GEN009 Quiz#4

How should an entrepreneur integrate both short-term and long-term strategies to manage market risk effectively?

• Diversify investments, maintain cash reserves, and continuously innovate.

• Focus solely on reducing costs, limit investments, and avoid taking risks.

• Increase product prices, cut marketing expenses, and reduce staff.

• Maintain a single revenue stream, ignore market trends, and minimize spending.

In the idea experience phase, which of the following best describes the “eureka moment”?

• A well-planned and methodical decision-making process

• A sudden realization or insight that connects previously unconnected information

• A detailed analysis of available data leading to a logical conclusion

• The immediate implementation of a new idea without further consideration

Imagine you are an entrepreneur in a volatile market. How would you combine different risk management strategies to ensure business stability?

Evaluate the situation where an entrepreneur must choose between an adaptor and an innovator approach to problem-solving. Which approach is best for a rapidly changing market environment?

• The adaptor approach, as it focuses on refining current practices

• The innovator approach, as it embraces change and questions existing assumptions

• The adaptor approach, as it is more conservative and risk-averse

• Neither approach, as both are unsuitable for a changing environment

An entrepreneur who relies heavily on a single supplier is exposed to what kind of risk?

How would you apply the concept of “thinking the unthinkable” to develop a new business model in a traditional industry?

Which of the following scenarios best illustrates the importance of creativity in gaining a competitive advantage?

A retail business is experiencing decreased foot traffic due to the rise of e-commerce. What challenge is the entrepreneur facing?

• Cost reduction

• Process optimization

• Niche market creation

• Standardization of processes

How would you integrate the characteristics of creative people into your team to enhance innovation in your business?

When a creative entrepreneur decides to merge different fields to create a new product, what are they most likely trying to achieve?