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Questions and Answers

What type of entity can a business be?

Non-governmental organization
Government agency
Social club
For-profit organization (correct)

What is the importance of an entrepreneur's vision in a business?

It has no significant impact on the success of the business
It is only important in the initial stages of the business
It is more important than anything else to the life of the business (correct)
It is important, but not as crucial as the business model

What does scalability refer to in the context of creating a business?

The potential to outsource most operations
The process of downsizing the business
The capability to handle a growing amount of work (correct)
The ability to reduce costs in the long run

What is the primary factor that determines the effectiveness of a small business?

The idea upon which it is built (B) Signup and view all the answers

What prompted Juan to consider opening a business in his village?

His substantial savings and desire to put them to good use (C) Signup and view all the answers

What is the primary focus of Juan's consideration for opening a business in his village?

To ensure his savings are put to good use and to make his money grow (A) Signup and view all the answers

What does 'scalability' refer to in the context of creating a business?

The capability to handle a growing amount of work (C) Signup and view all the answers

What can a business be, according to the text?

For-profit entities or nonprofit organizations fulfilling a charitable mission or furthering a social cause (B) Signup and view all the answers

What is the importance of an entrepreneur's vision in the life of a business, as per the text?

More important than anything else (B) Signup and view all the answers

What primarily determines the effectiveness of a small business?

The idea upon which it is built (D) Signup and view all the answers