Foundations of Entrepreneurship Quiz Module 1

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What factors lead to the successful establishment of a new venture?

Innovation, government regulations, and market demand

Market research, risk assessment, and strategic partnerships (correct)

Financial investment, marketing strategies, and customer satisfaction

Product development, competitive analysis, and operational efficiency

How is an idea different from an opportunity?

An idea is independent of market needs while an opportunity addresses market demand (correct)

An idea is the initial concept while an opportunity is a developed business plan

An idea is theoretical while an opportunity is practical

An idea is abstract while an opportunity is tangible

Why do some individuals become entrepreneurs while others don’t?

Family background, cultural influences, and global market trends

Educational background, industry experience, and personal ambition

Innate talent, favorable economic conditions, and social support (correct)

Risk tolerance, access to capital, and technological advancement

Where do entrepreneurial opportunities come from?

Industry trends and demographic shifts Signup and view all the answers

Who is Alexander Graham Bell and what did he invent?

Inventor of the telephone Signup and view all the answers

How do individuals recognize entrepreneurial opportunities?

By observing market patterns and identifying unmet needs Signup and view all the answers

According to Casson (1982), how does he define an entrepreneurial opportunity?

Opportunities to bring into existence new goods, services, raw materials, and organizing methods that allow outputs to be sold at more than their cost of production Signup and view all the answers

What is the central characteristic typically included in the definition of the term 'Opportunity'?

Potential economic value Signup and view all the answers

According to Shane & Venkataram (2000), where do entrepreneurial opportunities come from?

The creation of new information, occurring with the invention of new technologies Signup and view all the answers

What does Schumpeterian Opportunities emerge from?

Innovation and active creation of new opportunities Signup and view all the answers

What does Shane (2000) define as an 'Entrepreneurial Opportunity'?

A situation where a person can create a new means-ends relationship for recombining resources Signup and view all the answers

What is involved in opportunity recognition?

Discovering the fit between the identified market needs and the capabilities and resources available to the entrepreneur Signup and view all the answers

When do Schumpeterian Opportunities emerge according to Schumpeterian theory?

During times of uncertainty, change, and technological upheaval Signup and view all the answers

What is the role of an entrepreneur according to Schumpeterian theory?

Innovation and actively creating new opportunities Signup and view all the answers

What characterizes an entrepreneurial opportunity according to Shane (2000)?

The chance to meet a market need through a creative combination of resources to deliver superior value Signup and view all the answers

What do entrepreneurial opportunities consist of according to Casson (1982)?

Opportunities to bring into existence new goods, services, raw materials, and organizing methods that allow outputs to be sold at more than their cost of production Signup and view all the answers

What is involved in opportunity recognition according to class 3?

Discovering the fit between the identified market needs and the capabilities and resources available to the entrepreneur Signup and view all the answers