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Business Environment and Entrepreneurship Overview

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Business Environment and Entrepreneurship Overview

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Questions and Answers

What is the purpose of SWOT analysis in business?

To predict the future market trends of a business

To analyze the external opportunities and threats of a business

To analyze the internal strengths and weaknesses of a business (correct)

To analyze the environmental factors of a business

What is the main focus of Intrapreneurship?

Acquiring small businesses to expand operations

Developing products for international markets

Implementing new ideas within an existing organization (correct)

Seeking external investment for startups

Which classification of entrepreneurs is based on Clarence Danhof's work?

Serial entrepreneurs

Fabian entrepreneurs

Imitative entrepreneurs (correct)

Innovative entrepreneurs

What are some common causes of Business Risks?

Market competition Signup and view all the answers

What distinguishes Managerial Roles according to Mintzberg's theory?

It involves strategic decision-making and leadership Signup and view all the answers

In the context of business, what is the significance of Enterprise?

It encompasses the entire business entity and its operations Signup and view all the answers

What is the main difference between authority and responsibility in management?

Authority is the power to give orders, while responsibility is the obligation to perform duties. Signup and view all the answers

Why is delegation of authority important in management?

It helps in sharing power and responsibilities among employees. Signup and view all the answers

What does Change Management focus on?

Adapting to changes in the external environment. Signup and view all the answers

What is the ADKAR model used for in Change Management?

To understand the psychological elements of change. Signup and view all the answers

What distinguishes automation from mechanization?

Automation involves automatic control systems, while mechanization focuses on manual processes. Signup and view all the answers

How does automation impact people in workplaces?

It can lead to job displacement or changes in job roles. Signup and view all the answers