STS Quiz 1
substitute
"S" in the creativity tool SCAMPER stands for
Is your product or idea innovative?
"Why might a cell phone that can play music MP3s be a better approach that a dedicated MP3 player?" pertains to which of the following questions?
license
A __ is a legal agreement granting you rights to use a particular piece of intellectual property
incubator
A facility which offers subsidized space and business advice to companies in their earliest stages of operation is called a
classic entrepreneur
A loner, often socially isolated, a hard worker, a fast learner, and a risk taker seeking wealth represents the profile of a
franchise
A prepackaged business bought, rented, or leased from a company is called a
service industries
According to Sageworks, in 2008, amid a recession, which of the following represented the most profitable industries for small businesses?
experience
According to the BRIE model, in order to start a business, you need all these elements to come together EXCEPT
two-thirds; 50
According to the Small Business Administration, about ___ of new firms with employees survive four years, and for owner-only firms this rate is ___ percent surviving four years.
work experience
According to the entrepreneurs studied in PSED, which of the following factors was the most frequently mentioned source that led to their business idea?
desegregate crisis management with the everyday management of the firm
According to the gold standard for crisis leadership, all of the following are steps to follow in a crisis EXCEPT
75
According to the latest statistics, small businesses have created ___ percent of the new jobs
government regulation
According to the text, all of the following factors lead business owners to their business ideas EXCEPT
1-50
According to the text, small business involves ___ people and has its owner managing the business on a day-to-day basis.
expert, specialized, and minimalized
According to the text, there are three levels of professionalization. These are:
asking for help if you need it
According to the text, what is the most important part of social networking that would make a difference in how you would conduct business every day?
getting the "bandits on the train"
All of the following are major pitfalls that business owners can become victims of when trying to become more innovative EXCEPT
it is not associated with the concept of "goodwill."
All of the following are true of social capital EXCEPT
they are most concerned with their wealth.
All of the following observations are true of the salesperson type of entrepreneur EXCEPT
a social network
An entrepreneur's relationships and contacts with others is termed as
entrepreneurial team
B&B music can be described as a
habitual
Bart appears to express an interest in which of the following careers?
an average income seeker
Being a contemporary classic entrepreneur, Brad would exhibit all of the following traits EXCEPT being
great wealth
Being an idea person, Bart would not be driven by
harvest
Brad appears to be leaning toward which of the following careers?
identity
Following the BRIE model in starting a business, the entrepreneur creates a boundary within the environment, setting his firm apart from the rest of the environment. In doing this, the entrepreneur gives the firm a ___
expertise
For those businesses that do get started, the amount of ___ is what distinguishes the more successful from the less successful firms.
informal capital
Funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm is known as
selling products that have a better environmental footprint.
Green retailing is
intellectual property
Having trademarks, service marks, patents, or copyrights are product-based legitimacy indicators of
great wealth; having their idea achieve greatness
Idea people are not particularly driven by ___, but they are driven by ___.
delegation is essential
Identify the characteristic of a high-tech venture.
economic core sector
Identify the most numerous and widely available type of firm, ranging from low to moderate levels of innovation and growth.
hard work
Identify the trait which all entrepreneurial personality types have in common
moving from inaction to action and taking the right action
Identify the two hurdles that people need to overcome to move from thinking about owning their own business to achieving it.
franchisor
If Jamie gets "For Kidz" up and running, he could be described as all of the following EXCEPT
entrepreneurial alertness
If an owner of a fast-food restaurant notices that customers are asking for substitutions of healthier ingredients to food items, she may be motivated to contact her suppliers to ask about getting new ingredients, changing the menu, and increasing the healthy offerings on the menu to keep customers satisfied. This is an example of
recruitment
In order to start "For Kidz" successfully, Jamie needs all of the following elements to come together EXCEPT
risk takers
Like classic entrepreneurs, small business owners are all of the following EXCEPT
creative destruction
Mandarin is a restaurant which has opened recently. People from all over town flock to Mandarin to find out how good it is. This gives a big boost to the restaurants initial business. But it causes the other restaurants in the area to lose business temporarily. The way in which Mandarin hurts existing restaurants is an example of
education and expertise
Many owners of consulting companies took their own skills and launches businesses by selling those skills to other companies who needed them. This is an example of which of the following factors leading to business ideas?
need to know how to seek and obtain external financing
People starting high-growth ventures
radical innovation
Rejecting existing ideas, and presenting a way to do things differently refers to ___ strategy.
opportunity recognition
Researchers in the field of entrepreneurship and small business believe that __ behavior is the most basic and important entrepreneurial behavior.
being inactive
The BRIE model can help an individual deal with one of the biggest hurdles in starting a business, which is
internal environment
The ___ of a firm consists of those people inside the boundary - the owner, any employees, and any other owners or board members of the firm.
flexibility rewards
The ability of business owners to structure life in the way that suits their needs best refers to
resource competencies
The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise is called
determination
The energy and focus needed to bring a business into existence relates which of the following competencies?
licensee
The firm that obtains the right to use a particular piece of intellectual property is the
writing a business plan
The future action component of the feasibility study includes which of the following elements?
the competition
The industry and market component of the feasibility study should include which of the following components?
focuses on its immediate marketplace and communities
The key market knowledge for a small business
conversion rate
The measure of the number of visitors to your web site who have actually made a purchase from you is known as
are firms that have lots of innovative ideas but lack the funds to bring them to market
The resource constrained sector __
products, people, and organization
The three general forms of legitimacy that you can develop are based on:
hispanics and asians
The two fastest growing minority groups represent the largest segments of minority business owners. These are:
legitimacy and social networking
The two ways to build social capital are through
key business functions
There are certain fundamental activities that all businesses must perform, which are called
opportunity identification process
This model has the entrepreneur assess whether the situation faced is one that is the same as it has been traditionally or if it is changing.
How would you define the best initial set of customers?
This question looks at the specific individuals, groups, or organizations you would approach first to buy your product or service.
task environment
Those parts of the environment that directly and consistently touch on the firm are called the ___
novelty
Truly entrepreneurial businesses are characterized by ___, in their products, services, or business models.
role conflict and succession
Two challenges typical to family businesses are
to assess if an idea can be profitably brought to market
What is the goal of a feasibility study?
87
What percent of firms getting help in incubators were still going at four years?
admit you are in trouble
When faced with a crisis, what is the first step that a small business owner should follow?
Small Business Development Center
Where can Jamie go to get some help with his business idea?
customer-focus
Which aspect of entrepreneurship refers to being in-tune with one's market?
harvest entrepreneurs
Which of the following are owners with an exit plan?
family business owners
Which of the following entrepreneurs employ about 58 percent of America's total workforce?
taking time to develop networks
Which of the following is NOT a key to success in electronic networking?
there is no flexibility when you own your own business
Which of the following is NOT a myth about small businesses?
focus is on efficiency
Which of the following is a characteristic of a small business?
testimonials
Which of the following is a product-based legitimacy indicator?
ethical decision-making
Which of the following is a three-step process that helps people make better and more ethical decisions?
the economic sector
Which of the following is an example of the general environment?
Sole proprietorship
Which of the following legal forms of organization-based legitimacy indicators would be the least legitimate?
What is the market and its size?
Which of the following looks like the simplest question but it is actually the hardest one?
managerial entrepreneur
Which of the following personality types is often risk averse, preferring to build wealth through careful planning and action?
potential for growth
Which of the following refers to the eventual size of the market, which can range from a small, local, or niche market to something used by millions or even billions?
opportunity competencies
Which of the following relates to the skills necessary to identify and exploit elements of business environment that can lead to profitable and sustainable business?
Certification is for every women- or minority owned small business.
Which of the following statements about certification for women- and minority-owned small businesses is false?
adapting
Which popular innovation strategy can be just as effective and much more likely in the real world, than business opportunities that result from radical innovations?
they are the most numerous and widely available type of firms
Why are small businesses considered the economic core of society?
obeying the rules that do not exist
You assume, as the business owner, that you need to do all the work, make all the sales calls, and solve everybody's problems. This refers to which major pitfall that business owners can become victim to when trying to become more innovative?
a similar business
You might see a business in an area that intrigues you because you learn that there is a growing market for this business and you think of a way to expand on the opportunity. Which of the following factors is considered the business idea behind this?
creativity
__ is a process of producing an idea or opportunity that is novel and useful, frequently delivered from making connections among distinct ideas or opportunities.
feasibility
__ means the extent to which the idea is viable and realistic, and the extent to which you are aware of internal and external forces that could affect your business.
growth
__ rewards are what people get from facing and beating or learning from challenges.
habitual
___ entrepreneurs are owners for a lifetime, sometimes in one business, and sometimes across several firms.
occasional
___ entrepreneurs are people who generally have another job that is their primary one.
royalty
___ is a payment to a licensor based on the number or value of licensed items sold.
legitimacy
___ means that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors.
ISO
___ refers to certification for having met a standard of quality that is consistently evaluated around the world.
succession
___ refers to the process of inter-generational transfer of business.
sustainable entrepreneurship
____ is an approach to operating a firm or a line of business which identifies, creates, and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.
Small Business Administration
`The U.S. government agency that helps people start business is the
involves creating new charitable and civic organizations which are financially self-sufficient
social entrepreneurship