Creating your Business - Week 2

Which of the following is NOT one of the skills associated with successful entrepreneurs?

• Spotting opportunities

• Avoiding risk at all costs

• Evaluating opportunities

• Reflecting on feedback

According to Shane & Venkataraman (2000), entrepreneurship involves which activity?

• Only selling existing products

• Exploiting opportunities to introduce new goods/services

• Following strict organizational hierarchies

• Avoiding risks and changes

Which element does Miller (1983) associate with entrepreneurship?

• Bureaucracy

• Innovativeness

• Reducing all risks

• Passive observation

What is the ultimate goal of any good business venture?

• Expansion

• Perfection

• Value creation

• High employee turnover

What is a value proposition?

• A company’s mission statement

• The benefits a business promises to deliver to customers

• A marketing slogan

• A list of company expenses

Which of these is part of the customer profile according to the slides?

• Competitors

• Government regulations

• Jobs, Gains, Pains

• Profit margins

Which quote best reflects the mindset towards perfection in entrepreneurship?

• “Perfection is always achievable.”

• “Perfection is not attainable, but if we chase perfection we can catch excellence.”

• “Perfect businesses don’t need feedback.”

• “Entrepreneurs should never take risks.”

What impact is NOT listed as affecting modern business?

• AI development

• Climate crisis

• Free unlimited labour

• Changing work habits

What does ‘Change creates opportunity’ mean in business?

• Change should always be avoided

• Change makes running a business impossible

• Changes in the environment create new business opportunities

• Change is irrelevant for business planning

Why is peer feedback sometimes challenging for students?

• They do not care about feedback

• They fear being criticised by peers

• They prefer feedback from strangers

• They already know everything