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Unscramble the Words - Lesson 1 What’s New FIX ME

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Unscramble the Words - Lesson 1 What’s New FIX ME

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Questions and Answers

What are the entrepreneur's basics in seeking opportunities, according to the text?

Entrepreneurial mindset, emotional passion, and strategic thinking

Entrepreneurial mind frame, heart flame, and gut game (correct)

Networking, negotiation skills, and marketing prowess

Market research, financial analysis, and risk assessment

How can opportunities be sourced by entrepreneurs?

Relying solely on personal experiences

Ignoring the external environment completely

Through social media platforms only

By looking at changes in the environment, technological advancements, and government initiatives (correct)

What does the term 'substitute' refer to as mentioned in the text?

Government programs that support entrepreneurship

New business ideas

Anything that replaces or functions similarly to another product (correct)

New entrants in the market

What does 'rivalry' mean?

A state where people or groups are competing with each other Signup and view all the answers

What is meant by 'new entrants' based on the text?

Startups entering an industry Signup and view all the answers

How can entrepreneurs identify sources of opportunity in the external environment?

By assessing societal changes and industry trends as well Signup and view all the answers

What does 'competition' entail in entrepreneurship?

The act of trying to get or win something in business Signup and view all the answers

'Buyers' are characterized as individuals who:

Pay for goods and services with money Signup and view all the answers

'Suppliers' in the context of entrepreneurship are those who:

Provide goods or services that are needed or desired Signup and view all the answers

What is the significance of external environment for businesses?

It encompasses the physical, societal, and industry contexts where a business operates Signup and view all the answers