The Entrepreneurship Essentials Quiz

• Bears uncertainty, buys labor and materials, and sells products at uncertain prices (correct)
• Manages labor and materials, and sells products at fixed prices
• Avoids uncertainty, buys labor and materials, and sells products at uncertain prices
• Shares uncertainty, buys labor and materials, and sells products at uncertain prices

• Sells existing products; follows traditional production techniques; avoids new markets
• Struggles with product innovation; lacks production techniques; ignores market discovery
• Supplies new products; makes new techniques of productions; discovers new markets (correct)
• Reduces product variety; follows old production techniques; explores existing markets

• Inability to recognize business opportunities, gather necessary resources, and take appropriate action
• Ability to avoid business opportunities, gather unnecessary resources, and hesitate in taking action
• Inability to evaluate business opportunities, gather necessary resources, and initiate appropriate action
• Ability to see and evaluate business opportunities, gather necessary resources, and initiate appropriate action (correct)

<p>It involves innovation, investment in expansion in new markets, products, and techniques (B)</p> Signup and view all the answers

<p>Reasonable risk (C)</p> Signup and view all the answers