MGMT 340 - Ron Cheek - Mid Term
false
1. A head start is usually large enought to matter, and tyime spent in stealth mode - away from customers -is likely to provide a head start. True False
false
1. The author Eric Ries explains "hard work and perserverance does lead to success. True False
d
1. The author adopted the view that their job was to find ________________ between their vision and what customers would accept. a. balance b. highest price c. lowest price d. synthesis
false
1. The author agrees that a good plan, a solid strategy, and thorough market research works for startups. True False
true
1. The author felt he had committed the biggest waste of all - "building a product that our customers refused to use." True False
true
1. The author felt he had committed the biggest waste of all - "building a product that our customers refused to use." True False
true
1. The goal of a startup is to figure out the right thing to build - the thing customers want and will pay for - as quickly as possible. True False
b
1. The irony is that it is often easier to raise money or acquire other resources when you have _________________. a. tons of customers b. you have zero revenue, zero customers, and zero traction c. just a business plan d. when you don't need it
d
1. This approach leases to chaos more often than it does success. a. a correct amount of funding b. sound market research c. a sound business plan d. a "just do it" attitude
d
1. This is true startup productivity: systematically figuring out _______________. Select one: a. the right price b. the lowest price c. the highest price d. the right things to build
true
1. We must be willing to set aside our traditional professional standards to start the process of validated learning as soon as possible. True False
true
1. We must learn the truth about which elements of our strategy are working to realize our vision and which are just crazy. True False
false
1. With proper managerial structure innovation is a top-down, centralized, and predictable thing that can be managed. True False
d
3. The young, job-creating small companies are known as ________. Select one: a. "aggressive" b. "antelopes" c. "assertive" d. "gazelles"
d
8. Which of the following is a characteristic of copreneurs? a. Mutual respect b. Complementary business skills c. A clear division of roles and authority d. All of these
a
Entrepreneurs who start businesses because they cannot find work any other way are ________. a. necessity entrepreneurs b. corporate cast-offs c. serial entrepreneurs d. opportunity entrepreneurs
a
Entrepreneurship is a constant process that relies on ________. a. creativity, innovation, and application in the marketplace b. intellectual property rights c. creativity, innovation, and profit d. the ability to win over the consumer
a
Every game has to have _________ for people to be good at it? Select one: a. Rules b. Trophies c. Cheer leaders d. Bleachers
d
Everyone who goes into business is actually ________ people in one? a. Two b. Five c. Four d. Three
a
Getting traffic counts at local competitor outlets is an example of ________ research. a. windshield b. focus group c. prototype d. in-home
a
Harvard's Ted Levitt says that creativity is ________ new things, and innovation is ________ new things. a. thinking; doing b. seeing; doing c. thinking; applying d. doing; thinking
d
Hiring a diverse workforce ________. a. helps in cultivating organizational creativity b. allows for different ideas and varying methods of problem solving c. brings in people from different backgrounds, with different cultural experiences, hobbies, and interests d. All of these
a
Ideally, a focus group should have ________ members. Select one: a. 8-12 b. 5-7 c. 2-3 d. 16-20
a
If the numbers for early experiments don't look promising, there is clearly a problem with the _________. a. strategy b. product c. method of measuring d. numbers
true
If we do not know who the customer is, we do not know what quality is. True False
true
If we do not know who the customer is, we do not know what quality is. True False
false
If you are building the wrong thing, optimizing the product or its marketing will yield significant results. Select one: True False
a
In a survey of members of Generation Z, ________ percent said they would rather save money than spend it. Select one: a. 57 b. 31 c. 25 d. 44
c
In addition to the opportunity to create their own destiny and enjoy what they do, entrepreneurs also benefit from the ability to ________. a. earn tremendous wealth without risk and uncertainty b. create wealth without providing true value c. make a difference in an area important to them and be recognized for those efforts d. exploit the opportunities that the free enterprise system offers
true
In the Lean Startup model, an experiment is more than just a theoretical inquiry; it is also a first product. True False
a
Industry databases are a good source of ________ research. Select one: a. secondary b. primary c. tertiary d. windshield
d
Industry databases are a good source of ________ research. a. tertiary b. primary c. windshield d. secondary
c
International opportunities are ________. a. risky and do not merit serious consideration by the entrepreneur b. highly limited for entrepreneurs c. now within the reach of entrepreneurial businesses and may present significant opportunities d. clearly out of reach for entrepreneurial businesses
d
John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he ________. a. just jump in and learn as he goes b. determine his weaknesses and return to school for a term or two c. read a small business book d. seek knowledge and experience in the field he wishes to enter
false
Primary research is information that has already been complied and is available for use, often at very reasonable costs or sometimes at no cost to the entrepreneur. True False
b
The "growth hypothesis" _______ how new customers will discover a product or service. a. measures b. tests c. surveys d. validates
true
The Build-Measure-Learn feedback loop is at the core of the Lean Startup model. True False
false
The Business Model Canvas consists of six elements. Select one: True False
c
The Business Model Canvas has ________ elements. Select one: a. 5 b. 3 c. 9 d. 6
a
The Lean Startup methodology reconceives a startup's efforts as experiments that _______ its strategy to see which parts are brilliant and which are crazy. Select one: a. test b. manage c. direct d. All of these are correct
c
The Lean Startup model offers a way to test an organization's hypotheses __________. a. thoroughly b. immediately c. All of these are correct. d. rigorously
c
The ________ Assumption states "if you understand the technical work of a business, you understand a business that does that technical work? a. Wrong b. Striking c. Fatal d. Dangerous
c
The ________ environment has an impact on the level of people's creativity. a. internal b. external c. physical d. sounds in the
b
The ________ the leverage suppliers of key raw materials or components have, the ________ attractive is the industry. Select one: a. less; less b. greater; less c. more; more d. greater; more
c
The ________ the leverage suppliers of key raw materials or components have, the ________ attractive is the industry. Select one: a. less; less b. greater; more c. greater; less d. more; more
a
The _________ hypothesis tests how new customers will discover a product or service. a. growth b. value
b
The _________ is defined by how man technicians he can supervise effectively or how many subordinate managers he can organize into a productive effort? a. Boss b. Manager c. Technician d. Executive
c
The _________ is the dreamer in us? Select one: a. Idea man b. Manager c. Entrepreneurial personality d. Technician
b
The __________ is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time. a. best b. minimum viable product (MVP) c. first d. last batch
c
The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called ________. a. creative thinking b. entrepreneurship c. innovation d. creativity
c
The ability to see the connections among various data and events is called ________. a. divergent thinking b. illumination c. convergent thinking d. transformational thinking
true
The challenge of entrepreneurs is to find ways to achieve the same amount of validated learning at lower cost or in a shorter time. Select one: True False
a
The early franchise businesses were called "___________" Franchises? a. Trade Name b. Repeat Name c. Cloning Business d. Starter Name
a
The focus of which of the following step in the creative process is to transform the idea into reality? Select one: a. Implementation b. Preparation c. Verification d. Illumination
a
The following are all examples of ______________: Vanity metrics Unclear hypothesis Fear Select one: a. delaying the decision to pivot b. strategic alternatives to planning c. entrepreneurial paralysis
true
The goal of a minimum viable product is to begin the process of learning, not end it. True False
c
To protect patent claims, an inventor should be able to verify and document the ________. a. research conducted to create the invention b. initial sales of the invention c. date on which the idea was first conceived d. fact that the invention was created in another country
a
To which governmental office must applications for patents be submitted? a. The U.S. Patent and Trademark Office b. The Securities and Exchange Commission c. The individual State Offices of Patent Development d. The Federal Trade Commission
d
Turn-Key Revolution started in what fast food restaurant? a. Wendy's b. Taco Bell c. Burger King d. MacDonald's
d
Where are all assumptions put to the test? a. Basic Model b. Calibration Station c. Head Quarters d. Franchise Prototype
b
Which hemisphere of the brain is responsible for language, logic, and symbols? a. Right hemisphere b. Left hemisphere c. Lateral hemisphere d. Intuitive hemisphere
d
Which hemisphere of the brain is responsible for the body's emotional, intuitive, and spatial functions? a. Left hemisphere b. Logical hemisphere c. Vertical hemisphere d. Right hemisphere
d
Which hemisphere of the brain processes information in a step-by-step fashion? a. Intuitive hemisphere b. Right hemisphere c. Lateral hemisphere d. Left hemisphere
d
Which of the following is a danger of using a niche strategy? a. Niches change. b. Niches can go away. c. Entering a niche requires adaptability in your initial plan. d. All of these
d
Which of the following is not a barrier to entry? Select one: a. Specialized knowledge b. Large number of buyers c. Capital requirements d. Access to distribution channels
d
Which stage of the creative process includes on-the-job training? a. Implementation b. Verification c. Illumination d. Preparation
a
Which stage of the creative process requires one to develop a solid understanding of the problem or decision? a. Investigation b. Illumination c. Preparation d. Verification
d
Who said "Creativity thinks up new things"? a. Dr. Phil b. Barry Bonds c. Ronald Reagan d. Professor Levitt
d
Who was the author of the book "Man's Search for Himself" that Michael Gerber read three times? Select one: a. Shakespeare b. Edward Norton c. Edgar Allen Poe d. Rollo May
d
Why did Elizabeth quit working for Sarah? a. Her mom died b. She got sick c. Sarah fired her d. She got a new job
b
"Copreneurs" are defined as ________. a. entrepreneurs that work part-time b. entrepreneurial couples that work together as co-owners of their business c. those entrepreneurs that will eventually combine their business with another venture d. highly successful entrepreneurs with prior company experience and background
d
Employees must be given the tools and resources they need to be creative. One of the most valuable set of resources is ________. a. setting limits and providing challenges b. reinforce traditional problem solving methods c. establishing rules and guidelines d. time, support and encouragement
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. Select one: True False
true
Testing with prototypes is known as beta tests. True False
true
The Business Model Canvas is a dynamic framework to guide entrepreneurs through the process of developing, testing, and refining their business models. Select one: True False
a
The average age of the first-time entrepreneurs in the United States is nearly ________. Select one: a. 44 b. 25 c. 19 d. 31
a
You should build a business that works not because of you but ____________? a. Without you b. For you c. Above you d. In you
b
Your ________ Plan shapes your life, and the business that is to serve it? Select one: a. Cost b. Life c. Business d. Career
b
"Copreneurs" are defined as ________. a. highly successful entrepreneurs with prior company experience and background b. entrepreneurial couples that work together as co-owners of their business c. those entrepreneurs that will eventually combine their business with another venture d. entrepreneurs that work part-time
b
"Verification" refers to ________. a. possibly asking questions such as "will it work?" and "is it really a better solution?" b. All of these c. possibly conducting experiments, running simulations, and test marketing a product or service d. validating the idea as accurate and useful
d
"__________ is the signature of a bold, imaginative hand"? a. Hard Work b. Magic c. Discipline d. Innovation
c
. "It's not your business you have to fear losing. It's something much bigger than that. It's _______? a. Your Husband b. Your Dog c. Your Self d. Your House
b
. "Your business and your ______ are two totally separate things"? a. Body b. Life c. Family d. Profits
d
. Entrepreneurs can increase their chances for success if they ________. a. know their business in depth and develop a solid business plan b. manage their financial resources and understand financial statements c. learn to manage people and keep in touch with how they react to stress and balance their health needs with the needs of the business d. All of these
c
. Entrepreneurs may find benefit from the Internet due to its potential ________. a. to take all pressure off other attributes of the business venture b. if the organization is willing to invest millions of dollars in this effort c. as a relatively low-cost solution to expand its revenue-generating abilities d. only if the entrepreneur has a high level of technical abilities
d
. Factors that feed the economic boom behind entrepreneurship include ________. a. demographic and economic factors b. technology and cloud computing c. the shift to a service-based economy and international opportunities d. All of these
c
. It is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within five years. a. 35; 41 b. 51; 31 c. 21; 51 d. 51; 64
d
. Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner. a. inventory; cash b. profit; inventory c. cash; profit d. profit; cash
d
. One of the most significant economic developments in recent business history relates to the ________. a. additional employment opportunities offered by government institutions b. growth of blue-chip corporations c. development of Pacific Rim countries d. entrepreneurial spirit
true
. Startups need to conduct experiments that help determine what techniques will work in their unique circumstances. True False
d
. The Franchise model uses workers with the ________ level of skill? a. Moderate b. Most c. Highest d. Lowest
d
. The only people who ________ are those who never do anything or never attempt anything new. Select one: a. succeed b. profit c. prosper d. fail
true
. Using focus groups is an example of primary research. True False
d
. What inevitably happens to the master juggler? a. Gets cancer b. He loses his job c. Dies d. He drops some balls
d
. Which of the following question(s) should you consider before entering a lawsuit to protect intellectual property? a. Can you afford the loss of time, money, and privacy the lawsuit will bring? b. Can the opponent afford to pay if you win? c. Do you expect to get enough from the suit to pay for the costs of hiring an attorney? d. All of these
c
. Which of the following statements is not true regarding the diversity of entrepreneurs? a. Immigrants with more education and experience than those of the past are coming to the U.S. and succeeding in entrepreneurial ventures. b. Minority-owned businesses have come a long way in the past decade, and their success rate is climbing. c. Minority-owned businesses now account for approximately 22 percent of all businesses in the U.S. d. The numbers of part-time and home-based entrepreneurs are rising.
d
. Which stage of the creative process involves viewing the similarities and differences in the information collected? a. Incubation b. Illumination c. Verification d. Transformation
a
. ________ entrepreneurs are business builders who seek innovative solutions to some of society's most vexing problems. a. Social b. Opportunistic c. Necessity d. Serial
d
. ________ is the number of months the business can survive at its current rate of negative cash flow. a. Life cycle b. Survival time c. Bleeding rate d. Time out of cash
c
1. A startup is a human institution designed to create a new product or service under ____________________. a. the guidelines of the business plan b. None of these are correct c. conditions of extreme uncertainty. d. the least risk and highest rewards available
d
1. Entrepreneurs are characterized by ________. a. skill at organizing b. desire for immediate feedback c. high energy levels d. All of these
d
1. Entrepreneurship requires a ______________ to harness an entrepreneurial opportunity. Select one: a. outstanding marketing research plan b. sound business plan c. All of these are correct d. managerial discipline
true
1. Lean Startup is a principled approach to new product development. True False
true
1. Most of the time customers don't know what they want in advance. True False
false
1. Most tools from general management are designed to flourish in the harsh soil of extreme uncertainty in which startups thrive. True False
true
1. New start-up organizations should be committed to making mistakes. True False
true
1. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught. True False
d
1. Startups have a true north, a destination in mind: creating a thriving and world-changing business. This is called a startup's _____. a. marketing plan b. business plan c. management plan d. vision
d
1. The ___________ a startup builds are really experiments. Select one: a. organizational strategies b. vision plans c. management strategies d. products
true
1. The amount of time a company can count on holding on to market leadership to exploit its earlier innovations is shrinking. True False
b
1. ________ thinking is the ability to see similarities and ________ thinking is the ability to see differences among various data and events. a. Divergent; convergent b. Convergent; divergent c. Convergent; transformational d. None of these
d
1. ______________ prevents many startups from getting the feedback they need. a. Money b. Security c. Competition d. Delay
b
1. __________________ is the process of demonstrating empirically that a team has discovered valuable truths about a startup's present and future business prospects. a. Strategic Analysis b. Validated learning c. All of these are correct. d. Management
c
10. Entrepreneurial couples who work together as co-owners of their business are referred to as ________. a. corporate cast-offs b. copreneurs c. corporate dropouts d. dual entrepreneurs
false
10. There are formulas available to decide exactly how complex you want to make your mvp. True False
a
12. ________ is a process in which a small group of people interacts to produce a large quantity of imaginative ideas. a. Brainstorming b. Groupthink c. Mind-mapping d. Prototyping Feedback
a
13. The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called ________. a. creativity b. entrepreneurship c. creative thinking d. innovation
d
16. Which of the following is a benefit of entrepreneurship? a. The opportunity to gain control over your own destiny. b. The opportunity to reach your full potential. c. The opportunity to do what you enjoy. d. All of these
b
17. Research shows that the top-performing ________ percent of small companies create 67 percent of the net new jobs in the economy. Select one: a. 80 b. 5 c. 90 d. 10
c
2. The demographic attributes of successful entrepreneurs are ________. a. are key predictors that determine how long the business will survive b. limited to specific ages, genders, and ethnic backgrounds c. highly diverse relating to age, gender, and ethnicity d. uncertain and have not been fully studied or analyzed
d
26. The nation's small businesses ________. a. employ more than 49 percent of the nation's private sector workforce b. create more jobs than do big businesses c. account for 47 percent of business sales d. All of these
a
4. Which of the following statements concerning small businesses and international markets is false? a. Because exporting is so complex and requires a company to have so many international experts on staff, exporting is not feasible for small businesses. b. Although the U.S. is an attractive market, approximately 95 percent of the world's population lives outside its borders. c. Although terrorism and global recession have slowed the growth of international trade somewhat, global opportunities for small businesses have a long-term positive outlook. d. Small companies comprise 97 percent of all businesses engaged in exporting, yet they account for only 30 percent of the nation's export sales.
b
43. An entrepreneur is one who ________. a. understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept b. creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities c. knows that the concept they are about to develop will result in a profitable business d. is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations
b
44. All of the following are characteristics of the typical entrepreneur except ________. a. desire for immediate feedback b. value of money over achievement c. a future orientation d. confidence in his/her ability to succeed
b
5. The primary cause of small business failures is ________. a. the lack of capital b. management mistakes c. improper inventory control d. poor location
c
6. Entrepreneurs tend to be overly ________ and commonly misjudge the ________ requirements of going into business. a. optimistic; professional b. optimistic; personal c. optimistic; financial d. pessimistic; financial
d
7. Which of the following technological forces is driving the entrepreneurial trend in our nation? Select one: a. Cloud computing. b. Mobile marketing. c. The Internet. d. All of these
c
9. Which of the following is NOT one of the forces driving the entrepreneurial trend in our country? a. International opportunities. b. E-commerce and the World Wide Web. c. Shift away from a service economy. d. Independent lifestyle.
a
A ________ is an exclusive right that protects the creators of original works such as literary, dramatic, musical, and artistic works. a. copyright b. service mark c. trademark d. patent
b
A __________ business knows how it got to be where it is, and what it must do to get where it wants to go? a. Infant b. Mature c. Teenage d. Starter
c
A ___________ is a set of things, actions, ideas, and information that interact with each other, and in so doing, alter other systems? Select one: a. Robot b. Plan c. System d. Assembly Line
??
A ________________ helps entrepreneurs start the process of learning as quickly as possible. a. sound business plan b. All of these are correct. c. strategic plan d. minimum viable product (answer not marked)
a
A ________________ model is one that fulfills the perceived needs of a specific segment of customers in an innovative way? a. Entrepreneurial b. Boss c. Business d. Management
a
A(n) ________ trial involves sending researchers into customers' homes to observe them as they use the company's product or service. Select one: a. in-home b. focus group c. prototype d. windshield
a
According to Porter's 5-forces model, a substitute for Coca-Cola, the carbonated cola drink, would be ________. Select one: a. bottled water b. Dr. Pepper c. Pepsi d. Mountain Dew
d
According to the Small Business Administration more than ___________ such business close every year? a. 1,000,000 b. 900,000 c. 750,000 d. 600,000
a
According to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than ________ people. Select one: a. 100 b. 500 c. 50 d. 250
a
After Infancy most _______ lock the door? a. Technicians b. Employees c. Bosses d. Managers
d
All of the following are enhancements to individual creativity except ________. a. taking time off b. allowing yourself to be creative c. keeping a journal to record thoughts and ideas d. limiting your reading sources
c
All of the following represent barriers to creativity that entrepreneurs impose upon themselves except ________. a. being too practical b. focusing on being too logical c. searching for more than one answer d. blindly following rules
d
An effective tool used to help assess ideas is the ________. a. idea toolkit b. idea metric c. idea dashboard d. idea sketch pad
c
An effective tool used to help assess ideas is the ________. a. idea toolkit b. idea metric c. idea sketch pad d. idea dashboard
d
Any distinctive word, phrase, symbol, name, or logo a firm uses to distinguish itself or its products is called a ________. a. service mark b. patent c. copyright d. trademark
a
Approximately ________ percent of corporate managers who are "cast off" as companies downsize become entrepreneurs. a. 20 b. 45 c. 5 d. 15
c
At MacDonald's the hamburgers were removed from the hot trays in no more than_______ minutes? a. 22 b. 20 c. 10 d. 15
b
At which stage of the creative process does a spontaneous breakthrough occur, allowing all of the previous stages to come together to produce the "Eureka factor" or the "light bulb goes on"? Select one: a. Verification b. Illumination c. Implementation d. Preparation
true
Bootstrapping is the process of finding creative ways to exploit opportunities to launch and grow businesses with the limited resources available for most start-up ventures. True False
c
Building the Prototype of your business is what kind of process? a. Single Step b. One day c. Continuous d. Impossible
b
Capital required to compete in an industry determines ________ a. threat of substitutes b. threat of new entrants c. bargaining power of suppliers d. bargaining power of buyers
true
Companies that cannot bring themselves to pivot to a new direction on the basis of feedback from the marketplace can get stuck in the land of the living dead, neither growing enough nor dying, consuming resources and commitment from employees and other stakeholders but not moving ahead. Select one: True False
b
Conducting ________ research involves collecting data firsthand and analyzing it while ________ research involves gathering data that has already been complied and is available. Select one: a. secondary; primary b. primary; secondary c. product; secondary d. primary; industry
d
Creativity often involves creating something from nothing. However, it is more likely to result in ________. a. elaborating on the present b. putting old things together in new ways c. taking something away to create something simpler or better d. All of these
b
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? a. Relax and play regularly. b. Don't allow one's self to daydream. c. Do something totally unrelated for a while. d. Work on the problem or opportunity in a different environment.
true
Early adopters use their imagination to fill in what a product is missing. True False
c
Economies of scale relate to which of Porter's 5-forces? Select one: a. Bargaining power of buyers b. Threat of substitutes c. Threat of new entrants d. Bargaining power of suppliers
c
Effective brainstorming involves all of the following except ________. a. an open, uninhibited environment b. a small group of people c. an effective method to evaluate ideas d. very little structure
a
Entrepreneurs can stimulate their own creativity and encourage it among workers by ________. a. expecting and tolerating failure b. avoiding problems c. not taking chances d. limiting rewards
a
Entrepreneurs typically possess ________. a. a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious b. specialized technical abilities c. a set of unique skills that is usually accompanied by advanced degrees in several areas d. the ability to easily access capital
c
Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs. Select one: a. opportunistic b. classic c. serial d. persistent
b
Low capital requirements, cost advantages that are not related to company size, and the lack of brand loyalty are considerations regarding the ________. Select one: a. bargaining power of buyers b. threat of new entrants to the industry c. threat of substitute products d. rivalry among companies competing in the industry
b
Many new businesses require that an entrepreneur have a certain set of knowledge, experiences, and skills to have any chance of success. This is called entrepreneurial ________. a. chutzpah b. readiness c. trait d. grit
b
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 ________. a. corporate castoffs and corporate dropouts b. corporate dropouts and copreneurs c. corporate castoffs and copreneurs d. copreneurs and serial entrepreneurs
b
More than ________ percent of those holding patents win their infringement suits. Select one: a. 30 b. 66 c. 45 d. 15
b
More women entering the workforce is an example of a ________ change. a. economic b. sociocultural c. demographic d. technological
c
Most companies organize around personalities rather than around ________? Select one: a. Strategies b. Needs c. Functions d. Goals
b
Most startup companies can expect to need ________ capital than they anticipate. a. the same b. more c. less d. within 10% of the
c
Nearly ________ of entrepreneurs start their businesses between the ages of 20 and 44 and the number of Americans in that age range currently is ________ . a. one-fourth; 85 million b. one-half; 8.5 million c. three-fourths; 103 million d. two-thirds; 85,000
b
Of the 28 million businesses in the United States, more than ________ percent are considered small. a. 88 b. 99 c. 50 d. 75
true
Once IMVU's efforts were aligned with what customers really wanted, their experiments were much more likely to change their behavior for the better. Select one: True False
c
Once you were stricken with an ___________ Seizure there was no relief? a. Business b. Muscle c. Entrepreneurial d. Brain
a
One form of primary research is ________. a. a focus group b. library research c. to review published articles d. internet research
a
Porter's five forces model assesses industry attractiveness by surveying these five factors ________. Select one: a. potential entrants, suppliers, buyers, substitutes, and rivalry among existing firms b. potential entrants, suppliers, raw materials, substitutes, and rivalry among existing firms c. potential entrants, suppliers, buyers, similar products, and rivalry among existing firms d. potential entrants, competitors, buyers, substitutes, and rivalry among existing firms
d
Potential drawbacks of entrepreneurship may include ________. Select one: a. uncertainty of income, risk, long hours, and the immediate accumulation of wealth b. uncertainty of income, risk, easy hours, and frequent vacations c. certainty of income, risk, long hours, and high stress d. uncertainty of income, risk, long hours, and high stress
b
Printed newspapers have seen their readership rates decline as new generations of potential readers turn to their iPads and smartphones for sources of news. This is an example of ________. a. bargaining power of suppliers b. threat of substitutes c. bargaining power of buyers d. rivalry among existing firms
b
Research into the operation of the human brain shows that each hemisphere of the brain ________. a. controls similar functions b. processes information differently c. develops symmetrically d. does not dominate the other hemisphere
c
Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies. Select one: a. 3 b. 10 c. 16 d. 5
c
Small companies that have expanded successfully into foreign markets tend to rely on all but which of the following strategies? a. Utilize government resources designed to help small companies establish an international presence. b. Research foreign markets thoroughly. c. Focus on many countries initially. d. Forge alliances with local partners.
c
Small companies that operate globally from their inception are referred to as ________. a. intrapreneurial ventures b. international companies c. micromultinationals d. global companies
false
Strategic planning takes months to complete and experiments should not begin until it is completed. True False
d
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 ________. Select one: a. bargaining power of suppliers b. rivalry among companies competing in the industry c. threat of new entrants to the industry d. bargaining power of buyers
d
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 ________. Select one: a. rivalry among companies competing in the industry b. threat of new entrants to the industry c. bargaining power of suppliers d. bargaining power of buyers
b
The goal of every startup experiment is to discover how to build a sustainable business around the entrepreneur's ______________. a. investors' demands b. vision c. desired level of profitability d. level of investment
false
The ideal size of a focus group is 20-25. True False
true
The innovation accounting framework makes it clear when the company is stuck and needs to change direction. Select one: True False
d
The left brain is guided by ________. a. kaleidoscopic, lateral thinking b. asymmetrical thinking c. intuitive thinking d. linear, vertical thinking
b
The majority of new business owners work ________. a. more than 80 hours per week b. more than 40 hours per week c. fewer than 40 hours per week d. more than 70 hours per week
b
The majority of small companies are concentrated in the ________ and ________ industries. a. wholesale; retail b. retail; service c. manufacturing; service d. manufacturing; retail
c
The point is not to find the average customer but to find ___________: the customers who feel the need for the product most acutely. a. mass market customers b. high volume customers c. early adopters d. late adopters
a
The premise behind ________ is that transforming an idea into an actual model will lead to improvements in its design. a. rapid prototyping b. brainstorming c. mind-mapping d. inventions
b
The primary purpose of the five forces matrix is to ________. Select one: a. provide a graphic b. assign values to each of the five elements c. assess the five forces as compared to a standard value d. list the five forces in rank order
d
The primary purpose of the five forces matrix is to ________. a. list the five forces in rank order b. provide a graphic c. assess the five forces as compared to a standard value d. assign values to each of the five elements
b
The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a ________. a. industry analysis b. feasibility analysis c. strategic analysis d. business plan
d
The profile of an entrepreneur includes ________. a. a desire for responsibility and moderate risk b. confidence in the ability to succeed and determination c. a high level of energy, a desire for immediate feedback and a future orientation d. All of these
b
The reason to build a new team to pursue an idea is that you believe you can accelerate through the Build-Measure-Learn feedback loop __________. a. less expensively b. faster than anyone else can c. with fewer resources d. ahead of schedule
d
The recent number of job losses in large corporations compared to the jobs created by small business has changed the perception of ________ for launching a new business. a. short-term potential b. financing opportunities c. prestige d. risk
a
The right brain is guided by ________. a. kaleidoscopic, lateral thinking b. logical thinking c. asymmetrical thinking d. linear, vertical thinking
c
The strongest of the five forces in most industries is ________. Select one: a. bargaining power of buyers b. threat of new entrants to the industry c. rivalry among companies competing in the industry d. threat of substitute products or services
d
The technician has just reached the limits of his ___________ zone? a. Profit b. Stress c. Rest d. Comfort
c
The technique of ________ uses three columns that allow the entrepreneur to weigh both the advantages and the disadvantages of a particular decision and work to maximize the variables that support it while minimizing those that work against it. a. TRIZ b. brainstorming c. force-field analysis d. mind mapping
b
The three principles (three Rs) of rapid prototyping are ________. a. develop a right model, roughly, and for the right price b. develop a rough model, rapidly, and for the right problem c. develop a rough model, rapidly, and for the right price d. develop a complete model, rapidly, and for the right problem
c
The true product of the business is the ________ itself? a. Inventory b. Name c. Business d. Store
c
Think of your company as a _________ instead of a partnership? Select one: a. Family Business b. Small Business c. Corporation d. E-Commerce
true
Time out of cash is one of the four major elements included in a financial feasibility analysis. Select one: True False
c
Upon completing the Build-Measure-Learn loop, startups confront the most difficult question any entrepreneur faces: a. whether to allocate additional resources b. whether to abandon the project c. to pivot or persevere d. All of these are correct.
true
Using focus groups is an example of primary research. True False
a
What are the natural dispositions of every business? a. Grow or Contract b. Fight or Fly c. Hide or Run d. Eat or Sleep
b
What does the author say to the question "How do I get my people to do what I want"? Select one: a. Need to pay them a lot b. You can't c. Fire Them d. Punish Them
d
What is the secret behind the success of the Business Format Franchise? a. Low Cost b. Good Name c. Sales Revenue d. Franchise Prototype
a
When a company _______, it starts the process all over again, reestablishing a new baseline and then tuning the engine from there. Select one: a. pivot b. persevere c. Both of these are correct
c
When bargaining power of buyers is ________, the industry is ________ attractive. Select one: a. high; more b. moderate; less c. low; more d. low; less
c
When developing a Market Strategy it is important to forget about what you want and consider what the _______ wants? Select one: a. Technicians b. Owner c. Customer d. Business
a
When developing creative solutions to modern problems, entrepreneurs must ________. a. go beyond merely using whatever has worked in the past b. limit the creative process to only profitable ventures c. remember what has worked in the past d. pay attention to limiting factors
c
Which of the following is not a characteristic of a successful working relationship between copreneurs? a. Compatible business and life goals. b. A clear division of roles and authority based on each partner's skills and abilities. c. A clear definition of one partner as "boss" and the other as "subordinate". d. Complementary business skills.
d
Which of the following is not a phase of business growth? a. Adolescence b. Infancy c. Maturity d. Death
c
Which of the following is not an activity in foundation of the Business Development Process? a. Quantification b. Innovation c. Cost Cutting d. Orchestration
b
Which of the following is not an enhancement to individual creativity? a. Listening to other people. b. Working without breaks until the project is complete or the problem is solved. c. Keeping a toy box in your office. d. Recognizing the creative power of mistakes.
c
Which of the following is not an example of a rule for your game from chapter 16? Select one: a. The game needs to be fun form time to time. b. The game has to make sense. c. Defense wins Championships. d. If you can't think of a good game, steal one.
a
Which of the following is not one of the Business Development Steps? a. Fire everyone b. Your Strategic Strategy c. Your Primary Aim d. Your People Strategy
a
Which of the following is not one of the ways entrepreneurs can stimulate their own creativity and encourage it among their workers? a. View challenges as problems. b. Provide creativity training. c. Encourage curiosity. d. Develop a corporate culture that both fosters and rewards creativity.
d
Which of the following is/are true regarding business plans? a. Provide a pathway to success. b. Allow entrepreneurs to replace faulty assumptions with facts before making the decision to go into business. c. Create a benchmark against which entrepreneurs can measure actual company performance. d. All of these
d
Which of the following sets of experiences may enhance individual creativity? a. Travel and recognize the creative power of mistakes and accidents. b. Notice what is missing. c. Journal and listen to people and customers. d. All of these
c
Which of the following statements about women-owned businesses is false? Select one: a. The businesses women start tend to be smaller than those men start. b. Women own about 28 percent of all privately-held businesses in the U.S. c. The number of women-owned businesses is growing slower than the national average. d. Women-owned companies are far less likely to attract equity capital investments as those that men start.
a
Which of the following was not identified as one of the suggestions for small business success? a. Develop a business plan as you grow your business. b. Manage your financial resources and understand financial statements. c. Learn to manage people successfully. d. Know your business in depth.
a
Which personality did Sarah say that she did not have? Select one: a. Entrepreneurial b. Teacher c. Manager d. Technician
b
Why did Sarah start selling pies? a. She was fired from her old job b. Her best friend said she should because she was so good at making pies c. Someone gave her a free building d. Her husband offered to finance her company
b
With all pivots, we have to get back to the basics and start the ________________ over. Select one: a. planning b. innovation accounting cycle c. strategic analysis d. market study
b
Within five years, ________ percent of new businesses will fail. a. 21 b. 51 c. 45 d. 65
b
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. a. sound strategic strategy b. formal growth model c. strict measurement tools in place d. vision statement
c
Without a formal growth model, many companies get caught in the trap of being satisfied with a small profitable business when a ______ might lead to more significant growth. a. old product b. new plan c. pivot d. new product
d
Women in business still experience ________ as they attempt to break the "glass ceiling." Select one: a. opportunities b. success c. ease of navigation d. discrimination
c
Your ______________ is a very clear statement of what your business has to ultimately do for you to achieve your Primary Aim? Select one: a. Education b. Family c. Strategic Objective d. Health
a
________ is a graphical technique that encourages thinking on both sides of the brain, visually displays the various relationships among the ideas, and improves the ability to view a problem from many sides. a. Mind mapping b. Brainstorming c. Groupthink d. Prototyping
d
________ is necessary for building a competitive advantage and for business survival. Select one: a. A low-priced product b. A motivated owner c. One single idea d. Creativity
d
________ is the process of finding creative ways to exploit opportunities to launch and grow businesses with limited resources. Select one: a. Leveraging b. Undercapitalizing c. Prototyping d. Bootstrapping
b
________ lateral thinking is somewhat unconventional and unstructured. a. Systematic b. Right-brained c. Logical d. Left-brained
b
________ percent of all U.S. businesses are family-owned and managed. Select one: a. Twenty-five b. Ninety c. Seventy d. Fifty
b
___________ begins at the point in the life of your business when you decide to get some help? a. Infancy b. Adolescence c. Maturity d. Master stage
c
ne hallmark of successful entrepreneurs is the ability to ________. a. be willing to gamble b. repeat the same mistake c. fail intelligently d. overlook past successes
c
pyrights protect the creator of original works such as ________. a. text and verbiage of any kind b. slogans and designs c. software, choreography, and motion pictures d. symbols, names, and designs
