ENT 2113 Test #1 OU
In general, the greater the debt a business owner is willing to take on, the ________ the risk tolerance
higher
Some communities offer facilities that house new businesses and provide resources for them. These are called ________
incubators
The process of generating ideas should occur in a(n) ________ manner and not in a(n) ________ fashion.
interactive; linear
Good luck pookies 😘
don't stress just breath
Which of the following experiences can entrepreneurs evaluate when generating business ideas based on their education?
the courses they took that were particularly enjoyable
The presence of venture capital for start-ups is limited outside of the United States
true
You should start a business doing something you have a passion for because you will spend more time starting and running the business than if you start a business that does not excite you.
true
A potential business owner needs to convey his or her business idea to a prospective investor or lender in ________ minutes.
two
Which personality test believes that a person is the result of all experiences in his or her life?
Enneagram
Which of the following is an advantage that family businesses enjoy over nonfamily-owned businesses?
Individuals in family businesses are often willing to work at times and in conditions that employees in nonfamily-owned businesses would not accept.
Which of the following is not a characteristic of a high-growth venture?
It is designed to reflect the mission of the founder
In the context of entrepreneurial businesses, which of the following is an advantage that small businesses have over big businesses?
ability to produce small niche products
Years ago, economists mistakenly predicted that small businesses would
be replaced by a smaller number of big businesses
In the context of entrepreneurial orientation, the presence of ________ often leads young people to be pioneers in an area, as they are not limited by the restrictions of the past.
bounded rationality
In the context of business risks, how can an entrepreneur identify competitors to a new potential business?
by observing what potential customers do to satisfy their current needs or wants
Before establishing a new business, the first thing founders should do is
list their personal skill sets.
They tend to be oriented toward the personal goals of the founder
more focused than their large corporate counterparts
Threats to ________ are threats to the success of a new business related to its ability to establish and maintain a high-margin product or service.
profit margins
In the context of evaluating entrepreneurial orientation, which of the following personality tests has a bias that adults will not change their personality over time and instead hold on to the personality they develop during childhood?
the Enneagram test
One of the greatest assets of a small business is the owner
true
Some small business owners find a patent, and then get permission from the owner to develop marketable products based on it.
true
The fourth column in a gap analysis is used to list the resources required for the successful operation of a business. Group starts
true
When should a new business owner ensure there are sufficient financial resources to operate the business?
prior to the start
A person's past work experience is a source of skills and ideas for new businesses.
true
A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.
true
An entrepreneurial firm is typically self-funded or closely funded by the founder.
true
Heather Schuck, owner of Glamajama, is an example of how women can concentrate on more than one facet of life
true
In a small family business, the most important support group is the family
true
What is the percentage of self-employed people in the workforce?
20
Identify a true statement about the process of generating business ideas.
After analysis, entrepreneurs may change their ideas even if they initially thought that their ideas would be successful.
Identify a true statement about the process of generating new business ideas.
As a business idea evolves, an entrepreneur must be willing to develop a new set of skills to make it successful.
During Eisenhower's presidency, who stated that "what is good for General Motors is good for the nation"?
Charles Wilson
Which of the following personality tests is based on the philosophy of Carl Jung?
Myers-Briggs
Which personality test indicates the different ways individuals deal with other people and their environments?
Myers-Briggs
Identify a true statement about the history of entrepreneurial businesses in the United States
The 1880s saw the initial development of the nation's large industrial base
Which of the following is true of robber barons in the context of the history of entrepreneurial businesses in the United States?
They indulged in great abuses in order to succeed in their business.
Identify a defining characteristic of entrepreneurial firms
They tend to be oriented toward the personal goals of the founder
Identify a defining characteristic of venture capital start-ups
They tend to develop operations in multiple locations very shortly after the initial investment.
The largest group of new business owners is ________.
WOMEN
In the context of risks to new businesses, identify a true statement about risk tolerance.
What constitutes a risk is determined by an entrepreneur by observing his or her own tolerances.
While developing a quality business idea, what should potential business founders ideally do after evaluating their personal skill sets?
carefully analyze the market and look for a gap
Entrepreneurial businesses fail to provide a means to meet the varied demands that individuals face in a society
false
In a small business, an owner needs to consider how much debt he or she wants to accumulate in the business. The greater the debt, the lower the risk tolerance.
false
In the context of developing a quality business idea, the first step that an entrepreneur should take is assess their ability to fill gaps in the market. Group starts
false
Large companies understand their customers more in the local area as compared to small firms
false
more focused than their large corporate counterparts
false
Incubators for small businesses include all of the following except
financial loans.
What term is used to describe the process of systematically examining the difference between what is expected and what occurs?
gap analysis
What are the critical elements that an entrepreneur must solve for success?
sustainable operating profit margins, an effective sales generation model, being properly financed (ALL OF THESE ARE CORRECT) IS THE AWNSER
The connection between an entrepreneur's skills, understanding of an industry, and the ability to create a competitive advantage such that the sum of the parts of the new business is greater than the individual parts alone is called ________.
synergy
Which of the following is an advantage that small firms have over large businesses?
the ability to respond quickly to changes