Business Environment and Entrepreneurship

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Questions and Answers

What is the main difference between authority and responsibility?

  • Authority is the obligation to complete tasks, while responsibility is the power to make decisions.
  • Authority is being accountable for decisions, while responsibility is the power to delegate tasks.
  • Authority is the right to give orders, while responsibility is being answerable for the outcome. (correct)
  • Authority is the ability to supervise, while responsibility is the duty to follow orders.

What is the central concept in delegation of authority?

  • Control
  • Accountability (correct)
  • Communication
  • Autonomy

Which model is often used for managing planned change in organizations?

  • Kaizen Model
  • ADKAR Model (correct)
  • Agile Model
  • Six Sigma Model

How does automation differ from mechanization?

<p>Mechanization enhances human efforts, while automation aims to eliminate human intervention. (D)</p> Signup and view all the answers

What is a key factor in overcoming resistance to change?

<p>Communicating openly and transparently (D)</p> Signup and view all the answers

In the context of management, what does decentralization of authority primarily involve?

<p>Distributing decision-making powers throughout different levels of an organization. (D)</p> Signup and view all the answers

What is the primary purpose of conducting a SWOT analysis in a business environment?

<p>To identify internal strengths and weaknesses (D)</p> Signup and view all the answers

Which of the following best describes the concept of Intrapreneurship?

<p>Entrepreneurship within an existing organization (C)</p> Signup and view all the answers

What are the main factors that affect Entrepreneurship?

<p>Macro-economic factors and government policies (A)</p> Signup and view all the answers

What distinguishes Business Risks from Business Failure?

<p>Failure is the actual occurrence of a negative outcome, while risks are potential threats (B)</p> Signup and view all the answers

In the context of Entrepreneurship, what does the term 'Enterprise' typically refer to?

<p>A project or initiative undertaken by an entrepreneur (B)</p> Signup and view all the answers

Which analysis technique involves examining factors like Political, Economic, Social, Technological, Legal, and Environmental influences?

<p>PESTLE Analysis (A)</p> Signup and view all the answers

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