2.00 cards entrepreneurship 1

Which of the following is a way that a business can determine if a product will fulfill its target market's needs:

Ask the customers

12. Identifying new product opportunities usually requires a person to be A. Decisive. . C. Emotional. D. Indifferent

B. Aware

15. Which of the following is a true statement about a business's environment: A. It can be avoided. B. It is always changing. C. It consists of the economy and technology. D. It may not affect the business, depending on the industry.

B. It is always changing

10. The entrepreneurial discovery process requires knowledge and the recognition of a(n) A. Economic crisis. B. Market need. C. Preventable accident. D. Creative observation.

B. Market need

25. Which of the following statements is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process: A. The brainstorming technique usually generates the best ideas. B. Groups are usually more effective when each member uses mind-mapping techniques. C. Group members most often generate new ideas by altering or building upon another idea. D. The Six Thinking Hats technique is generally the most effective idea-generation technique.

C. Group members

Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing:

Career

Which of the following is a characteristic of a well-conducted feasibility study

Complete

When conducting an environmental scan, which of the following is an economic factor that a business should consider

Consumer spending habits

Which of the following processes helps aspiring entrepreneurs generate venture ideas:

Creative thinking

23. Market opportunity is often affected by A. Methodology. B. Rewards. C. Location. D. Timing.

D. Timing.

Which of the following statements is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process:

Group members most often generate new ideas by altering or building upon another idea.

Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery:

Increased cultural diversity

11. Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery: A. Interest rate fluctuations B. Industry deregulation C. Increased cultural diversity D. Technological advancements

...

26. When using mind mapping to generate product ideas, you begin by writing down the main problem or A. Market opportunity. B. Primary associations. C. Supporting facts. D. Situational analysis.

...

9. Which of the following statements is true about entrepreneurial discovery: A. It ensures that start-up businesses have continuous funding. B. It's an ongoing process that facilitates a business's success rate. C. It provides entrepreneurs with professional development training. D. It's a way to determine the long-term profit that a start-up company can generate.

...B. It's an

24. The primary goal during the brainstorming process is to A. Come up with as many ideas as possible. B. Analyze each idea as it is presented. C. Rate each idea in relation to one another. D. Come up with a set number of ideas within a certain time.

A. Come up with as many ideas as possible.

14. When conducting an environmental scan, which of the following is an economic factor that a business should consider: B. Local demographics C. Global trade regulations D. Restricted sales territories

A. Consumer spending habits

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can A. Satisfy an unmet demand. B. Improve economic sanctions. C. Form a technological monopoly. D. Change legal requirements. }

A. Satisfy an unmet demand

16. Which of the following is an example of a demographic trend: A. The aging of the population B. Rising interest rates C. ~Shifting political climates D. ~A concern for fitness and health

A. The aging of the population

19. Which of the following examples illustrates how environmental factors are interrelated: A. The economy affects what competitors are doing. B. New legislation will be written in the future. C. Low investor confidence heavily impacts financial planners. D. The economy affects banking institutions.

A. The economy affects what competitors are doing.

Jack, a manager, said to his staff, "....If this is successful, it could greatly benefit the company. If it fails, I'll accept the consequences and work to find a solution." What is Jack doing?

Accepting responsibility for his decision

Which of the following personality traits is often associated with creative people:

Acting independently

Which of the following is a true statement about a business's environment:

It is always changing

Which of the following statements is true about entrepreneurial discovery:

It's an ongoing process that facilitates a business's success rate.

Which of the following is usually a characteristic of a creative person:

Likes to seek out new challenges

Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities:

Lower tariffs

Which of the following is an operational issue that entrepreneurs must consider when planning their businesses

Production process

Which of the following is a tool that an entrepreneur develops to project sales for a new business venture:

Sales forecast

The primary purpose of a feasibility study is to answer which of the following questions:

Should we proceed with this project?

Which of the following is an example of a demographic trend:

The aging of the population

Which of the following examples illustrates how environmental factors are interrelated:

The economy affects what competitors are doing

Which of the following statements is true about business start-up requirements:

The financial needs to start a new business depend on the nature of the venture

What is often a positive result of accepting responsibility for a poor decision?

You gain others' respect

After Porter realized that he processed an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped to the customer. This situation illustrates that...

an employee's decisions and actions can negatively impact others.

The primary goal during the brainstorming process is to

come up with as many ideas as possible

When determining venture-creation opportunities, entrepreneurs must first

conduct research

One-time start-up costs often include

incorporation

The primary responsibility of the facilitator of a product idea brainstorming session are to compile all of the ideas and

keep the group on task

In order for a business to generate a profit, its operating costs must be ___________ the gross margin.

less than

Emotional risks that many entrepreneurs face include

marital tensions and family problems

The entrepreneurial discovery process requires knowledge and the recognition of a(n)

market need

When using mind mapping to generate product ideas, you begin by writing down the main problem or

market opportunity

People who are naturally creative often are

mentally flexible

The costs of operating a business are often called __________ expenses.

overhead

Jessica's hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering

personal experiences

An entrepreneur considers venture location and financial needs during the _____________ process.

planning

Variable expenses increase in direct proportion to the increases rate of

production

When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a

promotional budget

Costs of sales for a new manufacturing venture typically include

raw materials, equipment, and product inventory

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can

satisfy an unmet demand

After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean

shifts in popularity ethnicity

When generating new ideas for new businesses, entrepreneurs often look for ways to

solve problems

A business might take an existing product and alter it to fulfill a specific need for a different

target market

Market opportunity is often affected by

timing