Small business exam 1
There are many options if you do not want to start your business inside your home which of the following is not one of those options
A separate room with a door
A form of business termination in which the firms legal or financial obligations are not fully met at closing describes which of the following
A workout
Which of the following types of value benefits is most likely to be offered by product if it helps the community a group the environment or the world
Altruism
When compared to large businesses small businesses owners start their business typically to take advantage of
An innovative idea
Retrenchment is
An organizational life cycle stage in which established firms must find new approaches to improve the business
A ____ Typically means the core product plus features that tend to differentiate the product from competition
Augmented product
Which of the following is the element of firms internal environment
Board of directors
Part time entrepreneurs should separate and balance business and home the separation and balances what in the BRIE model
Boundary
Which of the following is a Essential to success of start ups
Building trust and one story
_____ means taking business away from ones employer
Cannibalizing
The measure of how many visitors to the website actually make a purchase is known as
Conversion rate
Josh, an electronic retailer, Noticed that the e-commerce business is booming. He start an online shopping website to take advantage of the surgeon business. As a result his business attracted more customers from all across the country this reflects joshes
Entrepreneur alertness
The general description for the processes and skills used in the management of firms interactions with people, organizations, and institutions outside of its boundary called
External relations
Correlation is one of the four steps in the process for organizing creative thinking devolved by graham wallas
False
Differentiation strategies target a niche segment of the market
False
During the introduction stage of products lifecycle in from a marketing standpoint the more innovative the product the quicker the sales
False
Mutuality is the set of relationships and contacts with individuals and institutions a company establishes
False
The goal of and small business owner is to manage external relations in order to minimize social capital
False
Your magic number is the number of customers you can comfy provide
False
The single greatest hurdle to a successful start of us obtaining in maintaining sufficient cash to support both operations and growth. Which of the following is needed by a successful start up to overcome this hurdle?
High margins
Which of the following is not one of the five pitfalls that hinder innovation
Hiring the wrong people
And overall strategy approach in which a firm patterns itself on other firms with the exception of one or two key areas is referred to as
Incremental innovation
When looking at the typical start of strategy of the classic innovator which of the following statements is not true
Innovation only happens during the introduction phase of the lifecycle
Market scope is important because
It helps business owners to decide where to focus their sales and advertising efforts
Which of the following is considered an advantage of stand retailing
Minimum start up investment
Which of the following is a tactical action?
New distribution channels
A ____ Is a narrowly defined segment of the population that is likely to share interest or concerns
Niche marker
Researchers in the field of entrepreneurship and small business believe that ___ Behavior is the most basic an important entrepreneurial behavior
Opportunity recognition
_____ Refers to search in capture new ideas that lead to business opportunities
Opportunity recognition
A business that is created by separating g parts of an operating business into a desperate entity is called a
Spin off
Which of the following is a way to start business with establish customers
Spin offs
The product/ service component of the feasibility study typically includes which of the following aspects
Stage of devolpment
In the scamper took s stands for
Substitute
In a _____ the buyer seized control of the business without the permission of all owners
Takeover
Which of the following is a traditional problem facing new ideas
The idea cannot be economically made into a product or service
At which stage of the product life cycle do promotions such as coupons and multipacks flourish
The maturity stage
Which of the following Statements about small businesses high in social capital is true
They are given the befit of the doubt when problems occur
All of the following are reasons for the large numbers of homebase businesses in the United States except that
They generally give the customers the strongest sense of legitimacy
The strategy for using the pilot test approach is
To show potential partners at that idea can generate sales
______ target specific industries and professions
Trade magazines
Key resource acquisitions also called bulk asset purchases are the only way a sole prop
True
Search and capture of new ideas that lead to business opportunities is called opportunity recognition
True
Second sourcing provides customers with greater certainty of supplies and services
True
Serial entrepreneurs is a special term for those who start multiple businesses in their careers
True
Small business are often the first to try something innovative
True
Strategy is the idea and actions that explain how firm will make its profits
True
The feasibility of an idea is the extent to which is viable and realistic
True
The new product development process is likely to be easier for services thAn for innovative kids
True
Questions like what if everyone did what I want to do and what kind of world
Universalism
Imitation -1° of similarity
Would be the business equivalent of cloning
Documentation and demonstration offered for products are product based legitimacy indicators of
experimental supports
caveat emptor
let the buyer beware
The supra strategies are designed to work when there are very few small businesses in an industry along with many firms
False
In the context of entry wedges _____ occurs because government agencies government sponsored commercial contracts and many other big businesses have policies that provide for quota for buying from small businesses
Favored purchasing
Standard industrial classification system codes have
Four digits
One powerful but rarely used source of business idea are
Government agencies
Which of the following is an advantage of the scamper tool
It helps entrepreneurs to come up with alternative solutions
Which of the following is true of the entry wedge of second sourcing
It provides a competitive pressure to ensure that suppliers keep providing the best service and prices
As a firm gets more experience it can often work with fewer mistakes and greater efficiency is this leads to the cost benefit of
Learning
____ is a certification standard from the U.S. green building council building that are environmentally friendly
Leed
Following the BRIE model in starting a business an entrepreneur creates a boundary within the environment setting his firm apart from the rest of the environment. In doing this gives the firm a
Organizational identify
______ Refers to a preliminary run of a business sales effort program or website with the goal of assessing how well the overall approach works and what problems it might have
Pilot test
To help and prepare small business to handle crisis they have been recommended to avoid
Planning only after a crisis has occurred
Which of the following is most likely to be an example of a good dominated product
Purchasing a sewing machine with a warranty
A ___ is the business term for the population of customers for a business owners products or service
Market
Small business owners should be scanning their environment looking for upcoming trends. Beyond trend spotting the other key scanning ability is to find the resource you need from the environment to build toy business. Key to identfiying resources comes for the acronym
Profit
One of the quickest and simplest ways to screen an idea for a business potential is through the
RBI screen
Which of the following is an entrepreneur most likely to implement to make his company more ideas prone
Redesign the work environment
______ is a payment to a licensor based on the number of value of licensed items sold
Royalty
_____ Is a general approach to website design intended to result in the side being displayed toward the beginning of a search engines listing for that term
Search engine optimization