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Which of the following statements regarding business success (or failure) rates is correct?
Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of:
Netflix is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Netflix practices:
The three primary reasons that people become entrepreneurs and start their own firms are to:
According to the textbook, the number one reason that people become entrepreneurs is to:
James Quinn is starting a firm in the financial services industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money:
According to the textbook, the four characteristics of successful entrepreneurs are:
The number one characteristic shared by successful entrepreneurs is:
Which of the following was not identified in the textbook as one of the five primary reasons passion is important for the launch of a successful entrepreneurial organization?
Which of the following is not one of the five common myths about entrepreneurs?
Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs?
According to the textbook, entrepreneurs are:
According to the textbook, the biggest jump in entrepreneurial activity, by age range, from 1996 to 2010 is among entrepreneurs in the:
According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.
According to Chapter 1, a sentiment that venture capitalists often express is that:
According to the textbook, there are three types of startup firms:
In the book The Theory of Economic Development, ________ argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete. This process is called creative destruction.
Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States?
An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n):
According to the textbook, opportunities are:
An opportunity has four essential qualities:
Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.
The three ways to identify an opportunity include:
GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?
Which of the following is not an example of a social force?
The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online. The increasing number of social networks is an important:
Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is:
Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?
According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.
An individual who identifies a business idea on his or her own is referred to as a(n):
________ are characterized by frequent interactions that form between coworkers, friends, and spouses.
________ is (are) used to generate a number of ideas quickly.
According to the textbook, the best approach to utilizing a library for entrepreneurship related research is to:
Which of the following is an example of how to encourage creativity at the organizational level?
According to the textbook, which is the proper sequence of events in developing successful business ideas?
________ is the process of determining whether a business idea is viable.
Trade journals, industry-related publications, government statistics, and competitors' Web sites are examples of:
Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting:
________ feasibility is an assessment of the overall appeal of the product or service being proposed.
Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a complete feasibility analysis.
The two components of product/service feasibility analysis are product/service demand and:
Al Jenkins is in the process of developing an exciting new product in the Smartphone industry. He'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Al should complete and distribute a(n):
The two components of industry/target market feasibility analysis are:
________ feasibility analysis is an assessment of the overall appeal of the industry and market for the product or service being proposed.
Which of the following is not an attribute of an attractive industry?
A ________ market is a place within a larger market segment that represents a narrower group of customers with similar needs.
________ is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.
The two primary issues to consider in organizational feasibility analysis are:
Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?
According to the textbook, two of the most important factors to consider regarding "management prowess" are:
The focus in organizational feasibility analysis is on:
The most important issues to consider in financial feasibility analysis are:
Which of the following is incorrect regarding the "total startup cash needed" component of financial feasibility analysis?
Which of the following factors is a negative as it pertains to the financial feasibility of a business venture?
Which of the following is the main purpose for writing a business plan?
According to the textbook, a business plan is best described as a(n):
A business plan is important for two reasons: it forces the founding team to systematically think through every aspect of their new venture and:
There are two primary audiences for a business plan:
There are two primary audiences for a business plan: investors and other external stakeholders and:
Which of the following is not an individual, group or institution that normally reads a company's business plan?
Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?
Which of the following statements is incorrect regarding business plans?
There are three types of business plans:
Zachery Mays is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Zachery write at this point?
The ________ is a short overview of the entire business plan.
Which of the following statements is incorrect regarding the executive summary of a business plan?
Which of the following statements is incorrect regarding the industry analysis portion of a firm's business plan?
A company's mission statement should be placed in the ________ section of its business plan.
A(n) ________ describes why a company exists and what it aspires to become.
A competitor analysis should be included in the ________ section of a business plan.
The ________ section of the business plan addresses the basic logic of how profits are earned in the business.
Operating leverage is highest in companies that have:
A computer-generated image of an invention that displays the invention as a 3D model that can be viewed from all sides and rotated 360 degrees is called a(n):
A prototype is:
What section of the business plan deals with the day-to-day operations of a company?
A(n) ________ is a graphic representation of how authority and responsibility are distributed within a company.
Most business plan writers interpret or make sense of a firm's historical and/or pro forma financial statements through:
A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, electronic games, or computers.
Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n):
Each quarter, Cindy Anderson, who owns a chain of card and gift shops, does a detailed analysis of her firm's competitors. This analysis is called:
According to the textbook, which of the following statements is accurate regarding the importance of industry versus firm-specific factors as it pertains to firm profitability?
Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important:
According to the textbook, how do well-managed firms respond to the five-forces that determine industry profitability?
Which of Porter's five forces is most closely associated with the concept "barrier to entry"?
Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands. These industries are difficult to break into without spending heavily on advertising. The barrier to entry that the firms in these types of industries have erected is referred to as:
If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a formidable nontraditional barrier to entry referred to as a(n):
Supplier concentration, switching costs, attractiveness of substitutes, and threat of forward integration are factors that have a direct impact on:
The five industry types discussed in the book include:
Windspire is starting a firm in the small-scale wind-generated power industry. This industry is still so new that no standard operating procedures have been developed. Small-scale windgenerated power is an example of a(n) ________ industry.
A(n) ________ industry is one that is characterized by a large number of firms of approximately equal size.
The primary opportunity existing for startups in fragmented industries is to:
Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.
A(n) ________ industry is an industry that is experiencing significant international sales.
Firms that pursue a(n) ________ strategy compete for market share on a country-by-country basis and vary their product or service offerings to meet the demands of the local market.
According to the textbook, the three different types of competitors a business will face are:
In the context of competitor analysis, ________ are companies that are not yet direct or indirect competitors but could move into one of these roles at any time.
The information that is gathered by a firm to learn about its competitors is referred to as:
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