Q1M2

This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation.

• Entrepreneurial mind frame

• Entrepreneurial heart flame

• Entrepreneurial gut game

• None of the above

Refers to the ability of the entrepreneur of being intuitive.

• Entrepreneurial mind frame

• Entrepreneurial heart flame

• Entrepreneurial gut game

• None of the above

The following are various forces of societal environment except.

• Political forces

• Economic

• Sociocultural

• Natural resources

The following are industry environment of the business except.

• Competitors

• Customers

• Creditors

• Wildlife

The following are sources of opportunities except.

• Changes in the environment

• Technological discovery and advancement

• Competition

• People's interest

It is the act or process of trying to get or win something.

• Buyers

• Potential new entrants

• Rivalry among existing firms

• Competition

A substitute product can give a big threat in the industry environment if the following factors are notice except.

• Switching cost is low.

• Preferences and tastes of the customers easily change.

• Rate of industry growth.

• Product differentiation is highly noticeable

The intensity of rivalry among existing firms is characterized to the following factors except

• Diversity of rivals.

• Number of competing firms.

• Characteristics of the products or services.

• High cost of product differentiation.

This means anything that takes the place or function of another. For example the consumers decide to use margarine as a substitute for butter

• Competition

• Buyers

• Substitute

• Rivalry

It is a state or situation in which people or groups are competing with each other.

• Substitute

• Costumers

• Rivalry

• New entrant