Generating Business Ideas from Technological Discoveries and Government Policies

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Questions and Answers

What is the primary responsibility of a business consultant?

  • Identifying problems and creating solutions to help a company meet its goals (correct)
  • Representing a company and ensuring its strong presence
  • Designing and implementing a strategic sales plan
  • Managing accounts and following up leads

Which of the following job opportunities involves reviewing current business operations processes and making recommendations to improve efficiency?

  • Accountant
  • Business Consultant (correct)
  • Sales Manager
  • Human Resources Manager

What is the long-term professional journey that you determine based on your passions called?

  • Career (correct)
  • Job Opportunity
  • Business Reporter
  • Entrepreneurship

In which field can a career in entrepreneurship be made according to the text?

<p>Any field depending on interests (B)</p> Signup and view all the answers

Who is responsible for designing and implementing a strategic sales plan that expands a company's customer base?

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

What do entrepreneurs specialize in, according to the text?

<p>Marketing, human resources, management, and accounting (C)</p> Signup and view all the answers

What is Maria's role according to the text?

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

What is Mr. Cruz's role according to the text?

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

What does a Talent Recruiter primarily focus on?

<p>Attracting, recruiting, and on-boarding employees (B)</p> Signup and view all the answers

What is the main responsibility of a Business Reporter?

<p>Covering business news and stories in unique ways (A)</p> Signup and view all the answers

In what capacity does Mr. Gonzales work based on the text?

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

Which role involves training students to solve business problems and strategize effectively?

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

What can serve as a source of entrepreneurial ideas according to the text?

<p>Technological discovery and advancement (D)</p> Signup and view all the answers

How does government policy contribute to entrepreneurial ideas?

<p>By enforcing strict regulations on New Year's Eve celebrations (A)</p> Signup and view all the answers

Which of the following is NOT mentioned as a source of entrepreneurial ideas in the text?

<p>Strict government policies (D)</p> Signup and view all the answers

How can past work experiences contribute to entrepreneurial ventures?

<p>By providing relevant skills and expertise (A)</p> Signup and view all the answers

What role do people's interests play in generating entrepreneurial ideas?

<p>People's interests serve as a rich source of entrepreneurial ideas (A)</p> Signup and view all the answers

Why might an individual view a government ordinance as a business opportunity?

<p>Because it opens up avenues for new product development (D)</p> Signup and view all the answers

What factor is NOT mentioned as contributing to the intensity of rivalry among existing firms?

<p>Decrease in fixed costs (C)</p> Signup and view all the answers

If a substitute product has a substantially higher price than the original product, it will:

<p>Not pose a threat in the industry environment (C)</p> Signup and view all the answers

What does economies of scale refer to in the context of business competition?

<p>The cost advantages that enterprises obtain due to size, output, or scale of operation (A)</p> Signup and view all the answers

Which factor is NOT mentioned as contributing to the threat posed by substitute products?

<p>Higher price of substitute products (A)</p> Signup and view all the answers

What is a key characteristic of rivalry among existing firms in a market?

<p>Intense competition based on marketing strategies and offers (C)</p> Signup and view all the answers

What role does 'difficulty in accessing distribution channels' play as a factor in business competition?

<p>It leads to increased rivalry among existing firms (A)</p> Signup and view all the answers

What are output requirements in the context of services?

<p>Specifications that a consumer expects to be fulfilled (C)</p> Signup and view all the answers

How is market size defined in the text?

<p>The approximate number of sellers and buyers in a specific market (C)</p> Signup and view all the answers

Why is it important for companies to know the market size before launching a new product?

<p>To determine the potential value of their business (D)</p> Signup and view all the answers

What is one of the essential steps in determining the market size according to the text?

<p>Estimating the number of customers likely to purchase the product or service (C)</p> Signup and view all the answers

How can you describe an entrepreneur's task regarding market size calculation?

<p>Estimating the approximate number of buyers and sellers in a specific market (D)</p> Signup and view all the answers

What type of research should an entrepreneur conduct to understand market size better?

<p>Strategic marketing research from reliable sources (C)</p> Signup and view all the answers

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