PART THREE: LECTURE 3.1 QUIZ

1. In a business context, the aphorism, “Perfect is the enemy of good” coined by French philosopher Voltaire, could signify the following:

2. In the dynamic world of business, the notion of “perfection” can be a double-edged sword. While it implies achieving the ultimate objective, it can also be a hindrance to progress and growth. In this ever-changing environment, there is no such thing as a “final” milestone or destination, as each success only serves as a stepping stone to greater possibilities. To settle for perfection is to limit the boundless potential of an enterprise, and risk bankruptcy by failing to adapt to changing market forces.

3. The failure to innovate among entrepreneurs results in various negative consequences, one of which is…

4. Some of the ‘poisonous’ factors that contribute to business failure may include:

5. What does a social entrepreneurship approach entail when it comes to profits?

6. Poor time or financial management, incompetent leadership skills when it comes to delegation and collaboration, and a lack of discipline or creative thinking are examples of:

7. A strong business model is one that is permanent and remains static.

8. What can stand in the way of a good business model?

9. In a business context, what is the ‘nirvana fallacy’?

10. What is the reality all entrepreneurs should confront if they want to move forward with the design and development of minimum viable products (mvps)?