M&E Midterm
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