Innovation/invention, PEST, Entrepreneurship

The creation of a product for the first time is called

• innovation

• entrepreneurship

• invention

• seed stage

Which of the following are motives or opportunities to find new business ideas can come from a number of areas.... select all below that are possible motives.

• Changes in fashion or tastes

• The desire to solve a problem

• The need to innovate

• Meet the needs of a target market

• The ever increasing change in technology

In regards to a PEST analysis where would the following statement fit?

How will business regulation, along with any planned changes to it, affect the new business idea?

• Political

• Economic

• Socio-cultural

• Technological

In regards to a PEST analysis where would the following statement fit?

Could infrastructure changes and work patterns - for example, levels of remote working - affect the new business idea?

• Political

• Economic

• Socio-cultural

• Technological

In regards to a PEST analysis where would the following statement fit?

Are the target market's levels of disposable income rising or falling? How is this likely to change in the next few years?

• Political

• Economic

• Socio-Cultural

• Technological

TRUE of FALSE

Entrepreneurship is the process of creating a business idea that doesn't involve risk.

• TRUE

• FALSE

Which of the following is not a skill or characteristic of entrepreneurs? (as identified in the textbook)

• Boldness

• Creativity

• Communication

• Perseverance

Which skill/characteristic is being defined:

Entrepreneurs are focused, and know they must stay focused to make their business ideas work. They have an ability to set clear goals and eliminate distractions in achieving their goals. Successful entrepreneurs will often spend seemingly endless hours working on their business idea.

• Determination

• Boldness

• Adatability

• Discipline

Select all of the innovation theories below:

• Design Thinking

• Architectural

• Motivational

• Open and Closed

Is the statement below an example of open or closed innovation?

We will partner with universities to create knowledge and encourage use outside our field.

• CLOSED

• OPEN

• NEITHER