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