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Innovation to Reduce Costs or Improve Quality Quiz

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Innovation to Reduce Costs or Improve Quality Quiz

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Questions and Answers

What is a key characteristic of successful innovations mentioned in the text?

Stagnating the market for products or services

Improving the quality of products or services (correct)

Reducing the quality of products or services

Increasing costs of products or services

Which stage involves questioning the feasibility of an idea, product, or service?

Prestart-up stage (correct)

Early growth stage

Start-up stage

Late growth stage

What is a crucial aspect for an entrepreneur transitioning from a new venture to a long-term enterprise?

Staying in the prestart-up stage

Developing it into a small business or a bigger company (correct)

Focusing only on early growth

Avoiding the start-up stage

Which of the following is NOT an example of a successful innovation from the text?

The formation of a business in the start-up stage Signup and view all the answers

What is the role of invention in the innovation process?

Discovering or devising new products and processes Signup and view all the answers

How is development different from innovation in the context of entrepreneurship?

Development embodies ideas from the invention stage, while innovation focuses on improving methods. Signup and view all the answers

What is a key requirement for an innovation to be successful?

Providing value to buyers beyond that offered by competitors Signup and view all the answers

In the context of entrepreneurship, what is necessary for a new venture to succeed?

Creating a competitive advantage through value creation Signup and view all the answers

What might happen to the entrepreneur's profits if the competitor offers better innovations?

Decline Signup and view all the answers

Why must businesses, regardless of size, adapt innovative approaches?

To effectively compete Signup and view all the answers

What advantage do small businesses have over large businesses regarding business concept switching?

They can switch without spending much Signup and view all the answers

In large businesses, what approach have they started to engage in to create innovation?

Implementing entrepreneurship within the corporation Signup and view all the answers