Innovation And Entrepreneurship MCQ Quiz Questions And Answers

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1. Which of the following will help coping with customer uncertainty concerns, when launching a new product?

Explanation

Offering samples and free trials can help customers experience the product firsthand, reducing their uncertainty by allowing them to try it before making a purchase. Educating customers through demonstrations and documentation provides them with information about the product's features and benefits, addressing their concerns and increasing their confidence in the product. Launching an informational advertising campaign can help communicate the product's value and address any uncertainties customers may have. Highlighting product benefits over substitutes helps customers understand the unique advantages of the product, further reducing uncertainty. Therefore, all of these strategies can help cope with customer uncertainty concerns when launching a new product.

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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... see moretest? Give it a try, and we'll see how many marks you can score. We wish you good luck in advance!
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2. Which of the following are good sources of new business ideas?

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.

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

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.

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4. Which of the following characterizes an entrepreneur?

Explanation

An entrepreneur is characterized by having high levels of both management skills and creativity and innovation. This means that they are not only able to effectively manage and organize resources, but also possess the ability to think outside the box and come up with new ideas and solutions. This combination of skills is essential for successfully starting and running a business, as it allows the entrepreneur to navigate challenges, identify opportunities, and drive innovation in their industry.

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5. What is unique to global entrepreneurs?

Explanation

Global entrepreneurs are unique in that they think internationally from the early stages of their business development. This means that they consider the global market and potential opportunities beyond their own country. This mindset allows them to adapt their business strategies to different cultures, languages, and market conditions, giving them a competitive advantage in the global marketplace. This is different from the other options provided, which focus on their experiences traveling to different countries or being educated in a foreign country, but do not necessarily indicate a global mindset in their business approach.

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6. Which of the following describes the difference between radical and incremental innovation?

Explanation

The correct answer describes the difference between incremental and radical innovation as the difference between making small improvements to existing processes or products, and doing something completely new or approaching something previously done in a completely different way. This answer captures the essence of incremental innovation as continuous improvement and radical innovation as disruptive and transformative change.

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7. Which of the following constitutes an event of new entry?

Explanation

The correct answer is "All except c." This means that all of the options listed constitute an event of new entry, except for offering an established product in an established market. This is because offering an established product in an established market does not involve entering a new market or introducing a new product, unlike the other options.

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

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.

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9. Which of the following describes a trademark?

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.

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10. Which of the following are motivations for pursuing an entrepreneurial career?

Explanation

The correct answer is "Only a and b." This is because the motivations mentioned in options a and b align with the common motivations for pursuing an entrepreneurial career. Option a highlights the desire to be one's own boss, have control over one's time, and enjoy the benefits of their own hard work. Option b emphasizes the social status, respect, and appreciation that successful entrepreneurs often receive in certain countries. Options c and d do not directly relate to motivations for pursuing an entrepreneurial career, as they focus more on stable income and technical development.

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11. 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?

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.

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12. Which of the following best describes social entrepreneurs? attitudes towards existing systems?

Explanation

Social entrepreneurs are individuals who identify societal needs and address them by changing the existing system, rather than relying on the government or business sectors. They believe in taking action and finding innovative solutions to solve problems that the current system has failed to address. This answer accurately describes the proactive and solution-oriented approach of social entrepreneurs towards existing systems.

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13. The story of Mr. Ken Kutaragi was provided in class as an example of:

Explanation

The story of Mr. Ken Kutaragi exemplifies a successful intrapreneur. An intrapreneur is an individual who applies entrepreneurial skills and innovative thinking within a corporate setting. Mr. Kutaragi, as the creator of the PlayStation, demonstrated his ability to think outside the box and bring a groundbreaking product to market within Sony, where he was an employee. His entrepreneurial mindset and ability to navigate within a large organization make him a prime example of a successful intrapreneur.

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14. Which of the following best describes ?contrarian value creation?:

Explanation

Contrarian value creation refers to the process of finding value or creating value from something that may be considered worthless or undesirable by others. This can be seen in the example of bringing mobile phones to poor countries, where a technology that may be seen as unnecessary or unaffordable by some is utilized to create value and improve the lives of others. This concept involves identifying opportunities and potential in unconventional or overlooked areas, and leveraging them to generate value and benefit.

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15. Which of the following best describes social enterprises?

Explanation

Social enterprises are businesses that aim to generate surpluses, which are then reinvested in the business and/or community. Unlike traditional businesses, social enterprises prioritize social and environmental goals over maximizing profits for investors and owners. They operate with a dual bottom line, seeking both financial sustainability and positive social impact. This distinguishes them from organizations that are dependent on donations and grants, employ large numbers of employees on full salaries, or are established as replacements for the non-profit sector.

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16. The following example relates to a way of thinking entrepreneurs are sometimes using when developing their ideas, what kind of thinking is this? - You can?t operate an agricultural farm on a land plot with a deserted coal mine, but you can harvest the methane in the ground and use it for electricity, while using the equipment you have (with minor adjustments).

Explanation

Bricolage refers to the way of thinking where entrepreneurs use the resources they have available to create innovative solutions. In this example, the entrepreneur is using the equipment they have (with minor adjustments) to harvest methane from the ground and use it for electricity. This demonstrates the bricolage thinking approach of making the most out of existing resources and finding creative solutions to problems.

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17. The story of ?Ruby Cup? presented in the social entrepreneurship lecture, was an example:

Explanation

The correct answer is "For-profit social venture." The story of Ruby Cup, presented in the social entrepreneurship lecture, exemplifies a for-profit social venture. This means that while the organization aims to address a social or environmental issue, it also operates with a profit motive. Ruby Cup, which produces and distributes menstrual cups to improve menstrual hygiene management in developing countries, generates revenue through the sale of their products. This allows them to sustain their operations and continue their social impact initiatives.

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18. Which of the following is not an advantage of involving employees in innovation via teams?

Explanation

Involving employees in innovation via teams has several advantages, such as exposure to different ideas and perspectives, enhancing levels of acceptance, commitment, motivation, and sense of ownership, and enhancing group cohesion, communication, and companionship. However, one disadvantage is that groups tend to take greater risks than individuals due to shared and fuzzy responsibility allocation among members. This can lead to a diffusion of responsibility and a lack of accountability, which may result in riskier decision-making.

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19. Which of the following statements represent cases of product innovation?

Explanation

The correct answer is "Only a and d, but not b and c." This answer is correct because it accurately identifies the statements that represent cases of product innovation. Statement a represents the introduction of a completely new product into the market, which is a clear example of product innovation. Statement d represents the introduction of a significantly improved version of an existing product, which also qualifies as product innovation. Statements b and c do not represent cases of product innovation because they involve either introducing an existing product into a new market or introducing a new production process for a popular product's production line, which are not examples of product innovation.

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20. Which of the following characterizes the transitional stage of the innovation cycle?

Explanation

The transitional stage of the innovation cycle is characterized by a product range that includes at least one stable or dominant design and/or format. This means that during this stage, the product has reached a level of stability and standardization, where there is a recognized and widely accepted design or format. This is different from the earlier stages where products frequently change and are often customized to specific customers. In the transitional stage, there is a shift towards a more efficient production process, often characterized by rigid procedures. The competitive emphasis in this stage may also be on per unit cost reduction.

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21. The term Angel investors refers to ________________. 

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.

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

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.

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

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.

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

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.

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25. Entrepreneurial orientation reflects the processes, methods and styles that firms use to act entrepreneurially (Lumpkin & Dess, 1996). Which of the following represent the three main aspects of entrepreneurial orientation?

Explanation

Entrepreneurial orientation encompasses the mindset and behaviors that firms adopt to engage in entrepreneurial activities. The three main aspects of entrepreneurial orientation are innovativeness, pro-activity, and risk-taking proclivity. Innovativeness refers to the ability to generate and implement new ideas and solutions. Pro-activity involves taking initiative and seizing opportunities in the market. Risk-taking proclivity entails the willingness to take calculated risks and embrace uncertainty. These three aspects are crucial for firms to adapt to changing environments, pursue new opportunities, and achieve competitive advantage. Attitude, social norms, self-efficacy, opportunity exploration, opportunity recognition, opportunity exploitation, money, market, management, financial risk-taking, social risk-taking, and career risk-taking are not the main aspects of entrepreneurial orientation.

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26. 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?

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.

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

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.

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

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.

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29. Which of the following is not a promoter of effective team work?

Explanation

The question asks for a factor that is not a promoter of effective teamwork. The options provided are "Results-driven structure," "Collaborative climate," "Participation in decision making," "Competent team members," "All of the above," and "None of the above." The correct answer is "None of the above," indicating that all of the options mentioned are actually promoters of effective teamwork.

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30. What is the link between innovation and entrepreneurship?

Explanation

The correct answer is "Only b and d, but not a and c." This means that both innovation and entrepreneurship are linked in the sense that entrepreneurs use innovative processes to gain strategic advantage in markets and create new organizations. However, it is not accurate to say that innovation and entrepreneurship are two different labels describing the same thing, or that innovation is necessarily the way by which entrepreneurs create new organizations.

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31. Which of the following is not a disadvantage of ?new entry? moves?

Explanation

The given answer states that the inability to launch perfect products from early on and needing to introduce improvements all the time is not a disadvantage of "new entry" moves. This means that it is actually an advantage of "new entry" moves. This suggests that being able to continuously improve products and make them better over time is seen as a positive aspect of entering a new market.

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32. Which of the following is a born global firm?

Explanation

The correct answer is "Both b and c." This is because both the young firm only doing sales in Norway and the young firm doing sales in multiple foreign markets fit the definition of a born global firm. Born global firms are characterized by their early and rapid internationalization, meaning they start conducting business in multiple foreign markets soon after their establishment. Both options b and c mention that the firms are selling a product offered by various international players and using sub-suppliers from multiple foreign markets, which further aligns with the concept of born global firms.

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33. What is the difference between effectuation (E) and causal (C) thinking processes?

Explanation

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34. Which of the following is not a barrier to creativity?

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.

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35. Which of the following paths best describes a creative process?

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.

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36. Which of the following best characterizes an organizational sponsor of an intrapreneurial effort?

Explanation

An organizational sponsor of an intrapreneurial effort is best characterized as a powerful and influential manager who can remove organizational obstacles and make development processes smoother in the company. This implies that the sponsor has the authority and ability to provide necessary resources, support, and guidance to the intrapreneurial team. By removing obstacles, the sponsor enables the team to focus on their innovative development and ensures that they have the necessary support to succeed.

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37. Which of the following is not a dimension of entrepreneurial tendencies?

Explanation

The given question asks which of the options is not a dimension of entrepreneurial tendencies. The options include "Need for achievement," "Desire for autonomy/independence," "Risk taking orientation," and "Creativity." The correct answer is "None of the above." This means that all of the options listed are dimensions of entrepreneurial tendencies.

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

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.

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

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."

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40. Which of the following aspects of entrepreneurial venturing is common for both social and commercial enterprises?

Explanation

All of the aspects mentioned in the options are common for both social and commercial enterprises. Both types of ventures are influenced by their external environments and institutions, require investment of limited resources with the expectation of future returns, rely on networks of stakeholders for resources and distribution, depend on financial and human capital, and are driven by identified opportunities linked to market needs.

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41. Which of the following is necessary for a social enterprise?

Explanation

A social enterprise is an organization that applies business strategies to achieve social, cultural, or environmental goals. It must use business approaches to manage the enterprise, as indicated in option a. Additionally, a social enterprise must create and distribute an offering that represents a public good, as mentioned in option b. However, it is not necessary for a social enterprise to be a non-profit generating organization, as stated in option c. Similarly, being in the form of an independent new venture outside existing organizations is not a requirement for a social enterprise, as mentioned in option d. Therefore, the correct answer is only a and b, but not c and d.

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42. According to Gresov, which of the following organizational culture and structure constellation represents strengths in both innovation and implementation capacities?

Explanation

The correct answer is "Only b and c." This means that the organizational culture and structure constellations that represent strengths in both innovation and implementation capacities are a homogenous culture and complex structure, as well as a heterogeneous culture and centralized structure. These combinations allow for a balance between creativity and efficiency, as a homogenous culture promotes shared values and a common understanding, while a complex structure allows for flexibility and adaptability. Similarly, a heterogeneous culture brings diverse perspectives and ideas, while a centralized structure ensures coordination and control.

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43. Two or more companies jointly forming a new company, is a situation describing which strategy?

Explanation

The situation described in the question is when two or more companies come together to form a new company. This is known as joint venturing, as it involves a collaboration between multiple companies to create a separate entity. Acquisition refers to one company purchasing another, while a merger involves the combination of two or more companies into one. A strategic alliance is a partnership between companies for a specific purpose, and a leveraged buyout involves acquiring a company using a significant amount of borrowed money. None of these options accurately describe the situation provided in the question.

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

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.

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

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.

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46. Which of the following characterize an intrapreneur?

Explanation

All of the given options accurately characterize an intrapreneur. An intrapreneur is an entrepreneur who operates within a large company rather than starting their own business. They are typically middle-level employees who take the initiative to create and introduce new products or processes to improve the organization's quality, efficiency, effectiveness, and performance. Intrapreneurs often face obstacles within the organization but still take creative actions during work-time to develop and improve products, services, and processes. They may also disregard formal routines and bureaucratic procedures to pursue and develop innovative solutions for their organization. Therefore, all of the given options correctly describe the characteristics of an intrapreneur.

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

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.

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48. Which of the following is a definition of creativity?

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.

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49. Which of the following best describes the link between creativity and 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.

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50. Which of the following best characterize intrapreneurship?

Explanation

Intrapreneurship is best characterized as a process that occurs within an existing firm, regardless of its size, and results in the development of new business ventures and other innovative activities. This means that individuals within the organization are encouraged to pursue opportunities and take risks to create new ventures, products, or services. This approach allows for entrepreneurial thinking and action within the framework of an established company, fostering innovation and growth from within.

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51. Kaizen, TQM and Lean management are examples of what?

Explanation

Kaizen, TQM, and Lean management are all examples of organizational mechanisms that aim to involve all employees in innovative initiatives. These approaches encourage continuous improvement, quality management, and waste reduction throughout the organization. By involving all employees, these mechanisms promote a culture of innovation and collaboration, ultimately enhancing value creation by the firm.

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52. Which of the following is not an approach to innovation?

Explanation

Imitation of an existing product or service is not considered an approach to innovation because it does not involve creating something new or original. Innovation typically involves developing new ideas, products, or services that bring about significant change or improvement. Imitation, on the other hand, involves replicating or copying an existing product or service without making any substantial modifications or advancements. While imitation can be a strategy for certain purposes, it is not considered a true approach to innovation.

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53. Seed capital can be described as ___________

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.

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

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.

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55. Which of the following situations does not represent discontinuity in markets?

Explanation

This situation does not represent discontinuity in markets because it is a typical scenario in a competitive market. When there are many competitors producing a similar product and the demand exceeds the supply, it creates an opportunity for businesses to increase their production and meet the demand. This is a normal market response and does not involve any significant changes or disruptions in the market structure or dynamics.

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

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.

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

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.

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

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.

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

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.

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60. Which of the following is a correct statement?

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.

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61. Which of the following are the three components of the OLI framework of internationalization?

Explanation

The OLI framework of internationalization consists of three components: ownership, location, and internalization. Ownership refers to the ownership advantages that a company possesses, such as technology, brand reputation, or patents. Location refers to the advantages of operating in a particular location, such as access to raw materials, skilled labor, or market demand. Internalization refers to the decision of a company to undertake foreign direct investment and establish its own operations in a foreign market, rather than relying on licensing or exporting. Therefore, the correct answer is Ownership-Location-Internalization.

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

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.

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63. Which of the following are characteristics of mall firms?

Explanation

The correct answer is "All of the above." This means that all of the characteristics mentioned in the options are true for small firms. Small firms are often managed informally, meaning that they may not have strict organizational structures or formal management processes. The character and preoccupations of the owner play a significant role in decision-making for small firms. Small firms typically offer a limited product range, as they may not have the resources or scale to offer a wide variety of products. Finally, small firms generally have a relatively small number of employees compared to larger organizations.

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

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.

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

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."

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66. Which of the following represent the main differences between social and commercial enterprises?

Explanation

The main differences between social and commercial enterprises are that commercial enterprises seek to make profits while social enterprises do not, and commercial enterprises transfer most of their profits to owners and investors while social enterprises reinvest most of their profits in the business and/or the community. Additionally, commercial enterprises have a main economic value creation mission, while social enterprises have a main social value creation mission. Therefore, the correct answer is "Only b and d, but not a and c."

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67. When book publishers also become retailers by selling e-books directly to end customers rather than indirectly selling physical books to book shops ? is an example of what kind of strategy?

Explanation

This question is asking for an example of a strategy where book publishers sell e-books directly to end customers instead of selling physical books to bookshops. This is an example of diversification through forward integration because the publishers are expanding their business by entering a new market (directly selling to end customers) that is different from their current market (selling physical books to bookshops). This strategy allows the publishers to reach a wider customer base and potentially increase their sales and profits.

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68. 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?

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.

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69. According to the innovation diffusion model, what is the main difference between innovators and 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.

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

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.

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71. Which of the following best describes a ?born global firm??

Explanation

A "born global firm" refers to a company that starts operating internationally early on in its existence. This means that it expands its business activities beyond its home country from the beginning, rather than gradually expanding internationally over time. Additionally, a born global firm is managed by individuals who have a global mindset, meaning they have a deep understanding of international markets and are able to navigate the complexities of operating in different countries. The correct answer, "Only a and b, but not c and d," accurately describes the characteristics of a born global firm.

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

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.

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

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.

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

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.

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75. Which of the following does not characterize services?

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.

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76. Which of the following is not a source of innovation?

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.

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77. Which of the following does not describe strategic alliances?

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.

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78. According to the Uppsala school of internationalization, how do firms expand internationally from one foreign market to another?

Explanation

The Uppsala school of internationalization suggests that firms expand internationally from the most culturally familiar foreign markets to the least culturally familiar markets. This means that firms first enter markets that are similar to their domestic market in terms of culture, language, and business practices. Once they have gained experience and knowledge in these markets, they gradually move towards less familiar markets. This approach allows firms to minimize the risks and challenges associated with entering completely unfamiliar markets and helps them adapt their strategies to different cultural contexts.

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

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.

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

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.

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81. Which of the following does not represent a condition favorable to the establishment of a corporate entrepreneurship culture?

Explanation

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82. Which of the following describe differences between entrepreneurial (E) and traditional (T) (administrative) management?

Explanation

The correct answer is "Only c and d". This is because option c states that entrepreneurial management does not focus on resource ownership for creating value, while traditional management does focus on resource ownership for value creation. Option d states that entrepreneurial management commits resources gradually and checks the water with small investments, while traditional management commits a relatively large investment in a single step following a decision.

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83. Many factors can influence entrepreneurial intentions. According to theory of planned behavior which of the following impact entrepreneurial intentions?

Explanation

According to the theory of planned behavior, entrepreneurial intentions are influenced by the extent to which an individual perceives themselves as competent and able to be an entrepreneur (c), the extent to which the social environment views entrepreneurial career choices favorably (b), and the extent to which an individual has a favorable view of entrepreneurship in general and entrepreneurial careers in particular (d). However, the extent to which one has a creative way of thinking and unique ideas (a) does not directly impact entrepreneurial intentions.

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84. Which of the following is a growth strategy of firms, in which growth is achieved by selling new products to new markets is called:

Explanation

Diversification strategy is a growth strategy where firms achieve growth by selling new products to new markets. This involves expanding into new industries or markets that are different from the firm's current products and markets. It allows the firm to reduce its dependence on a single market or product and diversify its sources of revenue. This strategy carries higher risks but also offers potential for higher returns and can help the firm capitalize on new opportunities and expand its customer base.

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85. According to the innovation life-cycle:

Explanation

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86. Which of the following foreign operation modes offers the highest level of control, while requiring the highest level of risk taking?

Explanation

Establishing own new company in the foreign market offers the highest level of control because the company has full ownership and can make all decisions independently. However, it also requires the highest level of risk taking because the company has to invest a significant amount of resources in setting up operations in a new market, including establishing a new brand, building infrastructure, and navigating local regulations and cultural differences. This mode of entry involves the most commitment and financial risk compared to the other options listed.

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

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.

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88. Which of the following statements about social entrepreneurs is incorrect?

Explanation

The given correct answer is "None of the above". This means that all of the statements about social entrepreneurs are correct. Social entrepreneurs do require creativity in acquiring resources, need to translate idealistic notions into a realistic business plan, require networking skills to mobilize support, and need organizational structure for effective implementation.

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89. Engaging networks in open innovation efforts means what?

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.

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90. Which of the following dimensions doesn?t differentiate between networks?

Explanation

The correct answer is "None of the above" because all of the dimensions mentioned in the options differentiate between networks in some way. Network size, the number of different types of members, the types of relationships, and the pattern of connections all contribute to the uniqueness and differentiation of networks.

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91. Which of the following statements is incorrect?

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.

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92. Which of the following is not a likely reason for a small firm?s failure?

Explanation

All of the given options can be likely reasons for a small firm's failure. Expecting significant sales early on in the firm's life cycle can lead to financial strain. Over optimistic estimations of market size and potential can result in misallocation of resources. Focusing on recruiting investments through non-cash based assets may limit the firm's ability to access necessary funds. Only considering current resource availability when recruiting first employees can lead to a lack of necessary skills and expertise. Establishing a business on a concept with no unique selling point can result in difficulty attracting customers. Therefore, none of the above options are unlikely reasons for a small firm's failure.

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93. At what stage of the firm?s growth cycle do firms exhibiting slow and/or moderate growth and increasing complexity of operations?

Explanation

Firms exhibiting slow and/or moderate growth and increasing complexity of operations are typically in the expansion stage of the firm's growth cycle. During this stage, the company has already experienced initial growth and is now focused on scaling up its operations and expanding into new markets. The firm is likely to be investing in new resources, hiring more employees, and developing new products or services to meet the increasing demands of the market. This stage is characterized by a balance between growth and stability, as the company aims to establish a strong position in the industry.

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

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.

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

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.

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

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.

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

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.

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98. Which of the following statements about networks is correct?

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.

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Which of the following is a born global firm?
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Setting mechanisms for information flow and processing, decision...
The most important aspect of daily financial management of...
The presentation of the core business concept in the business plan...
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Which of the following is a correct statement?
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Which of the following statements represents social entrepreneurs?...
Which of the following are characteristics of mall firms?
Which of the following are characteristics of the average IPO (Initial...
Which of the following are reason(s) for preparing a business plan?
Which of the following represent the main differences between social...
When book publishers also become retailers by selling e-books directly...
The great "chasm" according to Moore (1999), representing...
According to the innovation diffusion model, what is the main...
Which of the following is a common mistake in the financial part of...
Which of the following best describes a ?born global firm??
Which of the following is an aspect of web configuration of a network?
Which of the following characterizes maturity stage of the product...
According to the Boston Matrix, products at the maturity stage of the...
Which of the following does not characterize services?
Which of the following is not a source of innovation?
Which of the following does not describe strategic alliances?
According to the Uppsala school of internationalization, how do firms...
Which of the following is not a benefit entrepreneurs can enjoy via...
Why do we need to include a financial plan in the business plan?
Which of the following does not represent a condition favorable to the...
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Many factors can influence entrepreneurial intentions. According to...
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According to the innovation life-cycle:
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Which of the following conditions is likely to encourage entrepreneurs...
Which of the following statements about social entrepreneurs is...
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Which of the following dimensions doesn?t differentiate between...
Which of the following statements is incorrect?
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At what stage of the firm?s growth cycle do firms exhibiting slow...
Which of the following are not Hansen?s (2009) recommendations for...
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