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Entrepreneurs whose actions make current products and technologies

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Question 1

Entrepreneurs whose actions make current products and technologies obsolete adversely affect the economy.

True

 False

Question 2

An organizational feasibility analysis consists of judging the management's prowess (skill) and resource sufficiency.

 True

False

Question 3

For an entrepreneur, the advantages of becoming a franchisee include ALL below EXCEPT:

a. A proven product within an established market

 b. franchisor's ongoing support

c. cost of the franchise

d. availability of financing

Question 4

The purpose of a business plan is not to force an entrepreneur to systematically think through the new venture.

 True

 False

Question 5

The reason given most commonly for becoming an entrepreneur is having a passion for the business.

True

 False

 

Question 6

The reason for planning growth of an entrepreurial firm is:

a.     Capturing economies of scale to lower buying costs and production costs

b.      Capturing economies of scope to expand product lines

c.     Ability to attract and retain talented employees

d.     Market leadership

e.     All of the above

Question 7

Expression of an entrepreneurial idea is not copyrightable, but the actual idea is copyrightable.

 True

 False

Question 8

The entrepreneurial process always includes ALL of the following EXCEPT

a.     Developing business ideas.

b.     Deciding to be an entrepreneur

c.     Planning to go public

d.     Moving from an idea to an entrepreneurial firm

Question 9

Generally, industries are more attractive when the threat of substitutes is ________.

a.     High

b.     low

c.     neutral (neither high or low)

d.     high for manufacturing firms and low for service firms

e.     high for service firms and low for manufacturing firms

Question 10

In general, industries are more attractive when the ________.

a.     majority of the threats are high

b.     majority of the threats are low

c.     threat of each of the forces is neutral-neither low nor high

d.     threat of each of the five forces is high

e.     threat of each of the five forces is low

Question 11

Finding ways to avoid need for external funding through creativity or any means necessary is called "seeding." 

 True

 False

Question 12

Which of the following statements about target markets is incorrect?

a.     If you don’t know who your target customers are, you won't be able to assess whether you are meeting their needs

b.     Targeting your market is simply defining who your primary customer will be.

c.     By focusing on a target market, a firm can usually avoid head-to-head competition with competitive leaders and can serve a specialized market.

d.     A target market is a place within a larger market segment that represents a narrower group of customers with similar needs.

e.     It's easter to be "all things to all people" than to focus on a narrower market.

Question 13

Rewards-based "crowdfunding" raises money for entrepreneurs in exchange for equity in the business.

 True

 False

Question 14

________ is the process of determining whether a business idea is viable

a.     Feasibility analysis

b.     Opportunity recognition

c.     Viability analysis

d.     Achievability analysis

e.     Scenario analysis

Question 15

According to the textbook, how do well-managed firms respond to the five forces that determine industry profitability?

a.     They switch industries if the forces are too compelling.

b.     They focus on one force intently and excel by overcoming that force.

c.     They overcome each of the forces.

d.     They ignore the forces.

e.     They try to position their firms in a way that avoids or diminishes the forces.

Question 16

Marketing action that results in a product being thought of differently by consumers is called: (choose one)

a.     consumer commercialization

b.     skimming

c.     market segmentation

d.     penetration

e.     repositioning

 

Question 17

In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.

True

 False

Question 18

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) ________ analysis.

a.     Business

b.     Industry

c.     Competitor

d.     Strategic

e.     Market

Question 19

 The most important thing an entrepreneur can do to build a strong ethical culture is to lead by example.

 True

 False

Question 20

A complete misread of the customer is usually not fatal to business success if the business model is ambitious.

True

 False

Question 21

Which of the following is not an attribute of an attractive industry?

A.    Is young rather than old

B.     Is not crowded

C.    Is late rather than early in its life cycle

D.    Is important to the customer

E.     Is fragmented rather than concentrated

Question 22

Which ONE of the following most is important for an entrepreneur to be successful?

a.     Intelligence Quotient    

b.     Desire to be wealthy

c.     Emotional Intelligence        

d.     Strategic Intelligence

Question 23

A potential entrepreneurial opportunity is limited by its "window of opportunity."

True

 False

Question 24

Multi-level marketing (MLM) is often criticized because:

a.     Some multi-level marketing (MLM) firms focus more on getting new distributors rather than selling products

b.     Multi-level marketing usually doesn't give exclusive rights to an area or territory.

c.     Multi-level marketing (MLM) is often compared to a "pyramid scheme" since the market can become saturated as new distributors are added.

d.     All of the above

e.     None of the above

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