MKTG2010

It can take 3000 ideas to yield one commercially viable product. To increase the odds of finding a good idea, the screening process takes all the thoughts from the ______ step of the entrepreneurial process, and puts them through a ______.

"Feel"; "Check"

Which of the following is a difference between a small business and a high-growth venture?

A small business grows when necessary, whereas a high-growth venture grows when possible.

Which among the following is a critical-point planner?

Amanda does not have a very long-term approach to planning and she plans only for those business aspects that are of paramount importance.

Of the following statements concerning the five major pitfalls business owners can fall into when trying to become more innovative; which statement is not true?

At the end of the month, the entrepreneur has to shuffle money from one account to another, falling victim to the pitfall of not minding the money.

In a negotiation settlement, _____ refers to the second-best outcome identified by the parties to help clarify the value of achieving a successful negotiation.

BATNA

According to the BRIE model, which of the following is an element that is necessary to start a business?

Boundary

Smart entrepreneurs check the likelihood for success of their idea through feasibility analyses or customer development processes, repeating these until they have a winning and saleable idea. This is done during the ______ step of the entrepreneurial process.

Check

When a bookstore starts to sell videos, music, and coffee as well, it uses which of the following elements of the SCAMPER tool?

Combine

In the SCAMPER tool, "E" stands for:

Eliminate

Which of the following business costs of ethical failures causes the least damage?

Government penalty

The two fastest growing minority groups that represent the largest segments of minority business owners are:

Hispanics and African Americans

The form of entrepreneurship in which a person or group own their own for-profit business is referred to as:

Independent

Which of the following would have a very short-term approach to planning?

Individuals who look for opportunities to achieve their goal, even if the opportunity isn't the one related to their original goal.

Which of the following is true of social entrepreneurship?

It does not include innovation as a key element.

Which of the following is true of corporate entrepreneurship?

It involves bringing new products or services to a market.

Which of the following statements is true about caveat emptor?

It is often the first line of defense by producers of shoddy merchandise.

Which of the following is true of a part-time firm?

It starts small and stays small

A _____ is a legal agreement that grants the rights to use a particular piece of intellectual property.

License

Which of the following categories does the majority of small businesses fall under?

Lifetime/Part-time firms

Which of the following statements concerning family businesses is correct?

Most top managers at family firms tend to stay in their positions much longer than those at nonfamily firms.

_____ requires an entrepreneur to assess whether the situation faced is one that is the same as it has been traditionally or if it is changing.

Opportunity identification process

Joe has an idea for a new mobile restaurant business. He wants to convert an antique bus into a sit-down restaurant with a service window allowing him to serve people within the bus and walk-ups who want to get their food and take it home. Joe takes his idea and looks at the people, the offerings, the customers, the value proposition, and his distinctive competencies. Joe is performing a(n) ____________.

RBI Screen

_____ are completely passive, waiting for cues from the environment to determine what actions to take.

Reactive planners

Which of the following statements is true of social capital?

Social capital is capital in the same sense that cash or land can be.

Erion Inc. is an e-commerce company that sells its food products under the brand name Heal Meal. Its business partners have planned to enter into a strategic alliance with a well-reputed retailer in the Asian market in order to expand its operations to the Asian continent. Which of the following is a reason for the company having a lack of organization-based legitimacy in the Asian market?

The absence of a physical location to conduct business

Which of the following is true with regard to minorities in small businesses?

The establishment of both public and private funding and networking initiatives has helped to level the business playing field for minority entrepreneurs.

Which of the following is the idea trigger for the magnify cue of the SCAMPER tool?

The factor that can be used to make a product different from that of competitors' products

Which of the following statements is true when referring to the RBI screen?

You should answer the RBI screen questions with only a few words.

Which of the following is not listed as a challenge for the late career entrepreneur?

access to financial backing

Another approach to building organization-based legitimacy is the creation and display of a(n) ________.

company code of ethics

Financing a business online through the collective involvement of others who provide donations, loans, or investments is referred to as _____.

crowdfunding

One emerging way to focus on your immediate environment is called the _______. These are the elements that make up the settings most helpful to promoting entrepreneurship.

entrepreneurial ecosystem

In efficiency-driven economies:

entrepreneurship levels are in the middle range.

The general description for the processes and skills used in the management of a firm's interactions with people, organizations, and institutions outside of its boundary is called _____.

external relations

The problem behavior of trying the same action repeatedly without learning is called _____.

preservation

The owner of Elixir Force Inc. received the most prestigious corporate award and was also titled as "the most outstanding new entrepreneur of the year." In the context of people-based legitimacy, this is typically an indicator of:

public recognition.

A situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources is known as _____.

specialized business professionalization

This stage of the business life cycle is characterized by a stable level of sales and profits over several years. The functional areas, the market, and the products or services are all being dealt with consistently and efficiently.

the resource maturity stage

The goal of a feasibility study is:

to assess if a business idea can be profitably brought to market.

An ethical model conceived by the German philosopher Immanuel Kant which suggests that there is a code of right and wrong that everyone can see and follow refers to _____.

universalism