ent 3

Which of the following sources of skills for a new business is often the most overlooked? Family experiences Work experiences Education Hobbies and activities

family exp.

Without the needed _____, the founders would be faced with not holding any advantage over the competitors who have the necessary depth in the area. skill market investors oppurtunity

skill

What is the connection between the entrepreneur's skills, understanding of an industry, and the ability to create a competitive advantage such that the sum of the parts of the new business is greater than the individual parts alone? gap skills analysis opportunity synergy

synergy

Entrepreneurs can examine business risk by considering three threats to business success. Those three threats are: (Check all that apply.) threats to demographic trends. threats to the profit margin. threats to total quality management. threats to operational financing. threats to sales generation schemes.

threats to the profit margin. threats to operational financing. threats to sales generation scheme

Gap analysis collumn 2

categories of analysis

What are included in the first column of the chart used in the gap analysis? (Check all that apply.) A brief explanation of the idea The business idea The category used to analyze the idea An estimation of personal resources

- The business idea- A brief explanation of the idea

Which of the following steps are important to the development of a quality business idea? (Check all that apply.) List and assess one's assets and resources. Analyze the market and look for a gap or need not being met effectively. Compare one's ability to fill the gaps with the opportunity available. List and evaluate one's personal skill sets. Complete a comprehensive financial analysis to determine feasibility.

Analyze the market and look for a gap or need not being met effectively. Compare one's ability to fill the gaps with the opportunity available. List and evaluate one's personal skill sets.

Which of the following support the rationale for starting a business idea generation process by analyzing the skill sets of the potential founders? (Check all that apply.) There are only a few opportunities in a wide variety of fields. There are literally millions of opportunities. Pursuing opportunities without the requisite skill set wastes money. Pursuing opportunities without the requisite skill set wastes time.

There are literally millions of opportunities. Pursuing opportunities without the requisite skill set wastes money. Pursuing opportunities without the requisite skill set wastes time.

Which of the following statements make interviewing key successful entrepreneurs an attractive way to identify opportunities or gaps? (Check all that apply.) Multiple select question. Entrepreneurs have a keen eye for what businesses are needed in an area. Most successful entrepreneurs are too busy with their own business to pursue new ventures. Most successful entrepreneurs have great ideas. Most entrepreneurs are not willing to advise new entrepreneurs.

Entrepreneurs have a keen eye for what businesses are needed in an area. Most successful entrepreneurs are too busy with their own business to pursue new ventures. Most successful entrepreneurs have great ideas.

Which of the following are questions an entrepreneur should address regarding education? (Check all that apply.) Have you taken specialized training in any specific area? What courses taken were particularly enjoyable? Have you attended any unusual education programs? Was the education administered by a formal institution?

Have you taken specialized training in any specific area? What courses taken were particularly enjoyable? Have you attended any unusual education programs?

What are the typical categories used to analyze a business idea? (Check all that apply.) Multiple select question. Finance Risk Nonfinancial resources Time Talent Competitors

NOT Talent

In the context of nonfinancial resources, which of the following are to be considered in a gap analysis for a new business? (Check all that apply.) Special contacts with suppliers Estimates of retirement accounts Physical location of the business Cost of renovation and equipment Special contacts with customers

Special contacts with suppliers Physical location of the business Special contacts with customers

The nature of the effort required for an entrepreneur to carry out an effective due diligence analysis necessitates ____.

The focus on a single business idea

Which category of the gap analysis is typically grossly underestimated by entrepreneurs? Multiple choice question. Competitors Finances Time Risk

time