ENT TEST 1
The entrepreneurial mindset cannot be found within large corporations or socially responsible nonprofit organizations
False
____ entrepreneurship is characteristic of small lifestyle businesses. a.Replicative b.Innovative c.Local d.Fragmented e.None of these choices
a
A ____ is the community of partners, suppliers, and other members of the value chain with which the venture does business a.customer network b.value network c.business network d.shareholder network e.None of these choices
b
The strategic choices that a business model addresses should reflect both the ____ and the ____ processes. a.business concept / business plan b.value chain / action plan c.action plan / value capture d.value creation / value capture e.value creation / business concept
d
The term entrepreneur has been popular in the United States since the ____. a.1920s b.1940s c.1960s d.1980s e.1990s
d
Today, ____ is growing faster than any modern economy. a.the United States b.Pakistan c.India d.China e.Japan
d
What of the following is not a benefit to the customer? a.Reliability b.Speed c.Convenience d.Uniqueness e.Better health
d
____ is the exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members. a.Business planning b.Marketing c.Mentoring d.Networking e.None of these choices
d
____ is the mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory. a.Pull b.Risk c.Success d.Push e.Money
d
The vast majority of innovations today are ____. a.technology-based b.inventions c.radical d.disruptive e.incremental
e
Which of the following is not a barrier to becoming self-employed? a.Lack of confidence b.Financial needs c.Family issues d.Time constraints e.Lack of training
e
Which of the following is not a component of a business model? a.Pricing model b.Revenue model c.Value proposition d.Internet commerce e.Action plan
e
Which of the following is not essential to a business concept? a.Customer definition b.Value proposition c.Product/service offered d.Distribution channel e.Revenue model
e
____ involves getting ideas down on paper and then organizing the ideas and creating themes. a.Hybrid process b.Group approach c.Collaborative process d.Group think e.Brainwriting
e
In an entrepreneurial endeavor, risk is correlated with reward; that is, the greater the risk taken, the greater the reward expected.
False
It's been proven that entrepreneurs start businesses solely to make money.
False
Research has determined that effective and efficient business planning correlates with business success.
False
Entrepreneurs start businesses for many reasons, but the number one reason appears to be their need for independence and to create something new.
True
Entrepreneurship is a personal journey that begins in the mind of the nascent entrepeneur
True
A precise ____ increases the chances that the business concept will meet the customers needs. a.customer definition b.distribution channel c.value proposition d.customer benefit e.elevator pitch
a
A/An _____ lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment. a.customer matrix b.market matrix c.customer profile d.industry profile e.None of these choices
a
An entrepreneur who owns a minority or majority stake in several ventures is called a ____ entrepreneur. a.portfolio b.traditional c.serial d.nonprofit e.None of these choices
a
Analyzing the government, demographics, cost of capital, and rate of change are all part of the _____. a.PEST analysis b.Five Forces Analysis c."rivalry among existing firms" analysis d."suppliers' bargaining power" analysis e.All of these choices
a
Creativity is the basis for ____, which is discovering something that did not exist previously. a.invention b.innovation c.creation theory d.discovery theory e.value creation
a
Early economists recognized that ____ is the primary force behind rising standards of living and that ____ innovation would determine the success of many nations in the future. a.technology / technological b.labor / growth c.manufacturing / distribution d.industry formation / job e.economic growth / invention
a
Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____. a.a new company b.a mature company c.all companies, large and small d.companies in decline e.All of these choices
a
In a/an ____ cost structure, the primary costs of the business come from customer aquisition. a.marketing b.retail space c.support centered d.direct e.inventory
a
Many weak business concepts can be eliminated from consideration ____. a.by answering a few simple questions b.by researching the concept in depth c.when there is competition d.when there are no investors e.when expenses are high
a
Most business ideas stem from a/an ____ that an entrepreneur sees in his or her immediate environment. a.problem b.solution c.journal d.innovation e.community
a
No time for creativity, lack of confidence, and absence of creative skills are all examples of ____ roadblocks. a.creativity b.invention c.innovation d.business opportunity e.functional
a
One part of the feasibility analysis addresses the business process. This part is called the ____. a.product/service analysis b.financial analysis c.founding team assessment d.industry analysis e.None of these choices
a
The Small Business Administration Office of Advocacy reports that ____ of new businesses survive at least five years. a.one-half b.one-third c.three-quarters d.two-thirds e.None of these choices
a
The ____ school of thought proposes an integrated input/output model to describe the entrepreneurial process. a.Morris, Lewis, and Sexton b.Ronstadt c.Gartner d.Rogers e.None of these choices
a
The _____ produces about three times as many ideas per unit of time and these ideas are generally of much higher quality. a.hybrid process b.group approach c.collaborative process d.team process e.brainwriting approach
a
The industry in which a new venture will operate is the business's ____. a.external environment b.target demographic c.target market d.first customer e.None of these choices
a
The late 1990s brought the "dot com" bubble and the rush of the ____ community to position itself for what appeared to be a new way of doing business. a.venture capital b.technology c.knowledge d.educational e.global
a
The two fundamental activities that comprise a/an ____ are creating and capturing value. a.business model b.business plan c.action plan d.business concept e.value network
a
Thinking like a/an ____ can stimulate the natural creativity in everyone. a.child b.creativity guru c.inventor d.entrepreneur e.None of these choices
a
Toward the end of the 1980s, researchers observed that young entrepreneurial ventures were ____ much earlier than expected and at a much smaller size. a.internationalizing b.diversifying c.creating jobs d.restructuring e.failing
a
____ has provided a way of effectively looking at the structure of an industry and at a company's competitive strength and positioning relative to that industry and to the markets it serves. a.Porter's Five Forces b.PEST c.Market research d.Industry analysis e.None of these choices
a
____ is a critical part of the everyday life of an entrepreneur and is a skill that must be developed and exercised carefully. a.Making effective decisions b.Paying attention to details c.Comparing potential outcomes d.Critical thinking e.Being a micromanager
a
____ is the first step in an anthropological approach to customer observation. a.Induction b.Abduction c.Deduction d.Testing e.Interviewing
a
____ is the process that moves an innovation from the laboratory to the market. a.Commercialization b.Invention c.Transformation d.Innovation e.Marketing
a
____ is very different from a business model because it considers more than the customer and how the new venture will create and capture value; it considers the competition. a.Strategy b.Feasibility analysis c.Competitive analysis d.Industry analysis e.Market research
a
____ serve as gateways to other networks, exerting influence between groups or networks rather than within groups. a.Network brokers b.Angel investors c.Gateways d.Opinion leaders e.All of these choices
a
_____ refers to an autonomous group mandate to find and develop new products for the company that may even be external to the company's core competencies. a.Skunk works b.Nonprofit c.Intrapreneurship d.Corporate venture e.None of these choices
a
"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ___. a.industry trajectories b.industry analysis c.PEST analysis d.target market analysis e.first customer analysis
b
A very specific task that an entrepreneur can undertake to prepare for success is to find/be a ____. a.network b.mentor c.self-starter d.leader e.All of these choices
b
A/An ____ is a group of companies that are engaged in similar or related activities a.network b.industry c.foreign market d.both "network" and "industry" e.None of these choices
b
A/An ____ reflects all the possible choices to solve the problem and its related outcomes. a.decision network b.decision tree c.list of pros and cons d.opportunity assessment e.brainstorming session
b
According to Rosabeth Moss Kanter, accountability, collaboration, and initiative are all elements of ____. a.innovation b.confidence c.creativity d.intuition e.invention
b
Age, income level, education, and buying habits are all components of the ____. a.competitor profile b.customer profile c.supplier profile d.industry profile e.SurveyMonkey profile
b
Closing the door, shutting off the phone, and turning off email to prepare to do some creative thinking are all examples of how you can ____. a.effectively solve problems b.minimize distractions c.develop a creative culture d.design physical settings that inspire people to be creative e.All of these choices
b
Creativity is the behavior that results in ____. a.manipulation b.innovation c.intuition d.illumination e.problem solving
b
Entrepreneurs rely on their ____ for objective advice. a.strong ties b.weak ties c.work ties d.partners e.mentors
b
Entrepreneurs typically have a vision of where they want their businesses to go, and generally that vision is on a regional, national, or (more often) ____ level. a.state b.global c.country d.local e.None of these choices
b
Entrepreneurship provides many benefits to society, chiefly ____, new industry formation, and ____. a.new technologies / new markets b.economic growth / job creation c.job creation / diversity d.economic growth / new technologies e.globalization / new markets
b
In general, the ____ is the one who pays for the product. a.company b.customer c.importer d.founder e.None of these choices
b
It is best to begin researching the industry by using ____ information about the industry. a.primary b.secondary c.market life cycle d.customer bargaining power e.None of these choices
b
More than perhaps anything else, the 1990s were characterized as the ____. a.Commercial Age b.Information Age c.Competitiveness Age d.Knowledge Age e.Internet Age
b
Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage. a.better customer warranties b.multiple revenue streams c.better channels of distribution d.more benefits to the customers e.All of these choices
b
New industries are born when technological change produces a/an ____ opportunity that an enterprising entrepreneur seizes. a.investment b.novel c.crucial d.successful e.efficient
b
Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data. a.secondary b.primary c.third-party d.sample e.All of these choices
b
Providing more opportunity for the clarification and discussion, the observation of nonverbal communication, and the high response rate are all examples of the advantages of ____. a.in-person surveys b.structured interviews c.informal focus groups d.phone surveys e.anthropological observation
b
Technological change has facilitated ____ and a new form of creative destruction by moving ____ out of the Unites States to countries where labor costs are substantially less. a.innovation / platform technologies b.globalization / lower-skilled jobs c.input models / resources d.fluid groups / higher-skilled jobs e.None of these choices
b
The ____ in a professional network are the entrepreneur's acquaintances and business contacts. a.strong ties b.weak ties c.work ties d.partners e.mentors
b
The ____ is an unserved niche that enables the entrepreneur to enter a market with no direct competition for a time. a.general customer base b.first customer c.supplier d.industry e.None of these choices
b
The business concept should ____. a.contain charts and graphs b.be a quick "elevator pitch" c.be in an outline form d.present an analysis of the industry e.answer investors' detailed questions
b
The feasibility analysis is about ____ a new business concept. a.developing b.testing c.planning d.implementing e.None of these choices
b
The first two steps in building a business model involve ____ and ____. a.identifying position in the value chain / developing competitive advantage b.identifying position in the value chain / creating customer value c.identifying investors / identifying competition. d.creating customer value / identifying sources of revenue e.developing competitive advantage / determining cost drivers
b
The model most commonly used to help an entrepreneur analyze an industry is ____. a.Porter's Four Forces Model b.Porter's Five Forces Model c.the PEST Model d.the SWOT Analysis Model e.None of these choices
b
The more information an entrepreneur acquires through ____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced and uncertainty managed. a.market research b.feasibility analysis c.business concepting d.concept analysis e.value creation
b
The principle of ____ means looking for the strengths or positive aspects of a problem definition first. a.Positive Reinforcement b.Affirmative Judgment c.Best Problem Definition d.Attribute Identification e.Evaluation Matrix
b
The second most commonly cited source of new venture ideas is ____ a.journaling b.business associates c.brainstorming d.existing ideas e.opportunities
b
To access the timeliest information, it is important to gather ____ on an industry. a.secondary data b.primary data c.blogs and social networking d.trade associations e.None of these choices
b
To analyze specific aspects of the macro-environment, an entrepreneur should use ___. a.a SWOT analysis b.a PEST analysis c.Five Forces analysis d.All of these choices e.None of these choices
b
Which of the following is not one of the four stages of the creative process identified by Wallas? a.Preparation b.Association c.Incubation d.Illumination e.Verification
b
Which of the following is one of the three broad questions that a feasibility analysis answers? a.How will the operating systems be structured? b.Do the capital requirements, based on estimates of sales and expenses, make sense? c.Does the entrepreneur have enough passion for the business? d.Does the entrepreneur have the experience to be competitive in the chosen industry? e.Does the entrepreneur have enough family support to be successful?
b
Women now comprise ____ of all entrepreneurial activity globally. a.one-quarter b.one-third c.one-half d.the majority e.the highest levels
b
___ is finding a new way to do something or improving on an existing product or service. a.Invention b.Innovation c.Creation theory d.Discovery theory e.Value creation
b
____ comprise over two-thirds of all sole proprietorships, partnerships, and S-corporations in the United States. a.Startups b.Home-based businesses c.Nonprofit businesses d.Serial entrepreneurs e.Corporate entrepreneurs
b
____ was not alone in asserting that the United States was rapidly and by necessity becoming an entrepreneurial economy. a.Steve Jobs b.Peter Drucker c.Mike Boyer d.Marc Weinstein e.Sam Goody
b
nourish international, a nonprofit run by ____, raises money to help eradicate global poverty. a.small business owners b.students c.Microsoft d.college professors e.None of these choices
b
A clear and precise definition of the____ increases the chances that the business concept will meet the needs of the market. a.competition b.employee base c.customer d.management structure e.product
c
A good starting point for gathering secondary market data is ____. a.the library b.other companies c.the Internet d.the buying habits of potential customers e.All of these choices
c
A new venture's ____ will convey its specific assets and capabilities, and make the venture more comprehensible and compelling. a.business concept b.business model c.story d.elevator pitch e.None of these choices
c
A/An ____ analysis includes the political, sociocultural, economic, and technological environments in which the new venture will operate. a.market b.industry c.PEST d.anthropological e.demographic
c
A/An ____ starts with a concept statement, specifying the pain or need in the market, the potential first customer, the value proposition for that customer, and how the value proposition will be delivered to the customer. a.new venture b.feasibility analysis c.quick screen d.business plan e.elevator speech
c
An entrepeneures ____ are the foundation for the business and are always reflected in the business and in the way customers are treated. a.ideas b.networks c.core values d.resources e.relationships
c
An entrepreneur who starts one business and then moves on to start another is classified as a ____ entrepreneur. a.portfolio b.traditional c.serial d.nonprofit e.None of these choices
c
As more firms enter an industry, intense ____ occurs. a.growth b.adaptation c.differentiation d.shakeout e.decline
c
Birth, growth and adaptation, and shakeout are stages of the ____ life cycle. a.product b.market c.industry d.company e.All of these choices
c
Creativ _____ is about linking imagination and intelligence, emotion, and logic to arrive at the optimal opportunity. a.entrepreneurship b.thinking c.problem solving d.innovation e.networking
c
Entrepreneurs differ from others who have ideas in that they know how to extract ____ from those ideas to creative commercial potential. a.value b.creativity c.innovation d.opportunities e.problems
c
Entrepreneurs must create a great story to describe how they will make value for all except which of the following? a.Customers b.Value-chain partners c.Internet d.Investors e.Shareholders
c
For a new product or service to be successful, it should ____. a.not be too expensive b.provide long-term utility c.solve a problem that customers have d.have a good warranty e.be the leader in the product line
c
Gartner's conceptual framework for the new venture creation process focuses on three major categories of variables: the individual entrepreneur and what he or she brings to the process; the ____; and the ____. a.market / technology b.input / output c.environment / organization d.career / environment e.technology / industry
c
In ____, entrepreneurs create opportunities via their actions, reactions, and experiments around new products, services, and business models. a.invention b.innovation c.creation theory d.discovery theory e.value creation
c
Most of the great businesses that have been successful for at least 50 years (companies such as Walt Disney, Sony, and Merck) did not start with a/an ____. a.lot of money b.need for independence c.great idea d.great team e.original idea
c
One of the best ways to discover an opportunity is to study a/an ____ in depth. a.company b.product c.industry d.leader e.None of these choices
c
Reducing some of the risk of entrepreneurship and building confidence can be achieved by ____. a.devoting time each day to quiet contemplation b.identifying a problem and solving it c.conducting a feasibility analysis d.becoming more observant e.using a personal network
c
Research has confirmed that entrepreneurs are motivated intrinsically by such things as the desire for ____. a.wealth b.independence c.growth d.power e.partnership
c
Responding to this entrepreneurial drive, big business in the 1980s found it necessary to downsize and reverse the trend of ____ it had promulgated for so long. a.innovation b.restructurings c.diversification d.internationalizing e.None of these choices
c
Strictly speaking, Schumpeter did not see ____ as innovation even if they generated economic growth. a.commercialized improvements b.radical improvements c.incremental improvements d.patented improvements e.None of these choices
c
The "first customer" is the customer who pays for the product or service and is the customer with the most ____. a.money b.time c.pain d.All of these choices e.None of these choices
c
The 1970s saw the beginning of three significant trends that would forever change the face of business: macroeconomic turmoil, ____, and the technological revolution. a.the Vietnam War b.agricultural disasters c.international competition d.recession e.None of these choices
c
The market research process has ____ steps. a.seven b.five c.four d.nine e.two
c
The new millennium ushered in what many refer to as the ____. a.technology economy b.information economy c.knowledge economy d.Internet economy e.dot com economy
c
The value chain includes the ____. a.investors b.capital requirements c.distribution channel d.product/service design e.employees
c
What of the following components of the business concept is least likely to ensure the success of the venture? a.Customer demand b.An effective business model c.Money d.A broad distribution channel e.Value proposition
c
When it comes to the Inc. 500 Fastest Growing Private Companies, the ____ is not a predictor of ultimate success. a.size of the team b.size of the market c.amount of startup capital d.degree of risk e.desire for independence
c
Which type of business is most likely to be launched on the strength of a feasibility analysis alone? a.Baked goods business b.Technology business c.Internet-related business d.Clothing business e.Investment business
c
____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology. a.Radical b.Creative c.Progressive d.Intermediating e.Internet
c
____ facilitates a new venture's identity and legitimacy as well as creates a competitive advantage that is difficult to replicate. a.Networking b.Decision making c.Storytelling d.Critical thinking e.Micromanaging
c
____ on a regular basis trains the mind to shift quickly into the creative mode. a.Brainstorming b.Minimizing distractions c.Contemplation d.Changing networks e.None of these choices
c
entrepeneurs are taking advantage of several subtrends within the ____ sector, including eco-iconic marketing. a.international b.technology c.green power d.educational e.women's
c
A new industry goes through volatile and rapid changes as companies and their respective technologies jockey for position and the right to determine industry standards. This is what stage of the industry life cycle? a.Birth b.Shakeout c.Differentiation and competition d.Growth and adaptation e.Maturity and decline
d
A/An ____ is a grouping of competitors that an entrepreneur targets. a.industry b.external environment c.target market d.market e.None of these choices
d
As entrepreneurial firms achieve noticeable levels of success and as new industry grows, it generally becomes more ____ as a result of so many firms competing for position. a.stable b.unstable c.consolidated d.fragmented e.None of these choices
d
Denmark, Israel, United Arab Emirates, and the United States have ____ economies. a.production-driven b.factor-driven c.efficiency-driven d.innovation-driven e.entrepreneurial
d
Entrepreneurial leaders have a distinct advantage over ____ leaders because they see themselves as part of a team. a.heroic b.charismatic c.visionary d.both "heroic" and "charismatic" e.both "charismatic" and "visionary"
d
Entrepreneurial-like ventures inside large companies are called ____. a.skunk works b.nonprofits c.for-profits d.corporate ventures e.None of these choices
d
Firms that are most likely to survive over the long term are those that display superior levels of reliability and accountability in performance, ____, and structure. a.resources b.age c.operations d.processes e.controls
d
Google, Wikipedia, journals, and trade magazines are examples of ____. a.industry analysis b.market research c.primary sources d.secondary sources e.None of these choices
d
In 2006, ____ percent of successful products were developed in collaboration with others. a.29 b.49 c.69 d.79 e.89
d
In the United States, ____ entrepreneurship is most prevalent. a.opportunity-driven b.efficiency-driven c.factor-driven d.necessity-driven e.passion-driven
d
Most successful startups involve ____. a.only the founders b.people with skills and capabilities beyond those that the business requires c.solo entrepreneurs rather than teams d.teams rather than solo entrepreneurs e.people with MBAs
d
Peter Drucker asserted, "The entrepreneurial mystique, it's not magic, it's not mysterious, and it has nothing to do with the genes. It is ____." a.having enough money b.a great idea c.a great network d.discipline e.the need for independence
d
The 2008 Global Entrepreneurship Monitor Report found that men and women in the ____ age bracket are responsible for 36 percent of all the entrepreneurial activity in the United States and for 22 percent of the activity globally. a.25-45 b.25-55 c.45-65 d.45-98 e.65-98
d
The ___ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms. a.growth b.adaptation c.differentiation d.shakeout e.maturity
d
The ____ has been called the Decade of Entrepreneurship. a.1950s b.1960s c.1970s d.1980s e.1990s
d
The ____ microprocessor affected the technological revolution of the 1970s. a.Apple b.Microsoft c.Java d.Intel e.Sun
d
The best question to ask to define a problem is ____? a.how can I fix this problem b.who created the problem c.who has the solution to this problem d.what is the source of the problem e.who is affected by this problem
d
The goal of most entrepreneurs is to reduce the level of ____ in any venture. a.investment b.independence c.planning d.risk e.resources
d
The process of new venture formation is characterized by ____ stage(s) and ____ transition(s) or decision points. a.one / two b.three / five c.two / three d.four / three e.five / two
d
The question of how to deliver the benefit to the customer is answered by ___. a.the value chain b.the product c.the service d.the distribution channel e.testing the concept
d
The second step in the market research process is ____. a.assessing information needs b.measuring the target market with primary research c.determining what methods of analysis will be used d.researching secondary data e.forecasting demand for the product or service
d
Twitter has been the leader in facilitating a new trend known as ____. a.social marketing b.social mingling c.mass networking d.mass mingling e.None of these choices
d
What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? a.Threat of new entrants b.Price and quality of alternatives c.Switching costs d.Economies of scale e.Costs of inputs
d
____ change is found in industries where resources turn over frequently and must continually be replaced. a.Progressive b.Intermediating c.Radical d.Creative e.None of these choices
d
____ innovations can find no identifiable market in the earliest stages of development. a.Technology b.Emergent c.Most d.Disruptive e.Incremental
d
____ is concerned with the process of commercializing or extracting value from ideas. a.Problem identification b.Creativity c.Invention d.Innovation e.Marketing
d
____ is one of the most successful new product idea companies in the world. a.IBM b.Apple c.Microsoft d.IDEO e.OSHA
d
____ sees opportunity arising from shifts in external factors in the market or industry, such as regulation, technological changes, and changes in customer preferences. a.Problem solving b.Innovation c.Creation theory d.Discovery theory e.Value creation
d
companies engage in skunk works, ____ and ____ to simulate an entrepreneurial environment within the organization. a.brainstorming / intrepreneurship b. re-engineering / research c. networking / team building d. intrapreneurship / acquisition e. strategic alliances / acquisition
d
Brand equity, advertising expense, and the rate of industry growth are part of which of Porter's forces? a.Threat of substitute products b.Customer bargaining power c.Supplier bargaining power d.Threat of new market entrants e.Intensity of competitive rivalry
e
Critical entrepreneurial skills include ____. a.opportunity recognition b.leadership and people management c.written and oral communication d."leadership and people management" and "written andoral communication" only e.All of these choices
e
In general, venture capitalists say that they will take a ____ and a large market opportunity in a fast-growing area over a great idea any day a.big risk b.strong business plan c.passionate entrepreneur d.strong leader e.great team
e
More than ____ percent of Salesforce.com's employees are involved in philanthropy. a.63 b.89 c.90 d.75 e.85
e
Noller developed a formula that suggests that creativity is a function of three dynamics: knowledge, imagination, and ____. a.invention b.association c.problem solving d.discovery e.evaluation
e
Robert Chambers used the ____ organizational structure as a vehicle to help low- income people make better purchasing decisions when it came to cars. a.new venture b.socially responsible c.startup d.corporate e.nonprofit
e
The Small Business Administration (SBA) defines a small business as one with fewer than ____ employees. a.250 b.385 c.600 d.700 e.500
e
The feasibility analysis includes all of the following except ____. a.industry analysis b.market customer analysis c.product service analysis d.competitive analysis e.investor analysis
e
The probability of survival and success tends to go up with businesses that have more ____. a.networks b.mentors c.competitors d.investors e.potential
e
Which of the following rules does not apply to idea generation? a.Go for quantity over quality initially b.Capture every idea no matter how outlandish it may seem c.Piggyback on ideas to create new modifications d.Generate individual ideas first e.Evaluate individual ideas before modifying them
e
____ with customers should give the entrepreneur confidence that the solution being provided is recognized as valuable by customers. a.Product/service analysis b.Customer analysis c.Feasibility analysis d.Competitive analysis e.Market research
e
A business concept is a concise description of an opportunity that contains seven essential elements.
false
An effective business model should be built in seven stages.
false
Business concepts are developed quickly and can be funded and operational within 2 days
false
Common types of roadblocks to creativity are personal, relational, and environmental
false
Drucker's five questions are the basis for the development of the business concept
false
Entrepreneurial ventures are not responsible for significant job creation.
false
Entrepreneurs build businesses based on concepts that never existed before.
false
Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry.
false
Most businesses produce either a product or a service, but not both.
false
Stage 3 of the business model is to calculate how to create value for the customer
false
Target market research provides some of the least important data needed to decide who the first customer will be.
false
The chances of success for a new business startup are determined primarily by the size of the initial financial investment.
false
The illumination step in Wallas's creative process brings the idea to an outcome
false
The market research process consists of seven steps.
false
The term entrepreneur has been in popular use for more than 100 years.
false
The value proposition is the benefit that the company derives from the product or service it will produce!in other words, it is the reason for the company to be in business.
false
There are seven stages in the industry life cycle.
false
Business models are doomed to failure when the underlying logic about the future is incorrect.
true
Creativity enables entrepreneurs to differentiate their businesses from competitors so that customers will notice them.
true
Discovery theory and creation theory help explain how entrepreneurial opportunities happen
true
Economic turmoil has a plus side because it produces opportunities for entrepreneurs who are comfortable with environmental factors outside their control.
true
Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.
true
Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the U.S. over the past 25 years.
true
Entrepreneurs erect roadblocks that prevent them from being creative.
true
Entrepreneurs identify their primary customers by recognizing a need, or pain, in the market
true
Entrepreneurship can be found in some form in every country, race, age group, and (increasingly) in women as often as in men.
true
Entrepreneurship is a form of creative destruction.
true
For every industry, the life cycle stages occur at different times and vary in duration
true
How to deliver the benefit to the customer is the issue addressed by the distribution channel of the business concept
true
Investors are moving away from written business plans in favor of a brief, well constructed executive summary or pitch.
true
One of the biggest problems that scientists and engineers face when they decide to consider entrepreneurship is the expectation that there should be formulas and straightforward "right or wrong" answers.
true
Radical change occurs in an industry when innovation results in the obsolescence of previous technology and drives old-line companies out of business
true
Stage seven of Norman Seeff's creative process represents the emotional fulfillment of the original dream.
true
The North American Industry Classification System (NAICS) is the classification system that was developed by the United States, Canada, and Mexico to identify industries and to allow for common standards and statistics across North America.
true
The creative journey begins with maintaining a journal of one's thoughts and ideas
true
The environment in which a person works can either stimulate or discourage creativity
true
The government can limit entry to an industry or market through strict licensing requirements and by limiting access to raw materials via laws or high taxes and to certain locations by means of zoning restrictions.
true
The time prior to a firm's birth is called the fuzzy front end.
true
The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.
true
Today many enterprising people are turning to nonprofit ventures to realize their entrepreneurial dreams.
true
When capital markets make it difficult to find funding, entrepreneurs are less likely to start new ventures from scratch
true
Without the support of corporate senior management, it will be difficult to move any entrepreneurial project forward fast enough and far enough to be successful.
true
