Entrepreneurship Unit 1-3

Small businesses start small but are intended to grow rapidly, often requiring a team of partners

False

Which of the following is true of partnerships ?

It does not allow one partner to obtain bonding protection against the acts of the other partner(s)

The feasibility of an idea is the extent to which it is viable and innovative

false

Which of the following statements about idea-prone companies is not true? Choose any that apply a. if owners deliberately set their expectations, they are limiting their employees b. money is the best motivator for creative minds c. it takes a team to be creative d. an innovative company does not automatically develop out of an innovative business idea

A, B, C

Which of the following is true regarding a small-claims court> Choose any the apply a.) these courts will only accept cases where the stakes are typically no larger than $10,000 b.) This legal option is only available to entrepreneurs who can afford an attorney c.) Most of these courts are designed so that ordinary citizens can bring their cases in d.) These courts are a viable resource for small business owners for litigation e.) all of the above f.) none of the above

A, C, D

Correlation is one of the four steps in the process for organizing creative thinking developed by Graham Wallas

False

If you don't succeed the first time, try, try, again. This is called the strategy of self-efficacy

False

In order to make profits from a small business, the company needs to make actual product

False

Research suggest that the first good idea entrepreneurs come up with is always the best

False

Taking an idea and offering a way to do something slightly better than it is done presently is an imitative strategy

False

The ideal goal in a business negotiation is for one side to win and the other side to lose

False

The name of a business cannot be called its doing business as (dba) name

False

The primary focus of corporate entrepreneurship is creating new civic organizations which are financially self-sufficient

False

Which of the following explains the difference between limited partnerships and general partnership?

In general partnerships, no government permission is required for the setup and maintenance of business unlike limited partnerships

Except _________ business forms are types of separate, legal entities. a.) Corporations b.) general partnerships c.) limited liability companies d.) limited partnerships e.) non of the above

None of the above

Which of the following is/are a reward universally mentioned by entrepreneurs? a.) Personal growth b.) Peer admiration c.) political power d.) Industry recognition e.) All of the above f.) None of the above

Personal Growth

Gabriel has a product idea of a device which he believes will help people manage their daily chores, hence making their lives easier. He is unsure if the device is actually a feasible product but shares the idea with his boss and coworkers anyway. Gabriel is positive his device will get a fair review. He has offered other ideas in the past and one was now a viable product for the company. Which of the four ideas for making a creative business culture best describes Gabriel company?

Positively reinforce ideas.

Which of the following terms is not one of the four steps in the successful entrepreneurial process? a.) seek b.) do c.) check d.)All of the above e.) none of the above

Seek

A sole proprietorship is not considered as a separate legal entity from its owner

True

In negotiation, when proposing solutions that provide value and balance for both you and the other party, one technique is to scale returns according to contribution of the party to your success

True

One of severn key strategies of the entrepreneurial way involves effectuation or an approach used to create alternatives in uncertain environments

True

Joe is planning a new mobile restaurant business. he wants to convert an antique bus into a sit-down restaurant with a service window allowing him to serve people within the bus and walk-ups who want to get their food and take it home. Joe is performing some research into his project and is looking at the overall business idea. the product/service, the industry and market, financial projections and the plan for the future action. Joe is performing an _____ a. feasibility study b. RBI screen c. pilot test d. business modal canvas e. none of these

a. feasibility study

Joshua suffered a serious knee injury at work after a machine he was using malfunctioned. Joshua plans to sue for compensation from milch enterprises, the company that built that machine. Joshuas attorney wants a percentage of the compensation if it is proven that milch enterprises negligence caused the accident. which of the following types of legal fee would Joshua be paying to his attorney? a.) contingent fees b.) retainers c.) flat fees d.) hourly fees e.) all of the above f.) none of the above

contingency fees

Joshua, an electronics retailer, noticed that the e-commerce business was booming. He started an online shopping website to take advantage of this surge in business. As s result, his business attracted more customers from all across the country. This reflects josh's: a- radical ability b- entrepreneurial alertness c-incremental skill d-creativity e-all of the above f-none of the above

entrepreneurial alertness

Crowdsourcing is the degree of attention your target market pays to your idea or organization

false

When it comes to building an idea-prone culture, remember that ______ is the fuel that fans the fires of creativity and helps your business reach potentials that you may never have anticipated a-education b- research and development c- recognition d- money e-none of the above

recognition

During a feasibility study, the examination of customers you wish to serve and those who would show interest in your product is helpful. This step defines your a. profits b. target market c. verification d. conversion rate e. none of the above

target market

John owns a small business that does computer servicing. Which of the following would represent boundary as mentioned in the BRIE model in Johns computer service?

the office in which John works

High-growth ventures and big businesses generally do not succeed without small businesses offering support services

true

If the business is a corporation or an LLC, the owner can only lose what he or she has invested in the business

true