ENT Chapter 1, 2, & 3 Smartbook ?'s

which of the following are true about organizational slack

-it is not a characteristic of typical entrepreneurial ventures -it provides larger firms flexibility -it refers to an excess of resources

which of the following are the characteristics of a gap analysis methodology for a new venture using a chart?

-it is reasonably quick analysis -it requires minimal research

which fo the following are the characteristics of a gap analysis methodology for a new venture using a chart?

-it requires minimal research -it is reasonably quick analysis

which of the following are pairs of variables in the Myers-Briggs test?

-judgement-perception -sensing-intuition -extroversion-inversion

which of the following statements about agency theory are correct?

-owners always act to maximize the value of the business -agents often maximize the value of the business -managers are considered agents

the United States Small Buisness Administration was organized to:

-provide information at all levels of organizational development for entrepreneurial businesses -aid, counsel, and protect the interests of small businesses -provide assistance to all levels of management for entrepreneurial business

silicon valley and Boston's 128 corridor are well known for:

-providing a basis to the area's economic vitality - providing a growing tax revenue base -generating new employment with entrepreneurial ventures

what are the critical elements that an entrepreneur must solve for success?

-sufficient resources to get the business to a point where it is self-funding -sustainable operating profit margin -develop an ability to generate consistent and growing sales

which of the following are provided by the economic gardening program in the United States?

-tax incentives -support classes -financing for the venture

which type of gap analysis examines the opportunities in the marketplace side-by-side with the individual's ability to address those gaps?

opportunity analysis

an excess of resources in an organization that allows for redundancy and the quick deployment of personnel is referred to as

organizational slack

once a list of skills, abilities, and interests has been developed, the next step is to:

perform a gap analysis

the first category of start-up businesses are those formed as high-growth, often high-tech, venture and are referred to as ______

venture capital-back firms

the business owner whose business is both a _____ and ______ is difficult to beat

vocation; avocation

what significant, historical event marked the beginning of the decline of entrepreneurial businesses in the US

world war 2

what are included in the first column of the chart used in the gap analysis?

-a brief explanation of the idea -the business idea

if done well, the process of generating ideas will result in:

-a list of three to five business ideas -ideas that appear to be an opportunity -ideas that match the founders' skills

which of the following need to be evaluated in order to provide potential investors with the critical information required when developing a business plan for a new entrepreneurial bsuiness?

-cash flow -management team -competitive advantage

which of the following statements are true regarding the closure of military bases in the united states?

-cities with base closings offered tax breaks and programs to support new business development -cities with base closings experienced increases in new business - cities with base closings experienced higher income growth

which of the following are important elements of a one-page pitch for your business?

-customer problem -product offering -business model

which of the following are ways entrepreneurial businesses can act as catalysts for societal changes?

-entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations -entrepreneurial businesses have an understanding of the local community

which of the following are ways entrepreneurial businesses can act as catalysts for societal change?

-entrepreneurial businesses have an understanding of the local community -entrepreneurial businesses are willing to purse smaller markets ignored by larger corporations

the big five test compromises which of the following factors?

-extroversion -open-mindedness -emotional stability

______ ______ is a rational decision making that is constrained by the background and history of the person making the decision

bounded rationality

what is included in the second column of the chart used in gap analysis?

categories of analysis

economies of scale is the condition that allows the long-run average cost to continue _____ as production _____

downward; increases

what program is growing across the United States to help start new entrepreneurial businesses in an area?

economic gardening

large firms can obtain _______ ________ _______ in some industries because of their ability to operate on a larger scale than can a small firm

economies of scale

the underlying philosophy of the _____ test is that people are a result of all the experiences of their life

enneagram

a difference between entrepreneurial businesses and venture capital-backed firms is that _____

entrepreneurial businesses' resources are more constrained than those of venture capital-backed businesses

once a skill analysis has been completed, the next step is to:

examine the marketplace for opportunities

T or F: men are the largest single group of new business founders.

false

businesses in which ownership and employment are centered around a family are referred to as _____ ______

family business

which of the following are required in the initial analysis of a business opportunity?

financial investments time focus

a business plan for a small business typically runs ______ pages long

from 15 to 25

the ______ ceiling refers to the fact that women and minorities may be hired by large firms but they experience limits placed on their advancement within the firm

glass ceiling

the greater the debt an entrepreneur is willing to take on to start the business, the ______ his or her risk tolerance

greater

according to the world bank, the presence of entrepreneurial small- and medium-sized enterprises is one of the strongest factors in the growth of any nation's_______

gross national product

unlike the business plan of a venture capital-backed business, the entrepreneurial business plan is developed as a ______

guide for the running of the business

a _____ plan is a plan to exit the business that allows the investors to take advantage of growth

harvest plan

students need to consider their own resources and abilities early when they think about starting an entrepreneurial business because of the _____

importance of an owner to a new business

a business _____ is a facility that houses new businesses and provides many critical services

incubator

which of the following is a principle cause of new business failures?

insufficient financial resources at founding

which of the following is true regarding the great depression of the 1930's

it encouraged industrial concentration

which of the following is a characteristic of a gap analysis methodology for a new venture?

it is intended to be completed by the entrepreneur or entrepreneurial team

______ are often for only a few dollars each ab=n are made directly to the entrepreneurs to encourage self-development in developing nations

mircoloans

which of the following statements are true regarding businesses based on the founder's hobby?

-the entrepreneur develops a following for fellow enthusiasts -the entrepreneur may not enjoy the business of hobby as much as he or she enjoyed it when he or she began -the entrepreneur will stick with the business through lean times

which of the following descriptions are characteristics of entrepreneurial firms?

-the operation is designed in the image of the founder -the number of employees will not be expected to grow beyond 100 -the start up is self funded or closely funded

which of the following statements about the Big Five test are true?

-the researchers surveyed thousand of individuals -it was developed by two independent research teams -the five factors emerged from the researchers' analysis of the data

which of the following statements regarding small business assistance centers are correct?

-they provide a wide variety of support such as research aids -they are often associated with SCORE offices -they are funded by the small business administration

identify the features of circumstance motivators

-they result from environmental changes -they tend to result in more of a defensive positioning

which of the following statements are true regarding robber barons?

-they were responsible for some of the great abuses in business -they dominated the industrial sectors -they took advantage of the economies of scale

Entrepreneurs can examine business risk by considering three threats to business success. those three threats are:

-treats to operational financing -threats to sales generation schemes -threats to the profit margin

a ____ that uses your education is a potential source of a business

opportunity

_____ is a creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic, with little effort given to evaluating the potential of the ideas

brainstorming

women of color account for _____ of business headed by women

1/3

a venture capital-backed business plan typically runs from _____ pages long

25-45

the U.S. government considers any business with fewer than ______ employees to be a small business

500

______ is a managerial theory that believes individuals act to maximize their own benefit

agency theory

the practice, example, and the skill of the founder is the ______ part of entrepreneurial business development

art

the process involved in the gap analysis is more _____ than _____

art; science

starting a business is often the result of an event or condition within an individuals environment called a

trigger

potential entrepreneurs must understand their level of tolerance to ______

risk

the process of forming and managing a new entrepreneurial business in a clear, sequential manner that is rich in practical application and grounded in research is the ____ part of entrepreneurial business development

science

in their book entitled the millionaire next door, Thomas Stanley and William Danko point out that lost two-thirds of the U.S. millionaires are ______

self-employed

individuals or other organizations that may impact the success of a business and depend on the success of the business for their own livelihood are know as

stakeholders

what is the single most important factor in the business's success?

the business owner

the first step in entrepreneurship is:

the desire to own and operate a business

identify a characteristic of venture capital start-ups:

they are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market

which of the following statements is true of venture capital start-ups?

they are often formed as high-tech ventures consisting of unique characteristics

when starting a business, one must understand the relationship between ___ and expected return

time commitment