Entrepreneurial Adaptability and Innovation

Front

What does it mean for an entrepreneur to be adaptable?

Back

To quickly adjust strategies based on changing market conditions

Front

Why is innovation important for entrepreneurs?

Back

It helps differentiate their products or services in the market

Front

How can a local bookstore compete with larger online retailers?

Back

Offer personalized book recommendations and in-store events

Front

A dessert shop wants to attract new customers. Which idea demonstrates creativity? Options: Keeping the menu exactly the same, Adding unique toppings like edible glitter and customized designs, Offering only pre-packaged desserts, Advertising with the same materials as competitors

Back

Adding unique toppings like edible glitter and customized designs

Front

Resilience involves the ability to bounce back from failures and setbacks

Back

True

Front

Innovation refers exclusively to creating new products, rather than improving existing ones.

Back

False

Front

Entrepreneurs who take no risks are often the most successful.

Back

False

Front

Taking risks in business always leads to success.

Back

False

Front

Select the best definition for: Entrepreneurial innovation

Back

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Front

Entrepreneurs who can adjust their business plans based on changing market conditions demonstrate ____________

Back

Adaptability