entr 1

The underlying philosophy of the ______ test is that people are a result of all the experiences of their life.

Enneagram

The European Union considers any business with fewer than _____ employees to be a small business.

50

What is the condition that allows the long-run average cost to continue downward as production increases?

Economies of scale

Which of the following are correct regarding the characteristics of large businesses

No one person is critical to the business's survival. Knowledge is widely dispersed throughout the business. They have greater excess resources.

What are the typical categories used to analyze a business idea?

Risk Finance Competitors Time Nonfinancial resources

A difference between entrepreneurial businesses and venture capital-backed firms is that _____.

entrepreneurial businesses' resources are more constrained than those of venture capital-backed businesses

What is the connection between the 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?

Synergy

Along with being properly financed and developing sustainable profit margins, in order to be successful, entrepreneurs must:

develop an effective sales generation model.

Economies of scale is the condition that allows the long-run average cost to continue _______ as production _______.

downward; increases

If one has a low risk tolerance, one is likely to spend ____ and save ____.

less;more

The steps in the process of generating ideas do not occur in a(n) ______ fashion but should occur in a(n) ______ manner.

linear; interactive

The business plan for a new entrepreneurial business is developed to serve as a guide to manage the business, to provide potential investors with critical information to evaluate the business, and to:

provide a self-evaluation

Silicon Valley and Boston's 128 corridor are well known for:

providing a basis to the area's economic vitality. generating new employment with entrepreneurial ventures. providing a growing tax revenue base.

Potential entrepreneurs must understand their level of tolerance to

risk

The first category of start-up businesses are those formed as high-growth, often high-tech, ventures and are referred to as ______.

venture capital-backed firms

The U.S. government considers any business with fewer than _____ employees to be a small business.

500

Along with the business idea, what else should be included in the first column of the gap analysis chart?

A brief explanation of the business idea

When was the initial development of the large industrial base of the United States?

1880s

Identify the findings of the federal General Accounting Office's (GAO's) analysis of the impact of the closure of military bases.

Cities with base closings offered tax breaks and programs to support new business development. In cities with base closings, the areas around the bases had income growth higher than the national average.

What are the critical elements that an entrepreneur must solve for success?

Develop an ability to generate consistent and growing sales Sufficient resources to get the business to a point where it is self-funding Sustainable operating profit margin

Which of the following are reasons why entrepreneurial businesses are successful?

Free to place energy into satisfying the needs of customers Fewer layers of management Tend to be more focused than large corporations

Identify the characteristics of a gap analysis for a new venture using a chart.

It is a reasonably quick analysis. It requires minimal or no research.

Identify a characteristic of a gap analysis for a new venture.

It is supposed to be completed by the entrepreneur or entrepreneurial team.

Identify a true statement about organizational slack.

It provides large organizations with flexibility that is unavailable to the typical entrepreneurial venture.

Which of the following steps are important to the development of a quality business idea?

List and evaluate one's personal skill sets. Compare one's ability to fill the gaps with the opportunity available. Analyze the market and look for a gap or need not being met effectively.

Which of the following statements make interviewing key successful entrepreneurs an attractive way to identify opportunities or gaps?

Most successful entrepreneurs are too busy with their own business to pursue new ventures. Most successful entrepreneurs have great ideas. Entrepreneurs have a keen eye for what businesses are needed in an area.

Which of the following are supports that entrepreneurs rely on?

Social networks Financial resources Family

include key suppliers, customers, and employees. These individuals are critical to the success of a business.

Stakeholders

Which of the following descriptions are characteristics of entrepreneurial firms?

The operation is designed in the image of the founder. The start-up is self-funded or closely funded. The number of employees will not be expected to grow beyond 100.

Identify a characteristic of venture capital start-ups.

They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.

Which of the following statements is true of venture capital start-ups?

They are often formed as high-tech ventures consisting of unique characteristics.

Civic leaders often look to ______ as a means to promote economic strength for a community, region, or state.

entrepreneurs

Once a skill analysis has been completed, the next step is to:

examine the marketplace for opportunities.

People in an entrepreneur's network can help by providing ______ to a new business.

legitimacy

According to the 2019 statistics from the United States Small Business Administration, 99.9 percent of all businesses in the United States are:

small

Which of the following steps are important to the development of a quality business idea?

Analyze the market and look for a gap or need not being met effectively. Compare one's ability to fill the gaps with the opportunity available. List and evaluate one's personal skill sets.

Which of the following are typical triggers for starting a business?

Being approached by friends or family with a new business idea Reaching a point financially where the risk-return level of a proposed new business is tolerable Being laid off from a job

Which of the following are ways entrepreneurial businesses can act as catalysts for societal change?

Entrepreneurial businesses have an understanding of the local community. Entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations.

Unlike entrepreneurial businesses, large organizations will regularly pursue smaller markets even if they do not believe the results will generate profits.

False

Which of the following are reasons for the recent growth in the number of women starting new businesses?

Frustration with the glass ceiling Greater control over work-life balance

Which of the following is NOT one of the three types of specific risks?

Network (Strategic, Financial, Market retaliation)

Who is associated not only with the success of the industrial base but also with the great abuses in business?

Robber barons

Which of the following are pairs of variables in the Myers-Briggs test?

Sensing-intuiting Judgment-perception Extroversion-introversion

Which of the following statements is directly associated with the circumstantial motivators for starting a business?

The staying power of an opportunistic start-up is mainly determined by other competing opportunities.

Which of the following is true of entrepreneurial firms?

The structure of management is designed to take advantage of the skills of the founder or founders of a firm.

Which of the following are characteristics of venture capital-backed firms?

They either start or grow quickly to employ a relatively large number of employees. They are formed with a harvest plan in place. They have a developed organizational structure.

Which of the following statements about incubators are correct?

They provide office machines and basic furniture to new businesses. They provide many critical services to new businesses. They provide common receptionists to new businesses.

The success of entrepreneurial businesses occurs because they are simply more _____ than their larger corporate counterparts.

focused

A business plan for a small business typically runs _____ pages long.

from 15 to 25

According to the World Bank, the presence of entrepreneurial small- and medium-sized enterprises is one of the strongest factors in the growth of any nation's ______.

gross national product

Identify a finding of the federal General Accounting Office's (GAO's) analysis of the impact of the closure of military bases.

In cities with base closings, several new businesses rose up to fill the economic gap that had resulted from the closings.

What are included in the first column of the chart used in the gap analysis?

The business idea A brief explanation of the idea

The nature of the effort required for an entrepreneur to carry out an effective due diligence analysis necessitates _____.

a focus on a single business idea

Entrepreneurs' prior experience plays a role in new business creation through

their view of the world

Entrepreneurs can examine business risk by considering three threats to business success. Those three threats are:

threats to operational financing. threats to sales generation schemes. threats to the profit margin.

Entrepreneurs can examine business risk by considering three threats to business success. Those three threats are:

threats to the profit margin. threats to sales generation schemes. threats to operational financing.

What is included in the second column of the chart used in the gap analysis?

Categories of analysis

What program is growing across the United States to help start new entrepreneurial businesses in an area?

Economic Gardening

In the context of nonfinancial resources, which of the following are to be considered in a gap analysis for a new business?

Special contacts with customers Special contacts with suppliers Physical location of the business

Identify the questions that should be considered by an entrepreneur when analyzing the nonfinancial resources category of a gap analysis for a new business.

What unique skills will be needed to run the business? What peculiar capabilities offer the entrepreneur a competitive advantage?

By providing resources that new businesses cannot otherwise afford on their own, incubators can help these businesses establish _____.

some level of legitimacy

_____ is a managerial theory that believes individuals act to maximize their own benefit.

Agency theory

Identify a true statement about the circumstantial motivators for starting a business.

They tend to result in more of a defensive positioning than do personal motivations.

Which of the following statements are true regarding robber barons?

They were responsible for some of the great abuses in business. They dominated the industrial sectors. They took advantage of the economies of scale.