Entrepenuership midterm

How can a manager ensure that "the work" of a business is getting accomplished?

by assigning critical operations to specific people

Which is a focus of the ideation step?

to generate as many potential business ideas as possible

Which phrase BEST describes the reason for determining a business's unique selling proposition?

to understand why your market is buying your products

Jacob opened a doughnut shop, but its location under a busy freeway made it hard for customers to find him, so it closed after only eight months. Which response from Jacob exemplifies the way entrepreneurs are taught to think about risk and failure?

"I wasn't successful this time, but I learned a lot for next time."

Maurice opened a successful flower shop last year, and now he employs seven full-time workers. Although he is off to a great start, based on industry averages, what are his chances of still being in business five years from now?

50 percent

When Chef Daniel thought up his idea for drone-delivered desserts, he thought he had something the public would gladly welcome. He couldn't convince anyone to invest in funding the business, but luckily, he had enough money to launch it himself, including money for a sizable marketing budget. Unfortunately, Daniel only received a few orders for his desserts, and even those orders appeared to be prank calls. Which phrase BEST describes the most likely reason for his business failure?

Bad business idea

Hannah is an entrepreneur with a wide range of interests and a natural talent for facts and figures. As she starts to generate ideas for her potential new business, what guidance would she be smart to follow?

Don't limit yourself in your thinking.

Originally named Mrs. Fields' Chocolate Chippery, Debbi Fields and her husband grew Mrs. Field's to a company of over 400 locations and 4,000 employees. In describing the many obstacles that she overcame along the way, to what does Debbi Fields credit for her persistence

Focusing on doing what you love

A recent business plan for a new industrial cleaning product included a slide titled "Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY." Which is a potential problem with including text like this in a business plan?

It might not be understood by most people.

Garrison runs a manufacturing firm, and he needs to hire a new shift supervisor. Instead of advertising the position with the general public, he's decided to hire from inside the company. Which is a potential benefit of his approach?

It shows his team that opportunities exist for professional development.

Houston's Cupcake Kitchen experienced $30,000 worth of storm damage due to Hurricane Harvey. When the store reopened 5 miles away from the original site, it experienced an immediate jump in sales. What does this illustrate?

Location risks can include risks to sales, not just disasters

In the case of Segway, makers of the Segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. Instead of scrapping the product, Segway shifted their sales and marketing toward organizations like police departments and warehouse operators, where they could be successful. Which phrase BEST describes the approach they took?

Pivoting to new market

Which is a method for tamping down the initial excitement of a potentially "winning" idea during the ideation stage?

See if the idea still seems like a good one after a few days have passed.

What is the consequence of companies like Uber and Lyft dominating the personal rideshare market?

Startups are declining in the transportation industry.

Which phrase BEST describes the problem with unhappy employees?

They are less productive than happy employees.

The idea of selling flavored water to dogs in an example of:

a business idea not rising to the level of a business opportunity that meets customer demand.

Which is an example of a macro-level event that can affect people everywhere?

a change in global climate

Which is an example of a business selling to a consumer market?

a coffee shop selling drinks to college students

Which is an example of a business that failed because of strategic issues?

a food truck that parked away from crowded areas

Which is an example of a business that failed because of cash problems?

a musical instrument store that had lots of customers but couldn't pay its suppliers fast enough

Question When ParkWhiz was first starting their business, they realized they needed to hire more employees skilled in engineering. What did ParkWhiz MOST likely conduct to make this determination?

a needs assessmen

Which phrase BEST describes a macro-level event?

a situation with global, long-term impacts

Which is an example of a company experiencing external risk

a technology business operating during a power outage

When Fran opened her chocolate shop, she didn't know if her customers would appreciate the opera music that she constantly played inside the store. But after getting positive feedback from customers, she realized that the opera music was becoming part of her brand, so she hired employees who also loved opera and let them choose the musical playlists during their shifts. What is Fran attempting to create?

a unique selling proposition

Knecht Home Centers is a chain of home improvement stores. They provide a wide range of products and services to homeowners and contractors. Knecht Home Center sells its products and service to:

both consumer and industrial markets.

Garrison works at the grocery store, where he manages the racks of products that lead up to the checkout stands. From candy bars to breath mints and celebrity magazines, how have these products MOST likely been organized?

by behavior

Martina manufactures noise-canceling headphones for a market that values quality. Each pair is made from high-quality components. In addition, each time a customer buys a set, she donates 25 percent of the proceeds to an organization that supports hearing disability research worldwide. How is she MOST likely segmenting her target market?

by psychographics

An organizational needs assessment measures the _____ skills of employees against the _____ skills.

current, desired

Demographics such as age, education level and income can be gathered using what tool?

customer profile surveys

Which is the SECOND step in developing a business idea?

decide if the idea is feasible

Which word BEST describes the overall landscape of business?

dynamic

Which word BEST describes the role of a business plan?

essentia

Jackson has run his own printing business for years, but in order to grow to meet business needs, he knows that he will need to expand beyond just himself. Which word BEST describes the role of employees in fueling a company's growth?

essential

Entrepreneurs need to _____ and _____ risk to be successful.

evaluate, manage

An employee's _____ within a company is often a matter of shared _____.

fit, values

A business plan is to a new business as a _____ is to a new house.

foundation

When Keely opened a swimsuit shop in the town where she vacationed every summer as a child, she knew that her selling season would be short. How is Keely's market MOST likely segmented?

geographically

Employers know that _____ employees are _____

happy, productive

When Manuel started his online HR consulting firm, he knew that most of his customers would be smaller businesses without HR departments. Which word BEST describes the kind of market Manuel is operating in?

industrial

Last year, Jake got an entry-level sales job in the banking industry, but so far he hasn't been able to meet his monthly sales goals. Though he likes his colleagues, in truth, Jake has never liked either sales or banking, but he thought the job could bring him some financial security. Which factor is MOST likely impacting Jake's productivity?

job fit

Which activity is the responsibility of every employer?

o provide employees with the resources they need

A solid business _____ addresses a customer's _____. Responses

opportunity; needs

When Tabitha opened her architectural planning firm, she spent months considering the risks and figuring out how to manage each one. Unfortunately, she didn't plan for employee theft, so when it happened—to the tune of $50,000—she was forced to close. Which kind of risk did Tabitha fail to plan for?

people risks

Question Which of the 7 Ps of marketing describes the methods by which a product is sold to customers?

place

When Carter decided to start a luxury cologne company, he hired a wealthy aristocrat from France as his primary spokesperson. Which aspect of the marketing mix focuses on this action?

positioning

After conducting extensive research, the owners of a discount furniture outlet decided to let their employees offer special financing to customers that required no payments for two years. Which aspect of the 7 Ps of marketing did the owners focus on?

price

When Marco decided to start a vegan noodle shop, he spent months researching noodle recipes and studying the ways in which his urban clientele liked to shop and eat. Which aspect of the marketing mix did Marco focus on?

product

To help improve the work/life balance of the team, the owner of an advertising sales company instituted a practice of leading the office in applause every time an employee made a sale. Which aspect of work/life balance is the owner attempting to work on? Responses

recognition

Galileo, an educational summer camp, receives very high customer satisfaction ratings. The success is largely due to the talented group of counselors, mentors, and teachers that run the camps. What process does Galileo MOST likely excel at in their organization?

recruiting

When Netflix first started, they saw an opportunity to change the game and began renting out DVDs by mail opposed to in a physical store. What did Netflix focus on when they entered the market and have continued as they have evolved over the years?

shifting approaches to distribution

The story of Amazon's Jeff Bezos putting $100 million worth of toys into his company's inventory is an example of:

strategic risk.

To be effective, marketing must be _____ to a _____ market.

targeted, specific

Which is the LAST step in developing a new business idea?

testing a prototype with customers

Once a potential business concept has been proven to be financially feasible, which aspect of the business plan should the entrepreneur consider NEXT?

the market

The COVID-19 pandemic made it impossible for the owner's of Hitchcock, a trendy restaurant that catered to gourmet diners, to seat people in their tiny dining space. Which response on the part of the business owners represents a business pivot?

the owners reopened as a walk-up burger place

Ida is an employment specialist who was recently hired by a start-up to fill some key positions. In addition to understanding the business, the duties of the role, and the compensation, what should Ida understand MOST about the company to increase her odds of recruiting people with the right fit?

their culture

Leo is thinking about opening a greeting card store on the main street in his small town. In addition to thinking about the business's feasibility in terms of the customers, he hopes to attract, which aspects of feasibility should Leo prioritize during his initial research?

trends, competitors

Sheng is a young entrepreneur who hopes to attract funding for his new home security camera business. Before creating his business plan, Sheng considers the product's feasibility from a number of perspectives, including the potential competition in the marketplace and his product's potential for making a profit. What else should Sheng consider in his feasibility analysis?

what's going on in the security camera market

Which word BEST describes the issue of job dissatisfaction today?

widespread

When Corina joined a mobile app start-up company last year, she thought she'd be OK in the open layout of the small office, but soon the lack of privacy grew tiresome. Which aspect of work/life balance is Corina affected by?

working conditions