Business Models and Structures in Nigeria

<p>Whether shares are offered to the public (D)</p> Signup and view all the answers

<p>Company Limited by Guarantee (B)</p> Signup and view all the answers

<p>Innovation can destroy existing businesses and create new ones, leading to economic growth. (A)</p> Signup and view all the answers

<p>Sole Proprietorship (D)</p> Signup and view all the answers

<p>The level of liability and control (B)</p> Signup and view all the answers

<p>Limited Liability Partnership (LLP) (D)</p> Signup and view all the answers

<p>To be risk-takers and disrupt the market with new products and processes. (D)</p> Signup and view all the answers

<p>Lack of liability protection (A)</p> Signup and view all the answers

<p>By using existing technology in a new way to reduce material waste and improve efficiency. (B)</p> Signup and view all the answers

<p>The Theory of Disruptive Innovation (D)</p> Signup and view all the answers

<p>Partnership (C)</p> Signup and view all the answers

<p>Early Majority (B)</p> Signup and view all the answers

<p>Trialability (B)</p> Signup and view all the answers

<p>Collaborating with external partners to leverage diverse ideas and resources (B)</p> Signup and view all the answers

<p>Reducing government regulation and taxes (A)</p> Signup and view all the answers

<p>Engaging customers, stakeholders, and the public in generating ideas (B)</p> Signup and view all the answers

<p>Innovators are early adopters, while Early Adopters are influential individuals. (D)</p> Signup and view all the answers

<p>A company partners with external organizations to create new value propositions. (A)</p> Signup and view all the answers

<p>They are resistant to change and adopt innovations last. (C)</p> Signup and view all the answers

<p>It enables entrepreneurs to see new opportunities and adapt to changing circumstances. (A)</p> Signup and view all the answers

<p>Entrepreneurs have a lot of responsibility as they are at the top of their businesses. (A)</p> Signup and view all the answers

<p>Being able to perceive change and analyze market trends. (B)</p> Signup and view all the answers

<p>Competitors. (D)</p> Signup and view all the answers

<p>The need to be able to make decisions under pressure. (C)</p> Signup and view all the answers

<p>It allows entrepreneurs to analyze existing markets and identify potential gaps. (C)</p> Signup and view all the answers

<p>It allows entrepreneurs to make more informed and calculated decisions. (C)</p> Signup and view all the answers

<p>Open-mindedness is a component of critical thinking, allowing for the consideration of diverse perspectives. (B)</p> Signup and view all the answers

<p>Risk Taker (D)</p> Signup and view all the answers

<p>A sense of curiosity and inquisitiveness (D)</p> Signup and view all the answers

<p>A combination of natural tendencies and nurtured experiences (D)</p> Signup and view all the answers

<p>Generating profits and maximizing returns (A)</p> Signup and view all the answers

<p>Entrepreneurial success can be achieved by individuals with diverse personalities and skills (E)</p> Signup and view all the answers

<p>Risk aversion (B)</p> Signup and view all the answers

<p>Identifying and exploiting business opportunities (A)</p> Signup and view all the answers

<p>Using funds strategically to maximize profits (A)</p> Signup and view all the answers

<p>To maintain awareness of emotions and thoughts influencing decision-making. (A)</p> Signup and view all the answers

<p>It provides a structured framework for evaluating past decisions and performance. (B)</p> Signup and view all the answers

<p>Developing a strategic plan based on market research and trends. (A)</p> Signup and view all the answers

<p>By enabling entrepreneurs to make more informed decisions regarding the potential risks associated with different ventures. (A)</p> Signup and view all the answers

<p>An entrepreneur seeks advice from their network on how to address a specific business challenge. (B)</p> Signup and view all the answers

<p>What resources were available for this project? (A)</p> Signup and view all the answers

<p>By analyzing past challenges and their solutions to identify patterns and effective approaches. (B)</p> Signup and view all the answers

<p>Improved communication skills with team members. (C)</p> Signup and view all the answers

Signup and view all the answers

A theory by Everett Rogers on how innovations spread in five stages: awareness, interest, evaluation, trial, and adoption.

Groups of people based on their readiness to adopt an innovation: Innovators, Early Adopters, Early Majority, Late Majority, and Laggards.

The first group to adopt new ideas, willing to take risks.

Influential individuals who adopt innovations early and help spread them.

Skeptical individuals who adopt innovations only after most others have done so.

Proposed by Henry Chesbrough, it emphasizes using external and internal ideas for innovation.

Entrepreneurship drives economic growth by creating jobs and increasing income levels.

Entrepreneurs challenge existing firms by introducing new products and services, enhancing consumer choices.

The process of discovering opportunities and managing resources to maximize profit.

Characteristics like curiosity and risk-taking that set them apart from others.

An entrepreneur who continuously looks for new business opportunities.

An entrepreneur who willingly takes risks but also minimizes them through planning.

Inherent qualities that make someone adaptable and able to recover from challenges.

Resilience developed through experiences and training over time.

The collective skills and abilities of the group that drive a business forward.

The pandemic highlighted the need for backup plans in business to manage risks.

Seeking feedback from various sources to gain different perspectives.

Setting aside time to periodically assess business goals and strategies.

Practicing awareness of thoughts and emotions to enhance decision-making.

Learning from past decisions to inform future choices.

Reflecting on challenges to identify root causes and solutions.

Gaining insights into personal strengths and weaknesses for growth.

Learning from past risks to improve future assessments.

A culture of regularly enhancing processes and strategies for success.

Cosmetic production methods that do not involve animal testing.

Practices aimed at reducing negative environmental impacts in business operations.

Changes or improvements in the way a business operates to provide value.

Virtual platforms where buyers and sellers interact, like Amazon.

Introduction of new technologies or improvements that impact daily life.

Theory linking entrepreneurship to innovation as a market disruptor.

Schumpeter's concept describing how new innovations can replace old ones.

Theory emphasizing economic factors' influence on entrepreneurial innovation.

The ability to make choices that manage risks and seize opportunities effectively.

The process of evaluating information and arguments to make reasoned decisions.

The structure where entrepreneurs are at the top, responsible for final decisions.

The pressure entrepreneurs feel when making critical business decisions alone.

Receptiveness to new ideas and different perspectives.

Willingness to receive feedback to improve business practices.

Identifying and evaluating potential business ideas and unmet market needs.

The ability to notice shifts in the market or consumer needs for opportunity evaluation.

A business owned and operated by one individual, fully controlling decisions and profits.

A business co-owned by two or more people who share profits and losses.

A separate legal entity offering liability protection, with non-public shares.

A larger business entity offering shares to the public, with more regulatory requirements.

Non-profits or NGOs where members' liability is limited to their contribution amount.

A business with no limit on member liability; personal assets are at risk.

A blend of partnership and corporation, offering limited liability to partners.

Consider liabilities and control when choosing a business structure.