unit 1, topic 2 refresh

​ (a)   occurs when an ​ (b)   invention is improved upon, or a significant contribution is made to the existing product, process or service.

• innovation
• original
• invention
• outstanding

_____ is the creation of a product for the first time.

• innovation

• transformation

• invention

• modification

Match the following elements of the MACRO environment

• Are there any emerging technologies on the horizon?

• Technological

• What is the population's growth rate and age profile?

• Political

• What is the unemployment rate?

• Socio-cultural

• What pending legislation or taxation changes affect the new business idea

• Economic

Which of the following is not a factor of a PEST analysis

• Socio-cultural

• Environmental

• Technological

• Political

• Economic

Which of the following are skills/characteristics of entrepreneurs?​ (a)   ​ (b)   ​ (c)   ​ (d)  

• creativity
• determination
• motivation
• Passion
• Persuasive
• Energetic

Which entrepreneur skill/characteristic is being defined:

Entrepreneurs realise that ever even and every situation is a business opportunity

• Boldness

• Enthusiasm

• Discipline

• Adaptabiity

Innovation that occurs over time through a serious of small improvements is called _______ innovation.

• Incremental

• Architectural

• Disruptive

• Radical

_________ innovation is taking the components of a product and reassembling or redesigning them in a new way to introduce to a new market.

• Radical

• Incremental

• Disruptive

• Architectural

______ innovation happens when a smaller business with fewer resources is able to successfully challenge an establish business in the market.

• Radical

• Incremental

• Disruptive

• Incremental

The harnessing of new technology and new business model simultaneously is called _____ innovation. It creates an entirely new and non-existent market segment.

• Disruptive

• Radical

• Architectural

• Incremental