Fina 323

A _____ is a narrowly defined segment of the population that is likely to share interests or concerns. Multiple Choice A. niche market B. mass market C. primary market D. parallel market

A. niche market Correct

For new entrepreneurs, which of the following would be a good reason to undertake a part-time business first before a full-time one? A. To buy an existing business B. To gain basic experience Correct C. To open a franchise D. To increase competition in a specific industry

B. To gain basic experience

Value benefits are important because: Multiple Choice A. they lead to scope savings. B. they lead to higher prices C. they result in scale savings. D. they lead to reduced costs.

B. they lead to higher prices

The limitations imposed on a business's property by neighborhood groups are referred to as A.easements. B. covenants. C.volatilities. D. aggrandizements.

covenants

In an imitative strategy, an entrepreneur: Multiple Choice A. creates a new product or service which has no competitors. B. considers prospective customers before creating a product or service. C. seeks to do something that is very different from what others are doing. D. does more or less what others are already doing.

does more or less what others are already doing.

Part-time entrepreneurs should separate and balance business and home. This separation and balance is pertinent to which aspect of the BRIE model? A. Exchange B. Intention C. Boundary D. Resources

C. Boundary

An overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas is referred to as _____. Multiple Choice A. pure innovation B. niche strategy C. incremental innovation Correct D. blue ocean strategy

incremental innovation

Changes in competitors, sales and profits in an industry over time are referred to as: Multiple Choice A. industry dynamics B. retrenchment. C. shake-out. D. transformational competency.

industry dynamics

Define aggrandizing and explain why it is a situation in which part-time entrepreneurs are at an ethical risk. What is the most common form of aggrandizing?

Aggrandizing is making your business or yourself seem more accomplished than it is. The most common for is implying that a firm is full-time when it is only part-time.

For a small business that is just starting out, all strategy starts with _________. A. the product or service B. the owner C. the competition D. the customers

The owner

Explain the key ideas to be kept in mind before moving from part-time to full-time entrepreneurship.

What should be kept in mind is financial. You must wait until there is a solid income. Make use of any transition services offered by the former employer and to recognize that initially, you will spend all your time running and marketing the business

Which of the following is an example of part-time business? A. Tabatha, who works from home for a fashion website for a minimum of 40 hours a week B.Raul, who works as an intern in a law firm for more than 35 hours a week C. Dorothy, who works in her small bakery for less than 30 hours a week D. Joshua, who teaches piano to children for 40 hours a week

C. Dorothy, who works in her small bakery for less than 30 hours a week

Which of the following is the second step of a small business' strategic planning process? A. Reviewing and confirming the goals that define the firm B. Knowing the magic number C. Studying the dynamics and trends of the industry D. Considering the customers and the benefits to offer them

Considering the customers and the benefits to offer them

_____ refers to the impression of a long-term continuity a business gives others. A.Intermittence B. Variance C.Passé D.Permanence

D. Permanence

The practice of and ability to seize upon novel opportunities that become apparent during the conduct of business is known as: A. bricolage. B. bootstrapping. C. causal reasoning. D. leveraging contingencies.

D. leveraging contingencies.

The process of investigating a business to determine its value is called: A. synergy. B. spin-off. C. heuristics. D. due diligence.

Due diligence

Why are websites important even for small businesses?

For small businesses, the online approach makes a highly attractive opportunity because it offers the advantages of a large market, 24/7 availability of your products, and a start-up which is quickly done and potentially inexpensive.

A legal agreement that allows a business to be operated using the name and business procedures of another firm is referred to as a A. franchise. B. blue ocean strategy. C. green field investment. D. cartel.

Franchise

Sam used his management skills to start a loans advising website. He started seeing clients at his home before it grew into a well-established company in the next ten years. Which of the following entrepreneurial methods did he use in the beginning, to reduce the financial risk of his start-up? A. Franchise B. Consignment C. Lean method Correct D. Liquidation

Lean method

A(n) _____ is the business term for the population of customers for a business owner's products or services. Multiple Choice A. market B. industry C. strategy D. SIC

Market

Which of the following are the two major classification systems that code industries? Multiple Choice NAICS and SIC SCALE and SCOPE SWOT and VRIO OLC and SWOT

NAICS and SIC

Which of the following is a cost benefit? Multiple Choice A. Brand Incorrect B. Altruism C. Personalization D. Organizational practice

Organizational practice

An auction in which the low bid gets the business or wins is known as a _____ auction. A. reserve B. buyout C. forward D. reverse

Reverse

Which of the following ensures that a new business will be critically examined by outsiders who have no vested interest in the owners' idea, product, or service? A. Securing outside investment B. Starting with more than one founder C. Having previous experience of managing small firms D. Having a detailed start-up budget

A. Securing outside investment

The single greatest hurdle to a successful start-up is obtaining and maintaining sufficient cash to support both operations and growth. Which of the following is needed by a successful start-up to overcome this hurdle A. Reserve price B. High margins C. Spin-off D. Liquidation

High margin

A business that is created by separating parts of an operating business into a separate entity is called a: A. synergy. B. franchise. C. spin-off. D. turnkey project.

Spin off

A combination in which the whole is greater than the sum of its component parts refers to: A. revolving credit. B. synergy. C. microinventory. D. spin-off.

Synergy

Which of the following is true with regard to home retail? A. The disadvantages of home businesses include the slow speed and difficulty of setup. B. The ability to do the work away from home and employer minimizes potential conflicts. C. The advantage of home retail is that it provides a high steady income. D. The high cost of getting started is one of the drawbacks of home retail.

The ability to do the work away from home and employer minimizes potential conflicts

When an individual buys products like shoes, music, or cell phones online, it is referred to as _____ type of e-commerce A. business-to-business (B2B) B. business-to-consumer (B2C) Correct C. consumer-to-consumer (C2C) D. business-to-Internet (B2I)

business-to-consumer (B2C)

A start-up cannot: A. provide the owner with the opportunity to use the most up-to-date technologies. B.provide new, unique products or services. C. begin with a "clean slate." D. provide positive cash flows immediately.

provide positive cash flows immediately

A listed, live connection to a different website, which in turn displays a similar link to the first website is called a(n): A.sponsored link. B. reciprocal link. C. back link. D. incoming link.

reciprocal link.

Explain situations in which it would it be better to first undertake a part-time business.

Before taking a part time job you must ask yourself multiple questions such as; "Do I have enough resources?" "Do I understand how the business works?" " How long will this opportunity last?" "Do I really want to do this full time?"

In what ways do small part-time businesses need to deal with government? Explain.

Zoning laws is the way the government specifications for acceptable use of land and buildings in particular areas. While covenants the limitations imposed on your property by your neighborhood group. Lastly, variance is the permission from a government organization to act differently that the laws state.

A _____ is an organization that provides financial, technical, and managerial help to start-up businesses A. business incubator B. trade association C. venture capital firm D. consultancy

Business incubator

A web page in which entries are posted in reverse chronological order is a known as a A.Blog B.variance. C. search engine. D. push service.

Blog