Small business exam 1

There are many options if you do not want to start your business inside your home which of the following is not one of those options

A separate room with a door

A form of business termination in which the firms legal or financial obligations are not fully met at closing describes which of the following

A workout

Which of the following types of value benefits is most likely to be offered by product if it helps the community a group the environment or the world

Altruism

When compared to large businesses small businesses owners start their business typically to take advantage of

An innovative idea

Retrenchment is

An organizational life cycle stage in which established firms must find new approaches to improve the business

A ____ Typically means the core product plus features that tend to differentiate the product from competition

Augmented product

Which of the following is the element of firms internal environment

Board of directors

Part time entrepreneurs should separate and balance business and home the separation and balances what in the BRIE model

Boundary

Which of the following is a Essential to success of start ups

Building trust and one story

_____ means taking business away from ones employer

Cannibalizing

The measure of how many visitors to the website actually make a purchase is known as

Conversion rate

Josh, an electronic retailer, Noticed that the e-commerce business is booming. He start an online shopping website to take advantage of the surgeon business. As a result his business attracted more customers from all across the country this reflects joshes

Entrepreneur alertness

The general description for the processes and skills used in the management of firms interactions with people, organizations, and institutions outside of its boundary called

External relations

Correlation is one of the four steps in the process for organizing creative thinking devolved by graham wallas

False

Differentiation strategies target a niche segment of the market

False

During the introduction stage of products lifecycle in from a marketing standpoint the more innovative the product the quicker the sales

False

Mutuality is the set of relationships and contacts with individuals and institutions a company establishes

False

The goal of and small business owner is to manage external relations in order to minimize social capital

False

Your magic number is the number of customers you can comfy provide

False

The single greatest hurdle to a successful start of us obtaining in maintaining sufficient cash to support both operations and growth. Which of the following is needed by a successful start up to overcome this hurdle?

High margins

Which of the following is not one of the five pitfalls that hinder innovation

Hiring the wrong people

And overall strategy approach in which a firm patterns itself on other firms with the exception of one or two key areas is referred to as

Incremental innovation

When looking at the typical start of strategy of the classic innovator which of the following statements is not true

Innovation only happens during the introduction phase of the lifecycle

Market scope is important because

It helps business owners to decide where to focus their sales and advertising efforts

Which of the following is considered an advantage of stand retailing

Minimum start up investment

Which of the following is a tactical action?

New distribution channels

A ____ Is a narrowly defined segment of the population that is likely to share interest or concerns

Niche marker

Researchers in the field of entrepreneurship and small business believe that ___ Behavior is the most basic an important entrepreneurial behavior

Opportunity recognition

_____ Refers to search in capture new ideas that lead to business opportunities

Opportunity recognition

A business that is created by separating g parts of an operating business into a desperate entity is called a

Spin off

Which of the following is a way to start business with establish customers

Spin offs

The product/ service component of the feasibility study typically includes which of the following aspects

Stage of devolpment

In the scamper took s stands for

Substitute

In a _____ the buyer seized control of the business without the permission of all owners

Takeover

Which of the following is a traditional problem facing new ideas

The idea cannot be economically made into a product or service

At which stage of the product life cycle do promotions such as coupons and multipacks flourish

The maturity stage

Which of the following Statements about small businesses high in social capital is true

They are given the befit of the doubt when problems occur

All of the following are reasons for the large numbers of homebase businesses in the United States except that

They generally give the customers the strongest sense of legitimacy

The strategy for using the pilot test approach is

To show potential partners at that idea can generate sales

______ target specific industries and professions

Trade magazines

Key resource acquisitions also called bulk asset purchases are the only way a sole prop

True

Search and capture of new ideas that lead to business opportunities is called opportunity recognition

True

Second sourcing provides customers with greater certainty of supplies and services

True

Serial entrepreneurs is a special term for those who start multiple businesses in their careers

True

Small business are often the first to try something innovative

True

Strategy is the idea and actions that explain how firm will make its profits

True

The feasibility of an idea is the extent to which is viable and realistic

True

The new product development process is likely to be easier for services thAn for innovative kids

True

Questions like what if everyone did what I want to do and what kind of world

Universalism

Imitation -1° of similarity

Would be the business equivalent of cloning

Documentation and demonstration offered for products are product based legitimacy indicators of

experimental supports

caveat emptor

let the buyer beware

The supra strategies are designed to work when there are very few small businesses in an industry along with many firms

False

In the context of entry wedges _____ occurs because government agencies government sponsored commercial contracts and many other big businesses have policies that provide for quota for buying from small businesses

Favored purchasing

Standard industrial classification system codes have

Four digits

One powerful but rarely used source of business idea are

Government agencies

Which of the following is an advantage of the scamper tool

It helps entrepreneurs to come up with alternative solutions

Which of the following is true of the entry wedge of second sourcing

It provides a competitive pressure to ensure that suppliers keep providing the best service and prices

As a firm gets more experience it can often work with fewer mistakes and greater efficiency is this leads to the cost benefit of

Learning

____ is a certification standard from the U.S. green building council building that are environmentally friendly

Leed

Following the BRIE model in starting a business an entrepreneur creates a boundary within the environment setting his firm apart from the rest of the environment. In doing this gives the firm a

Organizational identify

______ Refers to a preliminary run of a business sales effort program or website with the goal of assessing how well the overall approach works and what problems it might have

Pilot test

To help and prepare small business to handle crisis they have been recommended to avoid

Planning only after a crisis has occurred

Which of the following is most likely to be an example of a good dominated product

Purchasing a sewing machine with a warranty

A ___ is the business term for the population of customers for a business owners products or service

Market

Small business owners should be scanning their environment looking for upcoming trends. Beyond trend spotting the other key scanning ability is to find the resource you need from the environment to build toy business. Key to identfiying resources comes for the acronym

Profit

One of the quickest and simplest ways to screen an idea for a business potential is through the

RBI screen

Which of the following is an entrepreneur most likely to implement to make his company more ideas prone

Redesign the work environment

______ is a payment to a licensor based on the number of value of licensed items sold

Royalty

_____ Is a general approach to website design intended to result in the side being displayed toward the beginning of a search engines listing for that term

Search engine optimization