Ent. Chapter 1-3

Skill

An individual's hobbies and past work experience contribute to the individuals personal ___________ sets.

will enjoy

People should start a business that they____________.

500

The U.S. government considers any business with fewer than ____________ employees to be a small business.

Small-and medium-Sized

The World Bank estimates that one of the strongest factors in the growth of any nations GNP is the presence of entrepreneurial _________ enterprises

the desire to own and operate a business

The first step in entrepreneurship is:

False

True or False: The Great Depression of the 1930s was harder on larger more mature businesses than on entrepreneurial businesses.

True

True or False: The Myers-Briggs test is one of the most widely used personality tests

Categories of analysis

What is included in the second column of the chart used in the gap analysis?

1880s

When was the initial development of the large industrial base in the united states?

Skill

Without the needed ___________, the founders would be faced with not holding an advantage over the competitors who have the necessary depth in the area.

Making quick adjustments using lean startup and evolution

____________ is key in successfully starting a new business venture.

Stakeholders

______________ includes key suppliers, customers, and employees. These individuals are critical to the success of a business.

Brainstorming

A creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic, with little effort given to evaluating the potential of the ideas

Harvest Plan

A plan to exit the business that allows the investors to take advantage of growth.

Family Business

Businesses in which ownership and employment are centered around a family are referred to as __________ ___________.

A level of legitimacy

Having a network helps a new firm by providing _______.

-What specific skills were required of the hobby? - What products/services were used in these hobbies? -What is it about the hobby that is exciting?

Which of the following are probable questions potential business owners should ask themselves regarding hobbies?

The presence of bounded rationality

Which of the following often leads you people to be pioneers in an area as they are not limited by the restrictions of the past?

Time Commitment

When starting a business, one must understand the relationship between _________ and the expected return.

family

Entrepreneurs need to consider both the benefits and drawbacks to hiring ____________ members.

Operational Financing

High Development costs, rapid expansion plans, and high inventory needs are considered threats to:

They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.

Identify a characteristic of venture capital start-ups

A brief explanation of the business idea

Along with the business idea, what else should be included in the first column of the gap analysis chart?

Time

Each type of business starting will require different ____________ frames.

Their view of the world

Entrepreneurs' prior experience plays a role in new business creation through _____________.

-They result from environmental changes. -They tend to result in more of a defensive positioning

Identify the features of circumstance motivators.

-Inflexibility of large corporations in dealing with the needs of an individual's family and children -Lack of promotion opportunities

Identify the reasons individuals can become frustrated with working in a large corporation.

99%

The repayment rate on micro-loans is typically______.

False

True or False: Passion for the industry is not required, as long as an entrepreneur has the necessary skill set

False

True or False: Robber barons were responsible for the collapse of small businesses in the 1880s.

Entrepreneurs who are driven by personal motivation are... -relentlessly pursuing their goals - more proactive - Make career and life-altering changes regardless of practical advise

What statements regarding personal motivation are true?

Fortune

Which periodical is published annually and documents the 500 largest corporations by sales in the U.S.?

Select the type of business to start

A personality test can help one __________________.

Legitamacy

People in an entrepreneur's network can help by providing ____________ to a new business.

network

Which of the following is NOT one of the 3 types of specific risks?

-Ideas that appear to be an opportunity -A list of three to 5 business -Ideas that match the founders' skills

If done well, the process of generating ideas will result in:

Less; More

If one has a low risk tolerance, one is likely to spend ___________ and save _______.

Entrepreneurial business

It is owned and run by the same person

Perform a gap analysis

Once a list of skills, abilities, and interests have been developed, the next step is to:

Large, established corporation

The individuals who manage do not typically have substantial ownership in the company

Art; Science

The process involved in the gap analysis is more _______ than __________.

-Running -Developing -Initiating

The process of ___________ a new business is unique and has developed into a popular area of study at colleges around the world.

positive

The triggers for starting a business can come from either ___________ or negative stimuli that occur in the individuals life.

Enneagram

The underlying philosophy of the ___________ test is the people are a result of all the experiences of their life.

False

True or False: Unlike entrepreneurial businesses, large organizations will regularly pursue smaller markets even if they do not believe the results will generate profits

-Greater control over work-life balance -Frustration with the glass ceiling

What are reasons for the recent growth in the number of women starting new businesses?

- Took advantage of the economies of scale -They were responsible for some of the great abuses in business -They dominated the industrial sectors.

What are true regarding robber barons?

They are often formed as high-tech ventures consisting of unique characteristics.

Which of the following statements is true of venture capital start-Up?

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

Which of the following support the rationale for starting a business idea generation process by analyzing the skills sets of the potential founders?

opportunity analysis

Which type of gap analysis examines the opportunities in the marketplace side-by-side with the individual's ability to address those gaps?

Individuals are passionate about their hobbies and they require the development of a specific skill

Why are hobbies a good skill source?

The desire to be ones own boss

Why do individuals decide to start a new business?

-Aid, counsel, and protect the interests of small businesses -Provide assistance at all levels of management for entrepreneurial businesses -Provide information at all levels of organizational development for entrepreneurial businesses.

The United States Small Business Administration was organized to:

First

The desire to own and operate a business is the _________ step in entrepreneurship.

The Great Depression

What encouraged industrial concentration?

Analyzing the skill set of the potential founders

What is the suggested starting point for generating business ideas?

The process typically requiters interaction, iteration, and consideration.

What is true regarding the process of generating ideas?

Economic Gardening

What program is growing across the U.S. to help start new entrepreneurial businesses in an area

What is my worst accomplishment in life?

What question should NOT be explored to identify additional skill sources?

Time

Which category of the gap analysis is typically grossly underestimated by entrepreneurs?

-Prior Experience -Risk Tolerance -Personality orientation

Which of the following are components of the entrepreneurial orientation concepts?

Their Dedication and personal involvement

Which of the following are reasons why owners are a great asset to a new business?

-Former Employers -Friends from School

Which of the following groups might be included in an entrepreneur's key support network?

The business owner can be the boss

Which of the following is a big advantage to starting one's own business?

The structure of management is designed to take advantage of the skills of the founder or founders of a firm

Which of the following is true of entrepreneurial firms?

-Cash Flow -Management team -Competitive advantage

Which of the following need to be evaluated in order to provide potential investors with the critical information required wen developing a business plan for a new entrepreneurial business?

-Family members best know one's abilities and shortcomings -Family members are likely to serve as a reality check and support structure -Family members are likely to be willing to contribute time and money to the business

Which of the following statements about family members are true?

skill

An individuals work experience builds ______________ sets that can have direct applicability to the pursuit of a new business.

-Extroversion-introversion -judgment-perception -sensing-intuiting

Which of the following are pairs of variables in the Myers-Briggs Test?

-Family members may take advantage of their personal relationship with the owner -Family members may bring non-work issues to the business. -Family members may be more difficult to reprimand or fire

Which of the following are potential negative issues related to owning and operating a family-based business?