7) Annabel operates a local hardware store that she inherited from her parents.

Question

7) Annabel operates a local hardware store that she inherited from her parents. When she took over, she updated the point-of-sale equipment and installed a customer database. Annabel is a(n) A) entrepreneur B) opportunist C) venture capitalist D) small business owner 8) Rob is a CPA who works out of an office in his home. His business is named "Friendly Accounting Services." Eventually Rob would like to grow his business to include partners and bookkeepers. We would classify Rob as A) self-employed B) an entrepreneur C) an employee D) a franchisee is a process of changing, experimenting, transforming, and revolutionizing. 9) A) Developing B) Research C) Innovating D) Inventing 10) The purpose of examining the state of the economy, the regulatory situation, social and the local labor supply is to A) identify possible customers and employees B) locate resources for use in the new business C) determine who are the major players in the market D) identify opportunities and possible competitive advantages 11) Belinda has found a business opportunity she believes will be already a couple companies in that market. To be successfu, Belinda will buthere are A) pinpoint a competitive advantage B) patent her idea C) pursue a joint venture with therm D) write her mission statement 12) To demonstrate social responsibility, entreprer A) consider community goals in their business plans community goals in their business planscuged to and Rotary C) participate in community organizations such as Kiwanis D) sponsor youth sports teams

Explanation / Answer

7).

B)

Here, it is not as to why Annabel updated the point-of sale equipment. There can be many reasons for doing so but since none of them is mentioned, she cannot be termed as opportunist. It is because, opportunists are those who change themselves with respect to the situation that favors them.

C)

Venture capitalists are those who invest in small businesses. Here no such thing is present. So, this option is also not correct.

D)

It is only mentioned in the case that the hardware store is local which makes it not clear as to what is the size of the store. It could be a very big or very less sized store.

Thus, option D is also not correct.

A)

An entrepreneur is the person who owns a business (it may be inherited also) and tries effortlessly to take it to the next level. She made changes to the store as soon as she got power. She used her mind to enhance the store capability. Thus, she can be called as an entrepreneur.

Hence, option A is correct.

8)

Rob can be classified as an entrepreneur. It is because he works on his own and is hoping to grow and hire people who can work for him. He is also willing to have partners which means he is thinking of expanding the business. These all are the qualities of an entrepreneur i.e. thinking of doing something on their own.

Thus, the correct answer is option A).

9)

Innovation refers to making changes to the things that are already established to ease up their working and handling etc. such changes can be done by changing the features, looks, working of the products.

Thus, the process of changing, experimenting, transforming, and revolutionizing will be called as innovation.

Hence, the correct answer is option C).

10)

The examination of the state of economy, regulatory situation, social trends and local labor supply is done by business when they sought to expand or launch a new product.

Thus, the correct answer to this is option D).

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