ADMN 1000 - FINAL EXAM REVIEW (2019) QUESTIONS AND CORRECT
ANSWERS
What cis cEntrepreneurship c- cCORRECT cANS✔✔The cprocess cof cstarting cnew corganizations, cgenerally cin cresponse cto
copportunities.
What cdefines ca csocial cventure/ cEnterprise c- cCORRECT cANS✔✔Organizations cthat care cstarted cin cresponse cto cneedswithin
cthe ccommunity
What cis cthe crelationship cbetween cEntrepreneurship cand copportunity c- cCORRECT cANS✔✔Opportunities ccan cbe crecognized,
cdiscovered, cor cenacted.
Where, c
Entrepreneur crelies con chis cor cher cexperience cand cactively cemploys csophisticated csearch ctechniques cto cdiscoverthe
copportunity
What cis ccreativity cdestruction? c- cCORRECT cANS✔✔is cwhen cthe centreprenturer ccreates can copportunity cthrough cinnovation
cand cthe cstakes cthe cprocess cof ctransformation cthat caccompanies ca cradical cinnovation, cthe cway cthings cwere cdone cbefore cis
c"destroyed."
What cis cinnovation? cVS cCreativity cVS cdiscovery c- cCORRECT cANS✔✔Creativity c= cProducing cNew cideas, cApproaches cor
cActions
Innovation c= cApplying cNew cIdeas cand cApproaches cor cAction
Discovery c= cFindingsomething cnew, cwhile cCreativity cis cmakingsomething cnew
Traits cof ca csmall cbusiness c- cCORRECT cANS✔✔Small cbusiness care cindependently cowned, coperated cand cfinanced. cWhile
chaving cfewer cthan c100 cWorkers. cThey cdon't cnecessarily cengage cin cany cnew cor cinnovative cpractices.... cWhile chaving ca clow
cimpact con cits cindustry
What care cthe c4 csteps cto cthe cEntrepreneurial cprocess c- cCORRECT cANS✔✔◦exploring cthe centrepreneurial ccontext
◦identifying copportunities cand cpossible ccompetitive cadvantages
◦starting cthe cventure
◦managing cthe cventure
How cdo cyou cevaluate cideas c- cCORRECT cANS✔✔◦Working cin cthe cindustry
◦personal cinterests cor chobbies
◦familiar cand cunfamiliar cproducts cand cservices
◦opportunities cin cexternal cenvironmental csectors
Issues cin centrepreneurship cventures? c- cCORRECT cANS✔✔- cOrganizational cDesign cand cStructure
- cHuman cResources
- cHow cto cstimulate cand cmake cchanges
- cThe cimportance cof ccontinuing cInnovation
What care cethics? c- cCORRECT cANS✔✔Rules cand cprinciples cthat cdefine cright cand cwrong cbehaviour.
What care cthe cdifference cbetween cClassical cand csocially cresponsible cviewpoints. c- cCORRECT cANS✔✔Classical cView:
cMaximize cprofits cfor cthe cbenefit cof cthe cstockholder c"social cgood" cincreases ccosts c
Where c
Socio cEcon c: cManagement cshould cprotect cand cimprove csociety's cwelfare c
- cFirms chave ca cmoral cresponsibility cto ca clarger csociety c"do cthe cright cthing"
ANSWERS
What cis cEntrepreneurship c- cCORRECT cANS✔✔The cprocess cof cstarting cnew corganizations, cgenerally cin cresponse cto
copportunities.
What cdefines ca csocial cventure/ cEnterprise c- cCORRECT cANS✔✔Organizations cthat care cstarted cin cresponse cto cneedswithin
cthe ccommunity
What cis cthe crelationship cbetween cEntrepreneurship cand copportunity c- cCORRECT cANS✔✔Opportunities ccan cbe crecognized,
cdiscovered, cor cenacted.
Where, c
Entrepreneur crelies con chis cor cher cexperience cand cactively cemploys csophisticated csearch ctechniques cto cdiscoverthe
copportunity
What cis ccreativity cdestruction? c- cCORRECT cANS✔✔is cwhen cthe centreprenturer ccreates can copportunity cthrough cinnovation
cand cthe cstakes cthe cprocess cof ctransformation cthat caccompanies ca cradical cinnovation, cthe cway cthings cwere cdone cbefore cis
c"destroyed."
What cis cinnovation? cVS cCreativity cVS cdiscovery c- cCORRECT cANS✔✔Creativity c= cProducing cNew cideas, cApproaches cor
cActions
Innovation c= cApplying cNew cIdeas cand cApproaches cor cAction
Discovery c= cFindingsomething cnew, cwhile cCreativity cis cmakingsomething cnew
Traits cof ca csmall cbusiness c- cCORRECT cANS✔✔Small cbusiness care cindependently cowned, coperated cand cfinanced. cWhile
chaving cfewer cthan c100 cWorkers. cThey cdon't cnecessarily cengage cin cany cnew cor cinnovative cpractices.... cWhile chaving ca clow
cimpact con cits cindustry
What care cthe c4 csteps cto cthe cEntrepreneurial cprocess c- cCORRECT cANS✔✔◦exploring cthe centrepreneurial ccontext
◦identifying copportunities cand cpossible ccompetitive cadvantages
◦starting cthe cventure
◦managing cthe cventure
How cdo cyou cevaluate cideas c- cCORRECT cANS✔✔◦Working cin cthe cindustry
◦personal cinterests cor chobbies
◦familiar cand cunfamiliar cproducts cand cservices
◦opportunities cin cexternal cenvironmental csectors
Issues cin centrepreneurship cventures? c- cCORRECT cANS✔✔- cOrganizational cDesign cand cStructure
- cHuman cResources
- cHow cto cstimulate cand cmake cchanges
- cThe cimportance cof ccontinuing cInnovation
What care cethics? c- cCORRECT cANS✔✔Rules cand cprinciples cthat cdefine cright cand cwrong cbehaviour.
What care cthe cdifference cbetween cClassical cand csocially cresponsible cviewpoints. c- cCORRECT cANS✔✔Classical cView:
cMaximize cprofits cfor cthe cbenefit cof cthe cstockholder c"social cgood" cincreases ccosts c
Where c
Socio cEcon c: cManagement cshould cprotect cand cimprove csociety's cwelfare c
- cFirms chave ca cmoral cresponsibility cto ca clarger csociety c"do cthe cright cthing"
