in the business plan is important for several reasons. Firstly, it helps demonstrate the potential value of the company to investors, showing them the expected financial returns and growth prospects. Secondly, it demonstrates the health and value of the company to credit providers, showing them the ability to repay debts and manage financial obligations. Additionally, it sets a baseline for measuring and monitoring company development, allowing for comparisons and adjustments to be made over time. Lastly, it helps in planning and ensuring sufficient working capital throughout the firm's operations, ensuring smooth financial operations and avoiding cash flow issues.

    Rate this question:

  • 15. 

    In a firm?s early stages, which of the following is the most likely type of financing it will tap into?

    • A.

      Debt-based bank loans.

    • B.

      Venture capital.

    • C.

      Bootstrapping

    • D.

      Initial public offering (IPOs).

    • E.

      Angel investors.

    • F.

      None of the above.

    Correct Answer
    C. Bootstrapping
    Explanation
    In a firm's early stages, bootstrapping is the most likely type of financing it will tap into. Bootstrapping refers to the practice of starting and growing a business with little or no external funding. This means that the firm relies on its own resources, such as personal savings, revenue generated from sales, and reinvesting profits back into the business. Bootstrapping allows the firm to maintain control and ownership over the business, as well as minimize debt and external obligations. It is a common and practical approach for startups that may not have access to traditional financing options like bank loans or venture capital.

    Rate this question:

  • 16. 

    Which of the following are characteristics of the average IPO (Initial Public Offering)?

    • A.

      IPOs results in raising a substantial amount of money.

    • B.

      IPOs are glamorous events attracting media and investor attention.

    • C.

      IPOs are time and resource demanding processes.

    • D.

      IPOs expose the firm to risks of takeover by competitors.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    E. All of the above.
    Explanation
    IPOs, or Initial Public Offerings, are characterized by several factors. Firstly, they result in raising a substantial amount of money for the company going public. This is typically done by selling shares to the public. Secondly, IPOs are often considered glamorous events that attract media and investor attention. This is because they represent a significant milestone for a company and can generate excitement in the market. Thirdly, IPOs are time and resource demanding processes. Companies need to go through various legal and financial procedures to prepare for an IPO. Lastly, IPOs expose the firm to risks of takeover by competitors. When a company goes public, it becomes more visible and potentially attractive to competitors. Therefore, all of the given statements are characteristics of the average IPO.

    Rate this question:

  • 17. 

    A situation where there is more demand than supply for the products is known as?

    • A.

      Full demand.

    • B.

      Overfull demand.

    • C.

      Irregular demand.

    • D.

      Latent demand.

    • E.

      Unwholesome demand.

    • F.

      None of the above.

    Correct Answer
    B. Overfull demand.
    Explanation
    Overfull demand refers to a situation where the demand for products exceeds the available supply. This can occur when the demand for a particular product or service is unexpectedly high or when there is a shortage in the market. It indicates a situation where there is more demand than can be met, leading to potential issues such as backorders, delays, or price increases. Unlike full demand, which implies a balance between supply and demand, overfull demand suggests an imbalance favoring demand.

    Rate this question:

  • 18. 

    Which of the following characterizes maturity stage of the product life cycle?

    • A.

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

    • B.

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

    • C.

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

    • D.

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

    • E.

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

    • F.

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

    Correct Answer
    E. Intensive competition, stagnation in growth, differentiation revolves around brand and features, product is endorsed by all customer groups.
    Explanation
    The given answer characterizes the maturity stage of the product life cycle. In this stage, there is intensive competition, meaning that multiple companies are offering similar products and competing for market share. The growth of the product has stagnated, indicating that it has reached its peak and is no longer experiencing rapid growth. Differentiation revolves around brand and features, suggesting that companies are focusing on marketing and product enhancements to stand out in the market. Additionally, the product is endorsed by all customer groups, indicating that it has gained acceptance and loyalty from a wide range of customers.

    Rate this question:

  • 19. 

    Which of the following is a correct statement according to the technology acceptance model by Legris, Ingham & Robinson (2003)?

    • A.

      Perceptions of the social environment about the new technology influence its perceived usefulness by a potential customer.

    • B.

      The extent to which a new technology is relevant to the potential customer influences its perceived usefulness by that customer.

    • C.

      The extent to which the new technology is perceived to be easy to use influences both the potential customers? perceived usefulness of the technology and his or her intention to actually use it.

    • D.

      Both the extent to which the new technology is perceived to be useful and easy to use by the potential customer influences his or her intention to use it.

    • E.

      All of the above.

    Correct Answer
    E. All of the above.
    Explanation
    According to the technology acceptance model by Legris, Ingham & Robinson (2003), all of the given statements are correct. Perceptions of the social environment about the new technology influence its perceived usefulness, the relevance of the new technology influences its perceived usefulness, and the perceived ease of use of the new technology influences both the perceived usefulness and intention to use it. Therefore, all of the statements align with the model.

    Rate this question:

  • 20. 

    Which of the following describes a trademark?

    • A.

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

    • B.

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

    • C.

      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.

    • D.

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

    • E.

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

    • F.

      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.

    Correct Answer
    C. 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.
    Explanation
    This answer correctly describes a trademark as a right given to prevent others from using a distinguishing word, name, design, symbol, or combinations of these elements to identify a certain product. Trademarks are used to protect the unique branding and identity of a product or company, ensuring that others cannot use similar marks to confuse consumers or dilute the brand's reputation.

    Rate this question:

  • 21. 

    The great "chasm" according to Moore (1999), representing the great efforts entrepreneurs need to take in terms of professional marketing efforts take place between which two stages of the innovation diffusion process?

    • A.

      Between the emergence of the innovation and the point innovators identify it.

    • B.

      Between uptake of the innovation by innovators and its uptake by early adopters.

    • C.

      Between uptake of the innovation by early adopters and its uptake by early majority.

    • D.

      Between uptake of the innovation by early majority and its uptake by late majority.

    • E.

      Between uptake of the innovation by late majority and its uptake by laggards.

    • F.

      Between the stage where consumers need to give up old products and their decision to uptake the innovative product.

    Correct Answer
    C. Between uptake of the innovation by early adopters and its uptake by early majority.
    Explanation
    The "chasm" refers to the significant challenge that entrepreneurs face in transitioning from the early adopters of their innovation to the early majority. This is the stage where the innovation moves from a niche market to a larger, mainstream market. Moore argues that this transition is difficult because the needs and preferences of the early adopters are often different from those of the early majority. Entrepreneurs must adapt their marketing efforts to appeal to a broader audience and convince them to adopt the innovation.

    Rate this question:

  • 22. 

    Which of the following characterizes introduction stage of the product life cycle?

    • A.

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

    • B.

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

    • C.

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

    • D.

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

    • E.

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

    • F.

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

    Correct Answer
    B. Little or no competition, slow sales, and limited uptake of offering by innovators and early adopters.
    Explanation
    The introduction stage of the product life cycle is characterized by little or no competition, slow sales, and limited uptake of the offering by innovators and early adopters. During this stage, the product is new to the market and may still be under patent application, meaning it is only known to a few developers and investors under noncompeting and non-disclosure agreements. The product has not yet gained widespread recognition or acceptance, resulting in slow sales and limited demand.

    Rate this question:

  • 23. 

    Which of the following is a condition that will prevent a speedy diffusion of a new innovative product in its target market?

    • A.

      The product is complex and requires long training.

    • B.

      The product is compatible with existing complimentary systems and products.

    • C.

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

    • D.

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

    • E.

      Only a and c.

    • F.

      Only b and d.

    Correct Answer
    E. Only a and c.
    Explanation
    The correct answer is "Only a and c." This means that both the conditions mentioned in option a (the product is complex and requires long training) and option c (the product is difficult to try out and sample before purchase) will prevent a speedy diffusion of a new innovative product in its target market. These conditions suggest that the product may require significant investment in terms of time and effort for potential customers to understand and use it effectively. This can create barriers to adoption and slow down the diffusion process.

    Rate this question:

  • 24. 

    According to the innovation diffusion model, what is the main difference between innovators and early adopters?

    • A.

      Early adopters have deeper understanding of technology and carry less social influence than innovators.

    • B.

      Early adopters hold traditional values and are more resistant to change than innovators.

    • C.

      Innovators have deeper understand of technology and carry less social influence than early adopters.

    • D.

      Early adopters are part of the larger crowd that adopts innovation once innovators promote it in the social system.

    • E.

      Only b and d.

    • F.

      None of the above.

    Correct Answer
    C. Innovators have deeper understand of technology and carry less social influence than early adopters.
    Explanation
    According to the innovation diffusion model, innovators are the first individuals to adopt a new technology or innovation. They are typically highly knowledgeable about the technology and have a deep understanding of how it works. Innovators also tend to have less social influence compared to early adopters, meaning that their adoption of the innovation is not influenced by the opinions or actions of others. On the other hand, early adopters are the second group to adopt the innovation and they tend to have a greater social influence compared to innovators. Therefore, the main difference between innovators and early adopters is that innovators have a deeper understanding of technology and carry less social influence than early adopters.

    Rate this question:

  • 25. 

    According to the Boston Matrix, products at the maturity stage of the product life cycle are likely to emerge under which conditions?

    • A.

      Market is large, growing and profitable, while the firm?s market share is large and its reputation strong.

    • B.

      Market is large, growing and profitable, while the firm?s market share is small and its reputation dubious.

    • C.

      Market is large, growing and profitable, and the firm is bought out by a larger competitor.

    • D.

      Market is small, shrinking and characterized by marginal feature modifications, while the firm?s market share is small and its reputation dubious.

    • E.

      Market is small, shrinking and characterized by marginal feature modifications, while the firm?s market share is large and its reputation strong.

    • F.

      Market is small, shrinking and characterized by marginal feature modifications, and the firm is bought out by a larger competitor.

    Correct Answer
    E. Market is small, shrinking and characterized by marginal feature modifications, while the firm?s market share is large and its reputation strong.
    Explanation
    According to the Boston Matrix, products at the maturity stage of the product life cycle are likely to be in a market that is small, shrinking, and characterized by marginal feature modifications. However, the firm's market share is large and its reputation is strong. This suggests that the product is still performing well in a declining market, indicating a strong competitive position and customer loyalty.

    Rate this question:

  • 26. 

    Which of the following does not characterize services?

    • A.

      Marketers don?t control all components of the product.

    • B.

      It is a fixed offering, experienced in same way by all consumers.

    • C.

      Price doesn?t necessarily reflect quality of actual experience.

    • D.

      Its consumption requires interconnection between supplier and receiver.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. It is a fixed offering, experienced in same way by all consumers.
    Explanation
    The statement "It is a fixed offering, experienced in same way by all consumers" does not characterize services. Services are intangible and can vary in terms of quality and experience for different consumers. Unlike physical products, services are often customized or personalized to meet the individual needs and preferences of each consumer. Therefore, the experience of a service can differ from one consumer to another.

    Rate this question:

  • 27. 

    Which of the following statements is incorrect?

    • A.

      When evaluating different sources of innovation it is important to balance push sources of new possibilities and pull sources reflecting actual needs.

    • B.

      Most innovation is radicle, and rarely in between dramatic changes do we see incremental and gradual developments.

    • C.

      Mature industries are likely to focus on pull innovation (need-based) while emerging industries focus on push innovation (possibility creation).

    • D.

      Only lead users and early adopters are customer groups relevant for innovation development.

    • E.

      A and c.

    • F.

      B and d.

    Correct Answer
    F. B and d.
    Explanation
    The statement "Most innovation is radicle, and rarely in between dramatic changes do we see incremental and gradual developments" is incorrect. In reality, innovation can occur in various forms, including both radical and incremental changes. Incremental innovations involve making small improvements or modifications to existing products or processes, while radical innovations involve significant and disruptive changes. Both types of innovation are important and can contribute to overall progress and growth in different industries. Additionally, the statement "Only lead users and early adopters are customer groups relevant for innovation development" is also incorrect. Innovation can be driven by insights and feedback from various customer groups, including not only lead users and early adopters but also mainstream consumers and even laggards.

    Rate this question:

  • 28. 

    The presentation of the core business concept in the business plan must??

    • A.

      Be as detailed as possible.

    • B.

      Use proper professional and technological language to describe features.

    • C.

      Be as clear, simple and to-the-point as possible.

    • D.

      Be linked to a concrete need.

    • E.

      Only a and b.

    • F.

      Only c and d.

    Correct Answer
    F. Only c and d.
    Explanation
    The presentation of the core business concept in the business plan must be as clear, simple, and to-the-point as possible because this helps to ensure that the reader can easily understand and grasp the main idea. Additionally, the concept should be linked to a concrete need in order to demonstrate its relevance and potential value. Being detailed and using proper professional and technological language to describe features can be important, but they are not necessary requirements for the presentation of the core business concept in the business plan.

    Rate this question:

  • 29. 

    Which of the following reasons are reasons why we include an organizational plan in the business plan?

    • A.

      Every employee has a price tag in terms of his or her salary which needs to be included in the financial analysis.

    • B.

      Some funding agencies, like public agencies, want to see that this business also creates jobs, even when losing money in the long term.

    • C.

      Exhibit to investors that the team behind the plan is a competent, experienced and suitable team of professionals, as a way to enhance concept and plan credibility.

    • D.

      Present to investors gaps in critical competencies for justifying requests of large investments.

    • E.

      Only a and c.

    • F.

      Only b and d.

    Correct Answer
    E. Only a and c.
    Explanation
    An organizational plan is included in the business plan for two main reasons: to include employee salaries in the financial analysis and to exhibit to investors that the team behind the plan is competent and experienced. Including employee salaries in the financial analysis is important as it helps calculate the overall cost of running the business. Additionally, demonstrating a competent and experienced team enhances the credibility of the concept and the plan, which can be attractive to potential investors. Therefore, the correct answer is only a and c.

    Rate this question:

  • 30. 

    What is the difference between a business plan (BP) and an opportunity assessment plan (OAP)?

    • A.

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

    • B.

      OAP does not include financial estimations and analysis.

    • C.

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

    • D.

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

    • E.

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

    • F.

      None of the above.

    Correct Answer
    A. OAP is shorter than BP and focuses on concept rather than venture.
    Explanation
    The explanation for the given correct answer is that an opportunity assessment plan (OAP) is shorter than a business plan (BP) and focuses on the concept of the venture rather than the entire venture itself. The OAP does not include financial estimations and analysis, and it only analyzes the concept and market conditions. On the other hand, a BP covers more issues such as team, competitor analysis, and execution time plan. Unlike the BP, the OAP does not provide a clear idea of whether the opportunity should be pursued or not. Additionally, the OAP is specifically made for investors, while the BP is intended for all stakeholders.

    Rate this question:

  • 31. 

    Which of the following are reason(s) for preparing a business plan?

    • A.

      Refine, fine-tune and narrow down concept definitions and boundaries.

    • B.

      Identifying challenges and risks along the venture creation process, and suggesting strategies for dealing with them when they emerge.

    • C.

      A document for investors? evaluations, which highlights the strengths and benefits of the opportunity, while avoiding details of weaknesses and potential problems.

    • D.

      Setting goals along the venture creation process and a roadmap for reaching them.

    • E.

      All of the above except b.

    • F.

      All of the above except c.

    Correct Answer
    F. All of the above except c.
    Explanation
    Preparing a business plan serves multiple purposes. It helps in refining and narrowing down concept definitions and boundaries, which is crucial for a clear understanding of the business idea. It also allows for the identification of challenges and risks that may arise during the venture creation process and suggests strategies to address them. Additionally, a business plan acts as a document for investors' evaluation, highlighting the strengths and benefits of the opportunity. Lastly, it helps in setting goals and creating a roadmap to achieve them. Therefore, the correct answer is "All of the above except c."

    Rate this question:

  • 32. 

    Which of the following is not a mistake in a business plan?

    • A.

      Defining the market broadly so as to capture maximum sales potential.

    • B.

      Defining the market as a single narrow niche for extreme specialization.

    • C.

      Presenting attractive profitability and return on investment, even if calculations are based on highly speculative assumptions.

    • D.

      Assuming no sales and complete devotion to research and development in the first three years in the financial plan.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    F. None of the above.
    Explanation
    The correct answer is "None of the above." This means that all of the options listed are not mistakes in a business plan. The first option of defining the market broadly allows for a larger potential customer base, while the second option of defining a narrow niche allows for specialization. The third option of presenting attractive profitability and return on investment, even with speculative assumptions, can be seen as a positive aspect of a business plan. Lastly, the fourth option of assuming no sales and focusing on research and development in the early years can be a deliberate strategy for certain businesses. Therefore, none of these options are considered mistakes in a business plan.

    Rate this question:

  • 33. 

    Which of the following is a correct statement?

    • A.

      We don?t need a positioning analysis when we have a competitor analysis, which clearly shows differences between our product and competitors? solutions.

    • B.

      We need a positioning analysis to complement the competitor analysis, because the aspects we may be better at vis-à-vis our competitors, are not necessarily important aspects to the end customers.

    • C.

      We need both a positioning analysis and a competitor analysis, because the former represents a clear graphical description of the latter.

    • D.

      We don?t positioning and competitor analysis when presenting a completely new product or service into a market.

    • E.

      Only a and c.

    Correct Answer
    B. We need a positioning analysis to complement the competitor analysis, because the aspects we may be better at vis-à-vis our competitors, are not necessarily important aspects to the end customers.
    Explanation
    The correct answer is "We need a positioning analysis to complement the competitor analysis, because the aspects we may be better at vis-à-vis our competitors, are not necessarily important aspects to the end customers." This statement explains that a positioning analysis is necessary alongside a competitor analysis because being better than competitors in certain aspects may not be relevant or important to the end customers. A positioning analysis helps identify the unique value proposition and target market for a product or service, ensuring that it meets the needs and preferences of the customers.

    Rate this question:

  • 34. 

    Which of the following is a potential cognitive pitfall when assessing risks?

    • A.

      Tendency to oversimplify complex problems.

    • B.

      Insistence on one solution even when contradictory evidence is available.

    • C.

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

    • D.

      Overemphasizing negative aspects of alternatives.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    E. All of the above.
    Explanation
    All of the options listed in the question can be potential cognitive pitfalls when assessing risks. The tendency to oversimplify complex problems can lead to overlooking important details and underestimating potential risks. Insisting on one solution despite contradictory evidence can result in ignoring warning signs and making poor decisions. Assuming that events can be fully controlled and predicted with proper planning can lead to a false sense of security and failure to adequately prepare for unexpected risks. Overemphasizing the negative aspects of alternatives can result in a biased assessment of risks and missed opportunities. Therefore, all of these cognitive pitfalls should be considered when assessing risks.

    Rate this question:

  • 35. 

    Which of the following is not a part of an opportunity assessment plan?

    • A.

      Dividend allocation policy to investors.

    • B.

      Human resource recruiting policy for the new venture.

    • C.

      Detailed distribution plan and list of potential partners.

    • D.

      Strategic scenarios of reaction to competitor moves after market entry.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    E. All of the above.
    Explanation
    An opportunity assessment plan is a comprehensive strategy that evaluates the potential of a business opportunity. It typically includes various components such as market analysis, financial projections, and risk assessment. In this case, the correct answer is "All of the above" because none of the options listed (dividend allocation policy, human resource recruiting policy, detailed distribution plan, strategic scenarios) are typically part of an opportunity assessment plan. These options are more related to other aspects of business planning and management.

    Rate this question:

  • 36. 

    Which of the following is a tool for managing internal knowledge connections within the organization?

    • A.

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

    • B.

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

    • C.

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

    • D.

      Arranging and engaging employees in communities of practice.

    • E.

      None of the above.

    • F.

      All of the above.

    Correct Answer
    F. All of the above.
    Explanation
    All of the options mentioned in the question are tools for managing internal knowledge connections within the organization. Granting all employees access to an Intranet allows for free communication and sharing of knowledge. Using a high involvement innovation system encourages employees to contribute ideas and suggestions, fostering knowledge sharing. Encouraging intrapreneurship by providing time and funding for internal entrepreneurial activities and initiatives promotes knowledge exchange. Arranging and engaging employees in communities of practice facilitates knowledge sharing and collaboration among employees. Therefore, all of the options mentioned are tools for managing internal knowledge connections within the organization.

    Rate this question:

  • 37. 

    Which of the following is a common mistake in the financial part of the business plan?

    • A.

      Moderately overestimating costs and underestimating income.

    • B.

      Depending on 100% external financing with no self-investment of the entrepreneur.

    • C.

      Showing profit only after 2-3 years instead of right from year 1.

    • D.

      Using multiple scenarios of income generation, which are too confusing for investors.

    • E.

      Only a and c.

    • F.

      Only b and d.

    Correct Answer
    B. Depending on 100% external financing with no self-investment of the entrepreneur.
    Explanation
    Depending on 100% external financing with no self-investment of the entrepreneur is a common mistake in the financial part of a business plan because it shows a lack of commitment and confidence from the entrepreneur. It is important for the entrepreneur to have some personal investment in the business to demonstrate their belief in its success and to share the risk with potential investors. Relying solely on external financing can also make it more difficult to secure funding as investors may question the entrepreneur's commitment and ability to manage finances effectively.

    Rate this question:

  • 38. 

    Which of the following is not a source of innovation?

    • A.

      New scientific discoveries.

    • B.

      Suggestions from consumers and users of product/service.

    • C.

      Unexpected and surprising events.

    • D.

      Moments and bursts of inspiration.

    • E.

      Exploration of alternative future scenarios.

    • F.

      All of the above.

    Correct Answer
    F. All of the above.
    Explanation
    The correct answer is "All of the above." This means that all the options listed are sources of innovation. New scientific discoveries can lead to innovative ideas and technologies. Suggestions from consumers and users can provide insights for improving products and services. Unexpected and surprising events can spark innovative solutions. Moments and bursts of inspiration can lead to creative ideas. Exploration of alternative future scenarios can help identify new opportunities for innovation.

    Rate this question:

  • 39. 

    Which of the following is a definition of creativity?

    • A.

      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.

    • B.

      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.

    • C.

      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.

    • D.

      The motivational factors that influence individuals to pursue entrepreneurial outcomes.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    A. 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.
    Explanation
    Creativity is defined as the ability or quality displayed when solving previously unsolved problems, developing original and novel solutions to problems that others have solved differently, or creating original and novel products. This definition emphasizes the innovative and unique aspects of creativity, highlighting the importance of thinking outside the box and coming up with new ideas and solutions.

    Rate this question:

  • 40. 

    What is the difference between when brainstorming (B) and reverse-brainstorming (RB) techniques, when trying to generate new ideas?

    • A.

      B starts with problem and RB starts with solutions.

    • B.

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

    • C.

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

    • D.

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

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. B allows free flow of ideas without criticism, while RB encourages critique of ideas raised.
    Explanation
    The difference between brainstorming (B) and reverse-brainstorming (RB) techniques, when trying to generate new ideas, is that B allows for a free flow of ideas without criticism, while RB encourages critique of ideas raised. This means that in brainstorming, participants are encouraged to generate as many ideas as possible without judgment or evaluation, fostering a creative and open environment. On the other hand, in reverse-brainstorming, the focus is on identifying potential problems or flaws in existing ideas, promoting critical thinking and problem-solving.

    Rate this question:

  • 41. 

    Which of the following are good sources of new business ideas?

    • A.

      Business news about market trends, successes and failures.

    • B.

      Consumers? complaints.

    • C.

      Discussions with distributors of similar products.

    • D.

      Formal and informal experimentations with new concepts.

    • E.

      Challenges, difficulties and frustrations in life.

    • F.

      All of the above.

    Correct Answer
    F. All of the above.
    Explanation
    The question asks about good sources of new business ideas, and the answer is "All of the above." This means that all the options listed - business news, consumers' complaints, discussions with distributors, formal and informal experimentations, and challenges in life - can provide valuable insights and inspiration for new business ideas. These sources can help entrepreneurs identify market trends, understand customer needs and preferences, explore potential partnerships, test new concepts, and solve problems. By considering all of these sources, entrepreneurs can gather a wide range of information and experiences that can fuel their creativity and innovation.

    Rate this question:

  • 42. 

    Which of the following represents a creative climate conducive to development of innovations?

    • A.

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

    • B.

      An organization where everybody is suspicious of everybody else.

    • C.

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

    • D.

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

    • E.

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

    • F.

      None of the above.

    Correct Answer
    C. An organization where time, resources and mental support are provided for those coming up with initiatives and new ideas.
    Explanation
    An organization where time, resources, and mental support are provided for those coming up with initiatives and new ideas represents a creative climate conducive to the development of innovations. This environment allows employees to have the necessary resources and support to explore and implement new ideas, fostering creativity and innovation. It encourages individuals to take risks, think outside the box, and contribute to the organization's growth and success.

    Rate this question:

  • 43. 

    Which of the following is not a barrier to creativity?

    • A.

      The assumption that logic is important in creativity.

    • B.

      The tendency to follow established rules unquestioningly.

    • C.

      The tendency to avoid ambiguity in viewing a situation.

    • D.

      The willingness to recognize the creative power of play.

    • E.

      The tendency to assign blame for failure.

    • F.

      The tendency to avoid unconventional thinking for not appearing foolish.

    Correct Answer
    D. The willingness to recognize the creative power of play.
    Explanation
    The willingness to recognize the creative power of play is not a barrier to creativity because it implies that the person is open to exploring and experimenting with different ideas and approaches, even if they may seem unconventional. This mindset encourages thinking outside the box and embracing new perspectives, which can lead to innovative and creative solutions. By recognizing the value of play and its ability to stimulate imagination and creative thinking, individuals are more likely to break free from traditional constraints and generate unique ideas.

    Rate this question:

  • 44. 

    Which of the following paths best describes a creative process?

    • A.

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

    • B.

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

    • C.

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

    • D.

      Generating ideas?evaluation and evaluation ?incubation process.

    • E.

      None of the above.

    • F.

      All of the above.

    Correct Answer
    A. Generating knowledge ? incubation process ?generating ideas ? evaluation and implementation ? cycles of idea generation and evaluations.
    Explanation
    The correct answer describes a creative process that starts with generating knowledge, followed by an incubation process where ideas are developed, then moves on to generating ideas, and finally involves evaluation and implementation of those ideas. It also mentions the importance of cycles of idea generation and evaluations, indicating that the creative process is iterative and involves continuous refinement and improvement. This path suggests a systematic approach to creativity, where knowledge and ideas are developed and evaluated in a structured manner to achieve innovative solutions.

    Rate this question:

  • 45. 

    Which of the following is not a characteristic of creative people?

    • A.

      Following authority and rules unquestioningly.

    • B.

      Able to use reasoning that is not immediately obvious when thinking about things.

    • C.

      Produces atypical, unique and unexpected responses to problems.

    • D.

      Intolerance of ideas of others as a way to think differently.

    • E.

      Only a and d.

    • F.

      Only b and c.

    Correct Answer
    E. Only a and d.
    Explanation
    Creative people are known for their ability to think outside the box and come up with unique and unexpected solutions to problems. They are not likely to follow authority and rules unquestioningly, as they prefer to challenge norms and explore different perspectives. Additionally, creative individuals are open to different ideas and ways of thinking, and they are not intolerant of the ideas of others. Therefore, the statement "Only a and d" is correct because following authority and rules unquestioningly and being intolerant of others' ideas are not characteristics of creative people.

    Rate this question:

  • 46. 

    Which of the following best describes the link between creativity and innovation?

    • A.

      Creativity helps identify opportunities for innovation.

    • B.

      Creativity sets innovation in the context of an enterprise.

    • C.

      Creativity is what makes innovations profitable.

    • D.

      Creativity is what makes innovations popular in the market.

    • E.

      Creativity is what separates an invention from a business idea.

    • F.

      All of the above.

    Correct Answer
    A. Creativity helps identify opportunities for innovation.
    Explanation
    Creativity helps identify opportunities for innovation because it involves generating new and unique ideas, perspectives, and solutions. By thinking creatively, individuals can identify problems or areas for improvement and come up with innovative ways to address them. Creativity is the starting point for innovation, as it allows individuals to think outside the box and explore new possibilities. It sets the foundation for the development of innovative products, services, processes, or business models. Therefore, creativity plays a crucial role in identifying opportunities for innovation.

    Rate this question:

  • 47. 

    According to Amabile, which of the following are components of creativity?

    • A.

      Technological, procedural and intellectual knowledge.

    • B.

      Flexible and imaginative thinking skills.

    • C.

      Passion and intrinsic motivation to derive solutions from problems.

    • D.

      Ability to balance pragmatism and dreaming.

    • E.

      Only a, c and d.

    • F.

      Only a, b and c.

    Correct Answer
    F. Only a, b and c.
    Explanation
    According to Amabile, the components of creativity include technological, procedural, and intellectual knowledge, flexible and imaginative thinking skills, and passion and intrinsic motivation to derive solutions from problems. The ability to balance pragmatism and dreaming is not mentioned as a component of creativity in the given options. Therefore, the correct answer is "Only a, b, and c."

    Rate this question:

  • 48. 

    Which of the following best describes the multiple bottom line perspective?

    • A.

      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.

    • B.

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

    • C.

      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.

    • D.

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

    • E.

      Only a and c.

    • F.

      Only c and d.

    Correct Answer
    B. An organization?s performance can be evaluated via multiple bottom lines in terms of economic value, social value, environmental value, etc.
    Explanation
    The multiple bottom line perspective refers to evaluating an organization's performance based on various factors such as economic value, social value, and environmental value. This approach recognizes that financial performance alone does not provide a comprehensive assessment of an organization's success. By considering these multiple dimensions, organizations can assess their impact on society and the environment, in addition to their financial profitability. This holistic perspective allows for a more balanced evaluation of an organization's overall performance and sustainability.

    Rate this question:

  • 49. 

    Which of the following statements represents social entrepreneurs? approach towards wealth?

    • A.

      Wealth for owners may be created by efficiently solving social problems.

    • B.

      Wealth is a mean for achieving a positive social impact and creating social value.

    • C.

      Wealth creation is a way to measure value creation.

    • D.

      Wealth is unnecessary to ensure financial sustainability of social ventures.

    • E.

      All of the above.

    • F.

      None of the above.

    Correct Answer
    B. Wealth is a mean for achieving a positive social impact and creating social value.
    Explanation
    Social entrepreneurs view wealth as a means to achieve a positive social impact and create social value. They believe that creating wealth is essential in order to make a difference and bring about positive change in society. They see wealth creation as a tool to measure the value they are creating and to ensure the financial sustainability of their social ventures. This perspective aligns with the mindset of social entrepreneurs who prioritize the social impact and value they can generate through their work.

    Rate this question:

  • 50. 

    Which of the following are elements of an enterprise?s social mission?

    • A.

      Values.

    • B.

      Purpose.

    • C.

      Strategy.

    • D.

      Policies.

    • E.

      Only a and b.

    • F.

      Only c and d.

    Correct Answer
    E. Only a and b.
    Explanation
    The correct answer is "Only a and b" because values and purpose are key elements of an enterprise's social mission. Values refer to the principles and beliefs that guide the organization's actions, while purpose relates to its overall mission and the positive impact it aims to achieve. Strategy and policies, on the other hand, are important for the overall functioning of the enterprise but may not necessarily be directly tied to its social mission.

    Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jun 10, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 30, 2014
    Quiz Created by
    Seb.rothe
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.