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Questions and Answers
What is a primary characteristic of an online business?
Which of the following best describes outsourcing?
What does a niche market refer to?
What is the main purpose of brainstorming?
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How do demographics influence entrepreneurship?
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What is a strategic alliance?
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What role do trade magazines serve for businesses?
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How does innovation differ from creativity?
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Study Notes
Online Business and Services
- Online businesses operate through the Internet, enabling a global customer reach for purchasing.
- Services are intangible offerings that enhance lives, including sectors like insurance, tourism, and education.
Outsourcing and Strategic Partnerships
- Outsourcing involves hiring third parties to perform tasks a business cannot or prefers not to handle internally.
- A strategic alliance is a collaborative partnership between companies to supply a product or service, enhancing collective strength.
Corporate Ventures and Innovation
- Corporate ventures are initiatives within large firms, allowing them to adopt an entrepreneurial mindset to foster innovation and competitiveness.
- Innovation is characterized by new methods or ideas; it is driven by creativity, which follows identifiable patterns in the development process.
Market Niche and Creativity Techniques
- A niche is a specialized market segment with unmet demand, presenting potential business opportunities.
- Brainstorming encourages free thinking to generate ideas, treating all suggestions equally regardless of their initial perceived value.
Understanding Demographics
- Demographics analyze personal characteristics of a population, including age, gender, income, and education, crucial for entrepreneurial insights and market strategy.
Publications for Industry Insights
- Trade magazines provide industry-specific news, featuring articles on new products, market trends, and insights for businesses.
- Specialty magazines target niche audiences with specific interests, such as fashion or outdoor activities, offering tailored content.
Trade Shows
- Trade shows are events where vendors and manufacturers showcase and promote new and existing products, facilitating networking and industry engagement.
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Description
Test your knowledge on key vocabulary from Chapter 3 of Entrepreneurship, focusing on recognizing business opportunities. This quiz covers essential terms like online business and services, providing a foundational understanding of how businesses operate in the digital economy.
