M&E Midterm

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Which of the following statements is true regarding training for entrepreneurial ventures:

The type of training and education that entrepreneurs need depends on the nature of the start-up business.

How are entrepreneurs similar?

They have strong personal traits, such as determination and confidence

Which of the following statements is true regarding entrepreneurship:

Most people have the ability to become entrepreneurs.

How do entrepreneurs develop their skills?

training and continuous practice

Environmental protection and the shift towards healthier lifestyles are examples of

trends

Governments can encourage entrepreneurial development by

deregulating and reducing taxes.

Inflation is a factor involved in which category of an environmental scan?

economy

Which of the following is a true statement about a business's environment:

it is always changing

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of

money

Which of the following is the most rapidly changing category of information included in an environmental scan:

technology

Which of the following is an example of a demographic trend:

the aging of a population

Which of the following is a way that entrepreneurship helps our society:

they create new jobs

Which of the following is a tool that can be used to carry out scanning activities:

Market research studies

which is a true statement about the term environment?

it consists of your surroundings

A business should conduct environmental scans on a continuous basis so it can

respond to opportunities and threats quickly.

One difference between entrepreneurs and small-business owners is that

small-business owners generally are not interested in expanding their businesses.

Changing attitudes about family roles is an example of a shift in

society and culture

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of

success

Which of the following is an example of how a business or industry has a unique relationship with its environment:

Demand for skilled nursing care rises as the population ages.

Which of the following would be done first in an environmental scan:

Identify participants and responsibilities

Which of the following is a factor that relates to the government category of an environmental scan:

Import/Export regulations

Which of the following examples illustrates how environmental factors are interrelated:

The economy affects what competitors are doing.

What is a disadvantage of entrepreneurship?

Uncertain income

Which of the following is a true statement about carrying out scanning activities:

You must focus only on relevant information.

In the early stages of a start-up business, entrepreneurs assume sole responsibility for

all aspects of the business

environmental scanning is sometimes called environmental

analysis

While managers help to make entrepreneurs' visions a reality, they aren't required to

assume the risk involved.

Businesses must gather information about the competition during an environmental scan. Which of the following is an example of brand competition:

coke vs pepsi

One way to determine the importance of an issue or trend is to consider its impact on

demand for your business's products.

A business cannot control its

external environment

Michelle's primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.

flexibility and independence

Which of the following examples illustrates how environmental factors are dynamic:

high interest rates will eventually get lower

Technological advancements have made it possible for some entrepreneurs to

operate their businesses entirely from their computers.

Before starting their business ventures, which of the following would entrepreneurs recognize first:

opportunities

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.

passion for

The most likely reason an individual might turn a woodworking hobby into a business is because of

personal satisfaction.

A main reason that environmental scanning is important is so that businesses can be aware of

potential threats

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

what needs to be done

Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop. What entrepreneurial trait is Sidney exhibiting?

willingness to take risks

Which of the following groups is most likely to share the same demographics:

working mothers


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