Assignment 3 Semester 1 2026
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Due Date: April 2026
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1. Which stage of the entrepreneurial process involves transforming an idea into a
business?
1. Idea generation
2. Opportunity evaluation
3. Implementation
4. Market research
The implementation stage is where the entrepreneur moves from planning to action. It
involves setting up the business, acquiring resources, launching operations, and turning the
concept into a functioning enterprise. The earlier stages only focus on identifying and
assessing ideas, not executing them.
2. Which phase of the entrepreneurial process focuses on identifying market gaps?
1. Business planning
2. Idea generation
3. Growth phase
4. Resource allocation
Idea generation is the phase where entrepreneurs scan the environment, identify unmet
needs, and recognise opportunities in the market. This is where gaps are discovered before
any formal planning or execution begins.
3. A viability study primarily evaluates:
1. Profit potential of the business
2. Creativity of the idea
3. Number of employees
4. Marketing strategies only
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is"
without any express or implied representations or warranties. The author accepts no responsibility or
liability for any actions taken based on the information contained within this document. This document is
intended solely for comparison, research, and reference purposes. Reproduction, resale, or transmission
of any part of this document, in any form or by any means, is strictly prohibited.
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A viability study determines whether a business idea is financially and practically feasible. It
focuses mainly on whether the idea can generate profit and sustain itself, rather than how
creative it is or how many employees it will have.
4. A viability study primarily evaluates:
1. Profit potential of the business
2. Creativity of the idea
3. Number of employees
4. Marketing strategies only
The duplication of this question does not change the answer. A viability study still centres on
assessing whether the business can succeed financially and operate sustainably in the
market.
5. How does a safety management system establish safety culture?
a. It characterises the processes that an organisation implements to measure safety risks.
b. It simplifies the techniques that an organisation implements to monitor safety risks.
c. It embodies the procedures that an organisation implements to prevent safety risks.
d. It represents the measures that an organisation implements to manage safety risks.
A safety management system builds culture by embedding preventative procedures into daily
operations. It is not only about measuring or monitoring risks, but about actively preventing
them through structured practices.
6. What is a benefit of visible felt leadership (VFL)?
a. The practice set by the leadership group ensures that the safety management culture is
engrained among all the employees.
b. The paradigm set by the leadership factor ensures that the safety management culture is
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is"
without any express or implied representations or warranties. The author accepts no responsibility or
liability for any actions taken based on the information contained within this document. This document is
intended solely for comparison, research, and reference purposes. Reproduction, resale, or transmission
of any part of this document, in any form or by any means, is strictly prohibited.