MGT 302 - Ch 3

All of the following are questions to ask when looking at skills gained through education EXCEPT:

ALL OF THESE

Assume you're in the process of conducting a gap analysis. Which of the following statements you hope to find out at the conclusion of your analysis?

In one business idea, risk is about equal or less than the rewards.

Effective brainstorming has rules that should be followed in order to be most effective. Which of the following is NOT one of the rules of brainstorming?

carefully examine each possible option before considering another

According to the book, new product ideas for small business start-ups originate from all of the following EXCEPT:

existing records of a business

Potential owners should examine all of these specific areas before choosing a business idea EXCEPT:

financial history

What term is used to describe the process of systematically examining the difference between what is expected and what occurs?

gap analysis

According to the book, there are four specific threats to achieving business success. Which of the following is NOT one of the threats mentioned in the chapter?

high degree of risk

In the case study Flow Right Brewery & Bar: A Family Affair, Chris decided to go into business with:

his wife

Brainstorming works well with _________ groups.

informal

The process of generating ideas should occur in a(n) _________ environment and not a(n) _________ environment.

interactive; linear

A type of analysis that examines opportunities in the marketplace compared to the individual's ability to address those gaps is called:

opportunity analysis

Threat to _________ is the threat to the success of a new business related to its ability to establish and maintain a high-margin product or service.

profit margin

All of the following are ways to identify gaps or business opportunities EXCEPT:

read government documents

Threat to _________ is a threat to the success of a business regarding its opportunity to sell to too many customers and to obtain repeat business.

sales generation scheme

All of these are examples of nonfinancial resources EXCEPT:

special contacts with suppliers or customers group physical location of the business experience ALL OF THESE

Which of the following is NOT included in the second column of labeled categories in a gap analysis?

inventory resources

All of the following are questions to ask when looking at additional skills EXCEPT:

What are your top three personal skills? What things do you like doing best each day, each week? What are the magazines and books you read? (ALL OF THESE)

A small business owner must possess all of the following EXCEPT:

a sequential formula

An example of an idea for a new start-up from a hobby is _________.

a sports card collector who bought and sold cards for a year to build a personal collection, deciding to become a sports card dealer

In the case study Uber Changes the Business, the company was started as:

an entrepreneurial venture

Which of the following is the definition of brainstorming?

an imaginative process whereby a group of individuals are brought together and asked to generate ideas with little or no effort made to evaluate the potential for each idea

In the case study Friend's Home Health, Betty and Joan were advised by a successful entrepreneur to conduct a(n):

audit

Potential generation of new business ideas occurs:

because of the process of identifying skills and opportunities in the market

Successful new business ideas can come from:

books and magazines individual's background hobbies ALL OF THESE

Mark brings his friends together to generate ideas on his new business. Mark will identify what his skills are, and then ask his friends to generate a list of business ideas that he might start. This is called _________.

brainstorming

When conducting a gap analysis, the first column should include the _________.

business ideas

All of these are threats to business success EXCEPT:

deficit gap

Founders of a small business need to be involved with which one of the following tasks in the start-up of a business?

design, funding, operating (ALL OF THESE)

As a result of conducting a gap analysis, the potential entrepreneur proved there was a need for the business. This is called doing the owner's _________.

due diligence

Before forming a new business, the first thing a founder should do is:

list their personal skill set

Threat to _________ is a threat to the new business in financing its growth, including high development cost.

operational financing

In the case study Friend's Home Health, Betty and Joan discovered that in their thoughts about a potential business:

they had important similarities and some differences

A potential business owner needs to convey his or her business idea to a prospective investor or lender in _________ minutes

two

In the case study Uber Changes the Business, the company experienced all the following EXCEPT

workers strike