chapter 3: the twenty-first century entrepreneur
examining ______ around the region, nation, or world that may not have reached a particular location is one way of identifying business opportunities or gaps.
trends
true or false: family experiences are an often overlooked source of skills for a new venture.
true
which of the following questions should NOT be explored to identify additional skill sources?
what are my worst accomplishments in life?
what are included in the first column of the chart used in the gap analysis?
~ a brief explanation of the idea ~ the business idea
what is included in the first column of the chart used in the gap analysis?
~ a brief explanation of the idea ~ the business idea
the finance category on the gap analysis chart examines the
~ amount of money required to operate a business. ~ amount of money required to start a business. ~ amount of family resources that could be committed.
if you prefer to work extensively with people, in which of the following businesses should you probably NOT pursue a business opportunity?
~ billing ~ bookkeeping
which of the following questions could be explored to identify additional skill sources?
~ in what industry would I prefer to work? ~ what skills were involved in the three greatest accomplishments of my life? ~ what type of magazines and books do I read?
identify the characteristics of a gap analysis for a new venture using a chart.
~ it requires minimal or no research. ~ it is a reasonably quick analysis.
which of the following statements are true regarding education as it relates to skill sets?
~ knowledge gained from formal education provides a skill set. ~ an opportunity that uses your education is another source of a business. ~ technology skills acquired through education can be particularly valuable.
the risk in starting and operating a new business is determined by:
the entrepreneur.
each type of business started will require different ______ frames.
time
which category of the gap analysis is typically grossly underestimated by entrepreneurs?
time
the steps in the process of generating ideas do not occur in a(n) ______ fashion but should occur in a(n) ______ manner.
1. linear 2. interactive
along with the business idea, what else should be included in the first column of the gap analysis chart?
a brief explanation of the business idea
the nature of the effort required for an entrepreneur to carry out an effective due diligence analysis necessitates _____.
a focus on a single business idea
what is included in the second column of the chart used in the gap analysis?
categories of analysis
once a skill analysis has been completed, the next step is to:
examine the marketplace for opportunities
once a list of skills and abilities has been developed, the next step is to perform a _______ to examine the marketplace for an opportunity that exists between the demand for a product and the supply provided by firms in the market.
gap analysis
what is the method used to identify an opportunity that exists between the demand for a product and the supply provided by firms in the market?
gap analysis
which of the following is a principal cause of new business failure?
insufficient financial resources at founding
identify a characteristic of a gap analysis for a new venture.
it is supposed to be completed by the entrepreneur or entrepreneurial team.
once a list of skills, abilities, and interests has been developed, the next step is to:
perform a gap analysis
all new businesses have an inherent amount of ______ associated with the starting and operation of the business.
risk
threats to profit margin, threats to operational financing, and threats to sales generation schemes are three threats to business success that entrepreneurs consider when they examine and characterize business ______.
risk
which of the following statements make interviewing key successful entrepreneurs an attractive way to identify opportunities or gaps?
~ most successful entrepreneurs are too busy with their own business to pursue new ventures. ~ most successful entrepreneurs have great ideas. ~ entrepreneurs have a keen eye for what businesses are needed in an area.
which of the following businesses could be most likely pursued by individuals who do NOT prefer to work with people?
~ order fulfillment ~ bookkeeping ~ internet based businesses
in the context of non-financial resources, which of the following are to be considered in a gap analysis for a new business?
~ physical location of the business ~ special contacts with suppliers ~ special contacts with customers
which of the following are true regarding the process of generating ideas?
~ the process typically requires iteration. ~ the process typically requires interaction. ~ the process typically requires consideration.
entrepreneurs can examine business risk by considering three threats to business success. Those three threats are:
~ threats to sales generation schemes. ~ threats to the profit margin. ~ threats to operational financing.
which of the following are required in the initial analysis of a business opportunity?
~ time ~ focus ~ financial investments
what are the typical categories used to analyze a business idea?
~ time ~ risk ~ competitors ~ finance ~ non-financial resources
identify the questions that should be considered by an entrepreneur when analyzing the non-financial resources category of a gap analysis for a new business.
~ what unique skills will be needed to run the business? ~ what peculiar capabilities offer the entrepreneur a competitive advantage?