MGMT 340 midterm

One form of primary research is _____

a focus group

Within five years, ________ percent of new businesses will fail.

51

In a survey of members of Generation Z, ________ percent said they would rather save money than spend it.

57

Ideally, a focus group should have ________ members.

8-12

Of the 28 million businesses in the United States, more than ________ percent are considered small.

99

Which of the following is not a characteristic of a successful working relationship between copreneurs?

A clear definition of one partner as "boss" and the other as "subordinate"

The young, job-creating small companies are known as ________

"gazelles"

_______ thinking is the ability to see similarities and ________ thinking is the ability to see differences among various data and events.

. Convergent; divergent

___________ begins at the point in the life of your business when you decide to get some help?

Adolescence

Every ____________ business reaches a point where it pushes beyond its owner's comfort zone?

Adolescent

During the incubation phase of the creative process, the entrepreneur might do all of the following except which of the following to let ideas "marinate" in his mind?

Don't allow one's self to daydream.

Which personality did Sarah say that she did not have?

Entrepreneurial

The _________ is the dreamer in us?

Entrepreneurial personality

What is the root cause of most small business failure?

Fatal Assumption

The focus of which of the following step in the creative process is to transform the idea into reality?

Implementation

"__________ is the signature of a bold, imaginative hand"?

Innovation

All innovations need to be ____________?

Quantifiable

Which hemisphere of the brain is responsible for the body's emotional, intuitive, and spatial functions?

Right hemisphere

____ lateral thinking is somewhat unconventional and unstructured.

Right-brained

Who was the author of the book "Man's Search for Himself" that Michael Gerber read three times?

Rollo May

Which of the following is NOT one of the forces driving the entrepreneurial trend in our country?

Shift away from a service economy.

What does MacDonald call its self "The most successful _____________ in the world"?

Small Business

Which of the following is not one of the three types of systems?

Starter System

The "theory of inventive problem solving" is a left-brained, scientific, systematic process based on innovative patents and is referred to as ________.

TRIZ

After Infancy most _______ lock the door?

Technicians

The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called ________.

innovation

Entrepreneurs who start businesses because they cannot find work any other way are _______

necessity entrepreneurs

A ________ experiment is one in which different versions of a product are offered to customers at the same time. By observing the changes in behavior between the two groups, one can make inferences about the impact of the different variations.

split-test

Harvard's Ted Levitt says that creativity is ________ new things, and innovation is ________ new things

thinking; doing

Low capital requirements, cost advantages that are not related to company size, and the lack of brand loyalty are considerations regarding the ___

threat of new entrants to the industry

Everyone who goes into business is actually ________ people in one?

three

Employees must be given the tools and resources they need to be creative. One of the most valuable set of resources is ________.

time, support and encouragement

The goal of a minimum viable product is to begin the process of learning, not end it.

true

The innovation accounting framework makes it clear when the company is stuck and needs to change direction.

true

Using focus groups is an example of primary research.

true

All of the following are characteristics of the typical entrepreneur except ________.

value of money over achievement

What does the author say to the question "How do I get my people to do what I want"?

you can't

The irony is that it is often easier to raise money or acquire other resources when you have _________________

you have zero revenue, zero customers, and zero traction

"It's not your business you have to fear losing. It's something much bigger than that. It's _______?

your self

A ________ is an exclusive right that protects the creators of original works such as literary, dramatic, musical, and artistic works

copyright

Melinda and John Perez, both corporate attorneys in New York City, have grown tired of their lengthy daily commute, the stress of their jobs, and the overbearing policies of their employers. They have decided to leave their six-figure jobs and together open a guide service in Wyoming. Melinda and John are examples of ________.

corporate dropouts and copreneurs

Prototypes usually point out potential problems in a product's ___

design

Mainstream customers have ________ requirements and are much more demanding.

different

Women in business still experience ________ as they attempt to break the "glass ceiling.

discrimination

One of the most important lessons of the scientific method: if you cannot ____, you cannot learn.

fail

One hallmark of successful entrepreneurs is the ability to ________.

fail intelligently

If you are building the wrong thing, optimizing the product or its marketing will yield significant results.

false

Innovation accounting will still work even if a startup is being misled by vanity metrics such as gross number of customers and so on.

false

Most tools from general management are designed to flourish in the harsh soil of extreme uncertainty in which startups thrive.

false

The author Eric Ries explains "hard work and perserverance does lead to success.

false

The author agrees that a good plan, a solid strategy, and thorough market research works for startups.

false

With proper managerial structure innovation is a top-down, centralized, and predictable thing that can be managed.

false

Pivots are a permanent fact of life for any growing business. Unless they achieve initial success.

fasle

The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a ______

feasibility analysis

When an organization starts making cuts that result in a slowdown of the ___________, all they have accomplished is to help the startup go out of business more slowly.

feedback loop

Time out of cash is relevant to ________ analysis.

financial feasibility

A(n) ________ group involves enlisting a small number of potential customers to get feedback on specific issues about the company's product or service.

focus

Without a ____________ many companies get caught in the trap of being satisfied with a small profitable business when a pivot might lead to more significant growth.

formal growth model

The Franchise model uses workers with the ________ level of skill?

lowest

It is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within five years.

21,51

"Verification" refers to ________.

All of these

Research shows that anyone can learn to be creative. The problem is ________

All of these

Steps in the patent process include ____

All of these

The nation's small businesses ________.

All of these

Which of the following question(s) should you consider before entering a lawsuit to protect intellectual property?

All of these

the Lean Startup model offers a way to test an organization's hypotheses __________.

All of these are correct.

What is the second standard of a Strategic Objective?

An Opportunity Worth Pursuing

The more _________ a system is, the more effective your Franchise Prototype will be?

Automatic

Think of your company as a _________ instead of a partnership?

Corporation

What is the secret behind the success of the Business Format Franchise?

Franchise Prototype

Most companies organize around personalities rather than around ________

Functions

What are the natural dispositions of every business?

Grow or Contract

Why did Sarah start selling pies?

Her best friend said she should because she was so good at making pies

Which of the following is not a question to ask to evaluate an industry?

How sparse is the industry?

Which stage of the creative process requires one to develop a solid understanding of the problem or decision?

Investigation

Which hemisphere of the brain is responsible for language, logic, and symbols?

Left hemisphere

What step is after Organizational Strategy in the business Development Program?

Management Strategy

A __________ business knows how it got to be where it is, and what it must do to get where it wants to go?

Mature

Turn-Key Revolution started in what fast food restaurant?

McDonalds

Which of the following statements is not true regarding the diversity of entrepreneurs?

Minority-owned businesses now account for approximately 22 percent of all businesses in the U.S

_______ percent of all U.S. businesses are family-owned and managed.

Ninety

Who said "Creativity thinks up new things"?

Professor Levitt

the early franchise businesses were called "___________" Franchises?

Trade Name

One of the most important things to note about MVP is its ____________

acceleration

Small companies ________

are the leaders in offering training and advancement opportunities to workers

Entrepreneurs may find benefit from the Internet due to its potential ________.

as a relatively low-cost solution to expand its revenue-generating abilities

the primary purpose of the five forces matrix is to ___

assign values to each of the five elements

Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the ____

bargaining power of buyers

According to Porter's 5-forces model, a substitute for Coca-Cola, the carbonated cola drink, would be ___

bottled water

the process in which entrepreneurs test their business models on a small scale before committing serious resources to launch a business that might not work is known as ________

business prototyping

the financial feasibility analysis takes these aspects into consideration ______

capital requirements, estimated earnings, and return on investment

What did the Boss offer the manager when he first started working for the hotel? This gesture was very surprising to the manager.

coffee

An entrepreneur is one who ________.

creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities

Entrepreneurship is a constant process that relies on ______

creativity, innovation, and application in the marketplace

_____________ prevents many startups from getting the feedback they need.

delay

To protect patent claims, an inventor should be able to verify and document the ____

date on which the idea was first conceived

The point is not to find the average customer but to find ___________: the customers who feel the need for the product most acutely.

early adopters

__________ is the oldest excuse in the book for failure of execution.

learning

"Your business and your ______ are two totally separate things"?

life

For Under Armour, its top 10 suppliers manufacture less than half of its products. To Under Armour, supplier power is likely to be ______

low

A ________________ helps entrepreneurs start the process of learning as quickly as possible.

minimum viable product

The majority of new business owners work ________.

more than 40 hours per week

The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change.

political and legal

Research into the operation of the human brain shows that each hemisphere of the brain ________.

processes information differently

Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner.

profit; cash

the majority of small companies are concentrated in the ________ and ________ industries.

retail; service

Every game has to have _________ for people to be good at it?

rules

All of the following represent barriers to creativity that entrepreneurs impose upon themselves except _______

searching for more than one answer

The Lean Startup methodology reconceives a startup's efforts as experiments that _______ its strategy to see which parts are brilliant and which are crazy.

test

We need to focus our energies on minimizing the ___________ through the feedback loop.

total time

A venture must produce an attractive rate of return relative to the level of risk it requires.

true

Entrepreneurs should humbly test their theories and approach to see what the market thinks. Listen to the feedback honestly. And continue to innovate in the directions they think will create meaning in the world.

true

New start-up organizations should be committed to making mistakes.

true

Startup organizations must attempt to tune the engine from the baseline toward the ideal.

true

The author felt he had committed the biggest waste of all - "building a product that our customers refused to use."

true

The first step in understanding a new product or service is to figure out if it is fundamentally value-creating or value-destroying.

true

Startups have a true north, a destination in mind: creating a thriving and world-changing business. This is called a startup's _____.

vision

The lesson of the minimum viable product is that any additional work beyond what was required to start learning is ___________, no matter how important it might have seemed at the time.

waste