ADMN 1000 - FINAL EXAM REVIEW (2026) UPDATE |
QUESTIONS AND ANSWERS | RATED 100% CORRECT
What is Entrepreneurship Answer - The process of starting new organizations,
generally in response to opportunities.
What defines a social venture/ Enterprise Answer - Organizations that are
started in response to needswithin the community
What is the relationship between Entrepreneurship and opportunity Answer -
Opportunities can be recognized, discovered, or enacted.
Where,
Entrepreneur relies on his or her experience and actively employs sophisticated
search techniques to discoverthe opportunity
What is creativity destruction? Answer - is when the entreprenturer creates an
opportunity through innovation and the stakes the process of transformation
that accompanies a radical innovation, the way things were done before is
"destroyed."
What is innovation? VS Creativity VS discovery Answer - Creativity = Producing
New ideas, Approaches or Actions
Innovation = Applying New Ideas and Approaches or Action
, Discovery = Findingsomething new, while Creativity is makingsomething new
Traits of a small business Answer - Small business are independently owned,
operated and financed. While having fewer than 100 Workers. They don't
necessarily engage in any new or innovative practices.... While having a low
impact on its industry
What are the 4 steps to the Entrepreneurial process Answer - ◦exploring the
entrepreneurial context
◦identifying opportunities and possible competitive advantages
◦starting the venture
◦managing the venture
How do you evaluate ideas Answer - ◦Working in the industry
◦personal interests or hobbies
◦familiar and unfamiliar products and services
◦opportunities in external environmental sectors
Issues in entrepreneurship ventures? Answer - - Organizational Design and
Structure
- Human Resources
- How to stimulate and make changes
- The importance of continuing Innovation
QUESTIONS AND ANSWERS | RATED 100% CORRECT
What is Entrepreneurship Answer - The process of starting new organizations,
generally in response to opportunities.
What defines a social venture/ Enterprise Answer - Organizations that are
started in response to needswithin the community
What is the relationship between Entrepreneurship and opportunity Answer -
Opportunities can be recognized, discovered, or enacted.
Where,
Entrepreneur relies on his or her experience and actively employs sophisticated
search techniques to discoverthe opportunity
What is creativity destruction? Answer - is when the entreprenturer creates an
opportunity through innovation and the stakes the process of transformation
that accompanies a radical innovation, the way things were done before is
"destroyed."
What is innovation? VS Creativity VS discovery Answer - Creativity = Producing
New ideas, Approaches or Actions
Innovation = Applying New Ideas and Approaches or Action
, Discovery = Findingsomething new, while Creativity is makingsomething new
Traits of a small business Answer - Small business are independently owned,
operated and financed. While having fewer than 100 Workers. They don't
necessarily engage in any new or innovative practices.... While having a low
impact on its industry
What are the 4 steps to the Entrepreneurial process Answer - ◦exploring the
entrepreneurial context
◦identifying opportunities and possible competitive advantages
◦starting the venture
◦managing the venture
How do you evaluate ideas Answer - ◦Working in the industry
◦personal interests or hobbies
◦familiar and unfamiliar products and services
◦opportunities in external environmental sectors
Issues in entrepreneurship ventures? Answer - - Organizational Design and
Structure
- Human Resources
- How to stimulate and make changes
- The importance of continuing Innovation
