BIZZ

1. This is essential to opportunity – seeking which allows the entrepreneur to see things in a positive and optimistic light in the midst of crisis or difficult situations.

• A. Entrepreneurial mind frame

• B. Entrepreneurial gut game

• C. Entrepreneurial heart flame

• D. Entrepreneurial heart frame

Answer explanation

The correct choice is A. Entrepreneurial mind frame, as it refers to the ability to maintain a positive and optimistic outlook, crucial for entrepreneurs to identify opportunities even in challenging situations.

2. It is the ability of entrepreneur that can sense without using the five senses, also known as intuition.

• A. Entrepreneurial mind frame

• B. Entrepreneurial gut game

• C. Entrepreneurial heart flame

• D. Entrepreneurial heart frame

Answer explanation

The correct answer is B. Entrepreneurial gut game, as it refers to the intuitive ability of entrepreneurs to sense opportunities and challenges without relying on their five senses.

3. One of the essentials of entrepreneur’s opportunity – seeking that refers to the driven passion of an individual.

• A. Entrepreneurial mind frame

• B. Entrepreneurial gut game

• C. Entrepreneurial heart flame

• D. Entrepreneurial heart frame

Answer explanation

The correct choice, C. Entrepreneurial heart flame, emphasizes the passion and drive essential for entrepreneurs in seeking opportunities, distinguishing it from the other options that do not capture this essence.

4. What variable of societal environment includes income level and employment rate?

• A. Economic forces

• B. Sociocultural forces

• C. Political forces

• D. Technological forces

Answer explanation

Economic forces encompass factors like income level and employment rate, which directly influence the financial health of a society. Therefore, the correct answer is A. Economic forces.

For questions 5 and 6 refer to the following statements:

A. Preferences and tastes of the customers easily change.

B. The buyer has the potential for backward integration.

C. The cost of switching the supplier cost is minimal.

D. Product differentiation is highly noticeable.

5. 5. Which are the factors of the substitute product that pose a great threat in the industry environment?

• A. A, B, C, D    

• B. A and C     

• C. A and D

• D. B and C

Answer explanation

Factors A and D indicate that customer preferences can shift easily and that product differentiation is significant, both of which heighten the threat of substitutes in the industry.

For questions 5 and 6 refer to the following statements:

A. Preferences and tastes of the customers easily change.

B. The buyer has the potential for backward integration.

C. The cost of switching the supplier cost is minimal.

D. Product differentiation is highly noticeable.

6. 6. Which are the factors that influence the buyer to have a less threats because of the bargaining power?

• A. A only     

• B. A and C     

• C. A and D

• D. B and C

Answer explanation

Factors B (backward integration potential) and C (minimal switching costs) reduce buyer threats, as they enhance buyer power and flexibility, making it easier for buyers to switch suppliers or integrate operations.

7. They are the ones who pay cash in exchange for your goods and services.

• A. Buyers

• B. Sellers

• C. Competitors

• D. Suppliers

Answer explanation

The correct answer is A. Buyers, as they are the individuals or entities that pay cash in exchange for goods and services. Sellers provide the goods, while suppliers supply them, and competitors are other businesses in the same market.

8. It is a state or situation wherein business organizations are competing with each other in a particular market.

• A. Substitute

• B. Rivalry

• C. Sellers

• D. Buyers

Answer explanation

The correct answer is B. Rivalry, as it describes the competition among business organizations in a market. Substitute refers to alternative products, while sellers and buyers denote market participants, not the competitive situation.

9. The following are the forces competing within the industry except one:

• A. Potential new entrants and Substitute Products

• B. Buyers and Suppliers

• C. Rivalry among Existing Firms

• D. Needs and Wants

Answer explanation

The forces competing within the industry include potential new entrants, substitute products, buyers, suppliers, and rivalry among existing firms. 'Needs and Wants' are not industry forces but rather consumer motivations.

10. The following are the forces competing within the industry except one:

• A. Potential new entrants and Substitute Products

• B. Buyers and Suppliers

• C. Rivalry among Existing Firms

• D. Needs and Wants

Answer explanation

The forces competing within the industry include potential new entrants, substitute products, buyers, suppliers, and rivalry among existing firms. 'Needs and Wants' are not a competitive force, making D the correct answer.