Activity: Answer the following questions, thoroughly. 1. Why “sound business idea” is important to the entrepreneur? 2. How may business ideas be generated? 3. In what way may a person’s acquaintance be a source of business ideas?

Activity: Answer the following questions, thoroughly. 1. Why “sound business idea” is important to the entrepreneur? 2. How may business ideas be generated? 3. In what way may a person’s acquaintance be a source of business ideas?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Q: Assume your team is assigned to develop the website for alarge online clothing retailer that also…

A: Online shoppers is referred to those people who mostly prefer to make their purchases using online…

Q: Give one example of Sources of ideas for entrepreneurial ventures. 1.Give example of "From the…

A: Entrepreneurs and businesses find a host of sources for business ideas from various means such as…

Q: Please design an effective form of business planning (provide a good impact and can implemented) as…

A: INTRODUCTION The Airline industry plays a vital role in stimulating social, and economic…

Q: If you were asked to invest in or take a job in acompany that claims to be innovating in the…

A: There are different organizations in the global world. There are different employees in an…

Q: It is very true that the concepts of innovation and entrepreneurship are interrelated. Innovation is…

A: Innovation Management is the systematic process by which organizations foster a culture of…

Q: Boineelo runs a Johnson’s workwear store that provides a variety of workwear products for specific…

A: The success of any business largely depends on its ability to build and maintain strong…

Q: jeff bezos advised entrepreneurs to produce goods and services with a "good brand name ". Elon Musk…

A: Both Jeff Bezos and Elon Musk are highlighting the importance of creating value for customers. A…

Q: 1. An entrepreneur must strike an excellent balance between being a(n) A. Sales person and a…

A: An entrepreneur is a person who decides to launch a or initiate a new business with a business idea…

Q: Discuss the issue of lacking innovative ideas in the corporate sector, provide strong support and…

A: Innovation is quickly becoming one of the most critical aspects of a company's success and growth.…

Q: kindly explain and give one example each about young entrepreneurs, women entrepreneurs, home-based…

A: Entrepreneurs are individuals who start and operate their own business ventures. They are typically…

Q: It is more likely that an entrepreneur will get new business ideas through weak-tie rather than…

A: Entrepreneur refers to those individuals who come up with innovative ideas about starting a business…

Q: choose correct answer In the twentieth century Joseph Schumpeter expanded the previous definition…

A: Joseph A. Schumpeter, “Entrepreneur is a person who foresees the opportunity and try to exploit it…

Q: a) List TWO (2) characteristics of an entrepreneur's personality in Ms. Rosnah Binti Roslan. b)…

A: In this explanation, we discussed MyBarang Sdn. Bhd., one of the largest retail and wholesale…

Q: Develop the idea for a new digital startup. Explain 1)2Motivation 2) What problem does it…

A: The skill of transforming an idea into opportunity and innovation is known as entrepreneurship. It…

Q: A company explains the purpose why its in business by four statements. Discuss.

A: There are many organizations and industries that are active these days. The internet is being used…

Q: 1. Explain some of the most rapidly advancing technologies custom are seeking out. 2. List the new…

A: Disclaimer: since you have posted multiple questions, we will solve the first question for you. If…

Q: Business plan should describe where the entrepreneur is, where they want to go with the company, and…

A: Entrepreneurs and businesses find a host of sources for business ideas from various means such as…

Q: Explain any three roles of enventory with the use of examples

A: Inventory is nonentity but the supply or goods that are kept. The motive companies achieve their…

Q: Build a Business - How to Start a Business Using the word bank, select the correct makes sense. you…

A: How to Start a Business: A Comprehensive GuideIntroductionStarting a business involves multiple…

Q: The following questions are important in assessing the social value proposition of a social venture…

A: The term social value proposition of a social venture is defined as the positive effect or impact on…

Q: Which of the following are the key dimensions of strategic entrepreneurship? I. Strategic…

A: The set of factors that contribute to the success of a business or organisation in a competitive…

Q: When you say "SEO," what do you mean by that? If you want to boost the online visibility of an…

A: SEO refers to Search Engine Optimization, which is the process of enhancing a website to enhance its…

Q: It is not advisable for new entrepreneurs to rely on information from new relationships and…

A: An entrepreneur is a person who is new to enter into the business and bears a lot of risk in…

Q: entrepreneurs

A: Entrepreneurs play a very important role in the generation of wealth and growing the economy. They…

Q: Is there a side business or related to the main business of the entrepreneur?

A: The entrepreneur can be defined as an individual who has the capability and the willingness to set…

Q: Wanted: Entrepreneur by Ron Wirtz A working definition: A bird's-eye view shows a lot of…

A: An entrepreneur is an individual who takes on the risk of starting and running a new business…

Q: true or false Being persistent is not an essential characteristics for an entrepreneur .

A: Introduction An Entrepreneur is an individual or a person who utilize his new ideas, skills and…

Q: Is Micorsoft become successful because of the good manager?

A: The managers are part of business that have the charge to monitor and supervision different…

Q: Sources of opportunity idea map My business idea is to become an author. What are the three…

A: An idea map is useful for creating a visual representation of ideas, and thoughts. It helps in…

Q: What is the process involved in making a career plan? What are the different types of management…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: . Relate IoT to the current situation we are facing as a generation and society. Has it made your…

A: Now a days technology has become prominent in any business growth. Internet is one thing that makes…

Q: As part of an organisation that promotes women entrepreneurship, please assist with writing a…

A: A business plan can be expounded as a document that contains the details regarding the core…

Q: 1. Outline the difference|between a business idea and a business opportunity? Why is this…

A: SINCE YOU HAVE ASKED MULTIPLE QUESTIONS, WE WILL SOLVE THE FIRST QUESTION FOR YOU. IF YOU WANT ANT…

Q: Give a short explanation for each items Why NOT to be an Entrepreneur Uncertainty of income…

A: Entrepreneur refers to an individual who takes the initiative of identifying the available market…

Q: For innovation, provide a comprehensive description, what benefit it may offer to the ABC…

A: Innovation is the development and use of fresh concepts, procedures, or goods that contribute to or…

Q: Likert scale (5- strongly agree, 4- agree, 3 - neutral, 2- disagree,1- strongly disagree) questions…

A: Disclaimer: Since you have asked multiple question, so we will solve the first question for you. If…

Question

Activity: Answer the following questions, thoroughly.

1. Why “sound business idea” is important to the entrepreneur?

2. How may business ideas be generated?

3. In what way may a person’s acquaintance be a source of business ideas?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

How was the concept of shared value (the idea—advanced by Michael Porter and Mark Kramer from Harvard Business School—that companies should generate economic value in ways that promote social good.) utilized by Lifebuoy? Why do you think gaining internal support is important for bringing business value and social good together?
On my Resume How can I demonstrate ability to use market research and intelligence to develop appropriate business proposals and convert opportunities for qualified customers with revenue growth potential within an assigned geographic territory. Using examples of achievements that demonstrate the knowledge, skill, or ability being addressed.
Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships? Why? Give an example of a strong-tie and a weak-tie.
What are the list of tips you would give for someone that plans on startinga business. What are the best marketing strategies nowadays to get faster engagement with clientes and therefore more sales?
Share your thoughts on the Characteristics of (1) Best sales organizations and (2) Best Sales managers. List a total of Five characteristics on both the headings listed above. Feel free to share your personal experiences too.
How should I organize to enhance innovation outcomes in my firm? What determines when I should make vs. buy? Is there a viable business model in which I can effectively outsource innovation and just buy the ones I see as successful? Can I still "win" financially by making such purchases and acquisitions? If so, how? Firms like Netflix, or even personal brands such as Madonna and Justin Timberlake, have successfully managed across two time periods In effect, they have re-invented themselves to "fit" into a new competitive space. What can we learn from these firms or brands?
Describe the meaning of a "breakeven analysis" in relation to a business start-up initiative.
One of the common barriers of starting a business for the entrepreneur is not being able to generate a business idea. However, there are elements that one can use to generate these business ideas, such as from skills, expertise and aptitude, from common needs, from existing problems, from everyday problem and form other sources. In relation to theelements highlighted discuss and explain how the business ideas are generated.
Select the best answer for the question. 10. Which one of the following would be grounds for disciplining an employee for off-duty misconduct? H OA. A fire-fighter intentionally vandalizes a fire-hydrant in a protest related to contract negotiations. OB. A lung surgeon is seen smoking a cigarette in a designated smoking zone. OC. An off-duty Toronto policewoman flies a Blue Jays flag on her car OD. A fast-food employee is spotted by the employee's manager eating at a competitor's location. Mark for review (Will be highlighted on the review page) >> NTKE #
250 Words
Empty speculation Prepare for potential problems as you are developing the framework. After all this. What does this suggest? different challenges to overcome as you construct the framework. So anything. What does this suggest?
1. Why we need entrepreneur? (it requires 3 answer)