Two Entrepreneurs, Fred and Ming, Were Discussing the Potential for Success

question 25

Multiple Choice

Two entrepreneurs, Fred and Ming, were discussing the potential for success or failure of their ventures. They described their start-ups in the following manner:1. Fred stated that he had very little money invested, but he was the first in the market with his product.2. Ming stated that her investment in the business was very small and that her product was similar to those already in the market. According to the entrepreneurial strategy matrix, Ming's scenario can be described as involving

• A)low innovation/high risk.
• B)low innovation/low risk.
• C)high innovation/low risk.
• D)high innovation/high risk.
• E)high investment/no risk.

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Definitions:

Service Provider

A company or entity that offers services to consumers or other businesses.

Evaluate

To assess or judge the value, performance, or significance of something systematically.

Inseparability

A characteristic of services indicating that they are produced and consumed at the same time, making the separation of service delivery from its consumption impossible.

Tour Company

A business that specializes in organizing travel tours and excursions, often providing guides, transportation, and itinerary planning services.