ENT 2113 Test #1 OU

In general, the greater the debt a business owner is willing to take on, the ________ the risk tolerance

higher

Some communities offer facilities that house new businesses and provide resources for them. These are called ________

incubators

The process of generating ideas should occur in a(n) ________ manner and not in a(n) ________ fashion.

interactive; linear

Threats to ________ are threats to the success of a new business related to its ability to establish and maintain a high-margin product or service.

profit margins

Which of the following is an advantage that family businesses enjoy over nonfamily-owned businesses?

Individuals in family businesses are often willing to work at times and in conditions that employees in nonfamily-owned businesses would not accept.

Which of the following is not a characteristic of a high-growth venture?

It is designed to reflect the mission of the founder

Good luck pookies 😘

don't stress just breath

When should a new business owner ensure there are sufficient financial resources to operate the business?

prior to the start

A person's past work experience is a source of skills and ideas for new businesses.

true

A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.

true

An entrepreneurial firm is typically self-funded or closely funded by the founder.

true

Heather Schuck, owner of Glamajama, is an example of how women can concentrate on more than one facet of life

true

In a small family business, the most important support group is the family

true

One of the greatest assets of a small business is the owner

true

Some small business owners find a patent, and then get permission from the owner to develop marketable products based on it.

true

The fourth column in a gap analysis is used to list the resources required for the successful operation of a business. Group starts

true

The presence of venture capital for start-ups is limited outside of the United States

true

You should start a business doing something you have a passion for because you will spend more time starting and running the business than if you start a business that does not excite you.

true

A potential business owner needs to convey his or her business idea to a prospective investor or lender in ________ minutes.

two

What is the percentage of self-employed people in the workforce?

20

Identify a true statement about the process of generating business ideas.

After analysis, entrepreneurs may change their ideas even if they initially thought that their ideas would be successful.

Which personality test believes that a person is the result of all experiences in his or her life?

Enneagram

Identify a true statement about the process of generating new business ideas.

As a business idea evolves, an entrepreneur must be willing to develop a new set of skills to make it successful.

During Eisenhower's presidency, who stated that "what is good for General Motors is good for the nation"?

Charles Wilson

Which of the following personality tests is based on the philosophy of Carl Jung?

Myers-Briggs

Which personality test indicates the different ways individuals deal with other people and their environments?

Myers-Briggs

Identify a true statement about the history of entrepreneurial businesses in the United States

The 1880s saw the initial development of the nation's large industrial base

Which of the following is true of robber barons in the context of the history of entrepreneurial businesses in the United States?

They indulged in great abuses in order to succeed in their business.

Identify a defining characteristic of entrepreneurial firms

They tend to be oriented toward the personal goals of the founder

Identify a defining characteristic of venture capital start-ups

They tend to develop operations in multiple locations very shortly after the initial investment.

The largest group of new business owners is ________.

WOMEN

In the context of risks to new businesses, identify a true statement about risk tolerance.

What constitutes a risk is determined by an entrepreneur by observing his or her own tolerances.

In the context of entrepreneurial businesses, which of the following is an advantage that small businesses have over big businesses?

ability to produce small niche products

Years ago, economists mistakenly predicted that small businesses would

be replaced by a smaller number of big businesses

In the context of entrepreneurial orientation, the presence of ________ often leads young people to be pioneers in an area, as they are not limited by the restrictions of the past.

bounded rationality

In the context of business risks, how can an entrepreneur identify competitors to a new potential business?

by observing what potential customers do to satisfy their current needs or wants

While developing a quality business idea, what should potential business founders ideally do after evaluating their personal skill sets?

carefully analyze the market and look for a gap

Entrepreneurial businesses fail to provide a means to meet the varied demands that individuals face in a society

false

In a small business, an owner needs to consider how much debt he or she wants to accumulate in the business. The greater the debt, the lower the risk tolerance.

false

In the context of developing a quality business idea, the first step that an entrepreneur should take is assess their ability to fill gaps in the market. Group starts

false

Large companies understand their customers more in the local area as compared to small firms

false

more focused than their large corporate counterparts

false

Incubators for small businesses include all of the following except

financial loans.

What term is used to describe the process of systematically examining the difference between what is expected and what occurs?

gap analysis

Before establishing a new business, the first thing founders should do is

list their personal skill sets.

They tend to be oriented toward the personal goals of the founder

more focused than their large corporate counterparts

What are the critical elements that an entrepreneur must solve for success?

sustainable operating profit margins, an effective sales generation model, being properly financed (ALL OF THESE ARE CORRECT) IS THE AWNSER

The connection between an 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 is called ________.

synergy

In the context of evaluating entrepreneurial orientation, which of the following personality tests has a bias that adults will not change their personality over time and instead hold on to the personality they develop during childhood?

the Enneagram test

Which of the following is an advantage that small firms have over large businesses?

the ability to respond quickly to changes

Which of the following experiences can entrepreneurs evaluate when generating business ideas based on their education?

the courses they took that were particularly enjoyable