Exam 1

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Multistate businesses only collect sales tax in their home state.

false

Outside of the United States, there are few entrepreneurial ventures.

false

The planning process of a venture includes the financial and human resources to implement the idea.

true

Which of the following demonstrates an ethical issue that could lead to an infringement of CSR?

A company's website is hacked and millions of customers' identity information is lost. The company sells most of its stock for protection and then tells its customers about the hack.

Why should entrepreneurs be careful when working with others on their business venture?

A general partnership can be informally created by the actions of people pursing the business.

Where do profits go in a for-profit business?

All profits are distributed to owners

Most publicly traded companies go public when they first begin operations.

False

What are the most important benefits of micro-lending?

Targeted to small businesses and shorter approval times

Which of the following statements is true about women entrepreneurs?

Women receive significantly less venture capital funding than men.

What is the purpose of the customer empathy map?

accurately portray the target market for the product/service

Why will a disruptive technology fail in most instances?

because a different business model will be needed to realize the technology's potential

When an existing business fundamentally changes their approach to the business, it is called ________.

business model innovation

For entrepreneurs, the simplest method of framing a problem in the form of a question ________.

can be eye-opening

Mr. Patel is conducting research in his target market to see if the product he designed delivers different benefits than those of his nearest competitor. He is most likely trying to determine whether his product has a ________.

competitive advantage

Which type of analysis uses a grid to compare all the vendors that provide the same product or service in an area?

competitive analysis

Which of the following is not an example of a social-environmental entrepreneurial problem?

concern for government funding

The human ability to feel what other humans are feeling, which in the context of creativity, innovation, and invention is essential to beginning a process of human-centric design, is called ________.

empathy

Which of the following is also referred to as business structure from a legal perspective?

entity selection

According to Elon Musk's six-step decision-making process, if nobody can invalidate your conclusion, then you're certainly right about it.

false

According to the required Penn State Video, assessing the level of available inputs required to run the venture is part of the Market Analysis.

false

According to the text, even with practice, not everyone can improve in their creative efforts.

false

According to the text, the main reason the videophone didn't start to take hold in the marketplace until the early 2000s was because of the cost.

false

Adaptability is about addressing the assumptions that will create customer value.

false

An invention is an innovation implemented and used on a large scale.

false

An organization need only consider short-term risks when starting out.

false

Every innovation rises to the level of a unique invention.

false

In the business plan document, you should not address any competitors in the industry.

false

Which of the following is used to help determine whether to continue with the venture?

feasibility study

Which of the following describes the process by which entrepreneurs evaluate product ideas, strategies, and marketing trends?

opportunity screening

Which of the following best describes expanders and scalers' approach to venturing?

seeking out opportunities to expand processes, products, or creating methods

A competitive analysis provides information about how competitors market their products and services.

true

Assessment is determining the idea you plan to offer through your venture.

true

Before acquiring Company A, the executives and lawyers conducted an audit of Company A's financial records. This is an example of due diligence.

true

Invention is the act of bringing ideas or objects together in a novel way to create something that did not exist before.

true

Moore's law is still valid.

true

PRIZM data can show entrepreneurs specific lifestyle traits of a population within a certain zip code.

true

The objective of Stanford's Design School ideation practice is to generate as many ideas as possible and then start to develop some of those ideas.

true

US Census data can help aspiring entrepreneurs know if they need to provide products and services to their markets in multiple languages.

true

Successful Innovators need not be technologically proficient or creative, but successful innovators are often skilled at bringing technologies to market in new and profitable ways.

true

Disruptive innovations often create new markets.

true

The relationship of an entrepreneurial mission and the founders' values can be diagrammed as "entrepreneurial mission statement → personal values → personal mission statement".

false

What kind of thinking involves a logical, step-by-step process?

linear

Which of the following combinations creates the greatest entrepreneurial opportunity?

low supply, high demand

Which of the following is an example of bootstrapping?

maxing out personal credit cards to start a business

When faced with an entrepreneur who makes an ethical breach, employees should not speak up or escalate the problem because it is a startup anyway.

False

Ethics are standards of behavior that you choose to uphold.

True

Significant market structure means that a product or service has value because it provides a solution that the target market is willing to purchase.

false

Which is not a factor that makes a location one of the 50 Best Places in America for Starting a Business?

federal government funding

The Ten Principles of the United Nations Global Compact cover all of the following principles except ________.

fraud

The entity selection directly affects ________.

how the entity is taxed

Which of the following is an example of an entrepreneur?

innovator

Searching for and finding solutions outside of the organizational structure is known as ________ innovation.

open

What are the primary needs of shareholders?

realizing value

Uber, Lyft, and DoorDash are examples of which type of economy?

shared economy

3-D printing is an example of what type of innovation?

disruptive

What is the first step in any entrepreneurial venture?

Establish the nature and purpose of the business

Type of Entrepreneur

Innovators creators market makers expanders and scalers

Why do most businesses fail within the first few years?

cash flow issues

How is a serial entrepreneur different than a social entrepreneur?

A serial entrepreneur is someone who starts multiple entrepreneurial ventures, while a social entrepreneur is someone who focuses on solving a problem.

Most theorists believe there is only one definition of entrepreneurial success, which is to make money.

false

Social entrepreneurs only start nonprofits.

false

market makers

innovate or reinvent their market from a future perspective by asking what the market could evolve into

Others acknowledge that a small business owner may also be an entrepreneur

they are not mutually exclusive.

Freelance workers earn a median rate of $50 per hour.

false

According to the required Penn State video, feasibility studies include a market analysis, technical/production analysis, and financial analysis.

true

The business plan should begin with an executive summary.

true

Disruptive innovations often create new markets.

True

Many businesses fail because of a lack of proper understanding of the problem from the beginning of the venture.

true

Which of the following is not a reason for the downward slide in the number of employees working for self-employed businesses?

desire over control of one's career

Which of the following best describes an entrepreneurial mindset?

desiring to take business risk for growth

What element(s) of potential success are crucial beyond simply having an entrepreneurial mindset?

funding and education

Not-for-profits are formed to ________.

further a social cause

Harvest

point at which the investors and entrepreneurial team receive their return on creating and building the venture

entrepreneurial venture

the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. -some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor.

Which of the following is an example of a practical business mission statement?

"Serve as a leader and live a balanced life."

The difference between risk and calculated risk is

Due Diligence Conducting the necessary research and investigation to make informed decisions that minimize risk

Innovators

Find new approaches, methods, or products that add value through solving a problem in a unique manner

According to the required Penn State video on Feasibility Analysis, the Financial Analysis portion does not include the following:

Production Analysis

What is a major purpose for using the business plan externally?

as an investment tool

Why is the United States a country that "grows" successful entrepreneurs?

because there are few prescribed conformity traditions

What does the acronym "CSR" stand for in Chapter 3?

corporate social responsibility

Netflix started in 1997 as an online movie rental service. Users could browse the online catalog and order DVDs to be delivered to their homes. Today it is a streaming platform. As the company's success grew, several chains of storefront video rental businesses went out of business. This phenomenon is known as ________.

creative destruction

In addition to the examples provided in the text, the innovation by Apple that now would fit into the category called a "smartphone" is a good example of ________.

disruptive technology

Which of the following is the most effective way to cultivate anchoring organizational strategies?

encouragement

Almost 75 percent of millennial workers would agree to work for 25 percent less money to work for a company whose business values comport with their personal values.

false

Corporations are urged by laws and regulations to develop a principled approach to do business.

false

Defining the problem must be based on honest and rational observation that avoids emotions for human-centric design to work.

false

Developing a prototype is always the most tedious part of inventing.

false

Having a patent agent write an application instead of a patent attorney may help to protect your invention against future legal challenges.

false

Information gained from a SWOT analysis can be used in a PEST analysis.

false

Innovation describes a truly novel product, service, or process that, though based on ideas and products that have come before, represents a leap. It is a creation truly novel and different.

false

Inventors always realize great wealth from their inventions.

false

Primary sources include published research from questionnaires.

false

Stakeholders are a small group who are owners of a company.

false

The development of CSR has been a steady progression of success and advancement.

false

The entrepreneurial perspective does not emphasize solving problems to make lives easier.

false

The number of self-employed persons has been dropping since 2016.

false

The rise of subscription services is attributable to grant funding.

false

The state in which you live is the state in which you must form your business.

false

When creating a competitive analysis, you should keep the focus on the entrepreneur's ideas and desires rather than the key elements of the customers.

false

For the Six Thinking Hats exercise to work best, the Black Hat maintains control and keeps the practice moving quickly.

false BLUE

In deciding whether to start their business, the founders of Netflix needed to determine if there were enough people interested in renting their DVDs through the Internet to make their investment worth the time and effort. They needed to determine the ________ of the venture.

feasibility

If the costs of a venture are too high and the profit is too low, the entrepreneur may need to consider whether the venture is ________.

feasible

To delve more deeply into ideation as a practice, the text introduced the "Six Thinking Hats" method, where the White Hat ________.

frees you from considering other aspects of a problem that can limit creativity when you are looking for a solution

The ideation practice which comes from Stanford's Design School has the objective to ________.

generate as many ideas as possible and start to develop some of them

The first consideration for entity selection is ________.

if the business will be for-profit or not-for-profit

Coca-Cola's brand-line extension with Cherry Coke and Coca-Cola with Lime is an example of ________.

incremental innovation

The experience of being an entrepreneur can be fun, exciting, and refreshing, as long as you do which of the following?

keep your creative spirit alive and in constant motion

Creative thinking is more often ________ thinking, free and open thinking in which established patterns of logical thought are purposefully ignored or even challenged.

lateral

According to the text, Schumpeter described the cyclical destruction and creation of new businesses as ________.

natural in a capitalist system

Which of the following is an example of leaving a positive footprint on the planet?

opening local schools to educate the local populations on their resources

Which age range accounts for the most startup activity?

over 40

The ________ stage of creativity involves investigating a chosen field of interest, opening your mind, and becoming immersed in materials, mindset, and meaning.

preparation

In order for human-centric design to work, ________ must be based on honest, rational, and emotional observation.

problem definition

According to the text, designing for other people means building a ________.

prototype, which is the fourth step

In order for an idea to become a recognized opportunity, there must be significant market demand, significant structure and size, and ________.

significant margins and resources

In order to determine if it is the right time to start a new business, aspiring entrepreneurs must consider the existence of which of the following criteria?

significant market demand, significant market size, and significant resources

Which of the following improve the performance of established products through characteristics that mainstream customers adopt?

sustaining technologies

Brainstorming creatively means going beyond ________.

the common basic whiteboard scribbling

The Six Thinking Hats exercise is not always easy to implement. If members cannot follow the rules, ________.

the process breaks down

An opportunity-identifying perspective determines how a problem can be translated into a new opportunity to create a new venture.

true

Demographics include statistical factors of a population, including age, race, and gender.

true

Entrepreneurs who focus both on beta testing and market research for their products are more likely to succeed.

true

Job creation may be considered a financial measure of value.

true

Late-stage entrepreneurial failures rates are similar to those of early-stage startups, often due to never achieving traction or growing too quickly.

true

Some entrepreneurial businesses end up adjusting their leadership ethos as their company grows.

true

The notion of the inventor's single stroke of genius is mostly myth.

true

United States venture capitalists have contributed more money than European and Chinese deals combined.

true

When an inventor becomes a successful entrepreneur by launching and selling products based on their inventions, they may also be considered to be an innovator as well.

true

Which of the following is an example of due diligence performed by an entrepreneur?

understanding the process of starting and funding the venture

Where do founders derive their company's mission?

values, beliefs, and experience

How does an entrepreneur create a unique value proposition?

Find the intersection between customer problems and your solution

According to the required Penn State Video on Feasibility Analysis, which of the following is not a component of a market analysis?

Inputs Analysis

Immigrants are half as likely to start a business as native-born Americans.

False

What are the correct steps of the entrepreneurial journey?

Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, Navigation, Launch

Creators

Make something new or see a problem that other people have not noticed

Why is the initial decision about the entity selection so important?

The business may have the potential to evolve into a much larger business

Why should the focus first be on the right side of the business model canvas?

These are the most critical aspects of starting a new venture

The business model, at the very least, must include revenue streams, a value proposition, and customer segments.

True

Which of the following is the most common business model and involves one-sided actors?

direct

entrepreneur

someone who identifies and acts on an idea or problem that no one else has identified or acted on.

Which of the following is not an example of a lifestyle venture?

starting a fashioned focused eyeglass company

Expanders and scalers

Seek out opportunities to expand upon previously created methods, processes, or products

Which business structure operates as a separate legal entity apart from the owners?

corporation

Which type of canvas is most typically used by entrepreneurs?

lean canvas

Lifestyle venture

has evolved to mean a business in which the founders' primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business.

How is a joint venture different from a legal partnership?

Joint ventures are used during a limited period of time and for a single purpose

All of the following except ________ describe entrepreneurs.

corporate sponsors

Entrepreneurs launch only for-profit ventures.

false

Which is the most pragmatic way to plan a venture?

pursuing an existing franchise license

What is the most important aspect of the preparation step?

research and gathering knowledge

Which of the following is a key characteristic that encourages entrepreneurship?

support for freedom to innovate


संबंधित स्टडी सेट्स

BSEN 395, University of Calgary Practice MC test 1

View Set

Anatomy of a Neuron: Cell Body and Dendrites

View Set

Accounting 4B DSM Ch. 9 - Master Budget

View Set

Chapter 1 - A New World Of Many Cultures

View Set