stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
BizInnovator FINAL PART 1 Flashcards | StudBud
Explore
/
BizInnovator FINAL PART 1
BizInnovator FINAL PART 1
44 terms
·
StudBud Administration
·
85 plays
Final review PART 1 for the Biz Innovator final in Small Business Management (Units 1,2 &3)
Flashcards
44 cards
F
Practice quiz
P
Host live
L
Questions
44
Answers
1
Advantage of being an entrepreneur vs an employee?
Steady paycheck
Less than 40 hours/week
No concerns about business after hours
Potential for high income
2
An advantage of being an employee vs an entrepreneur?
You get to make decisions
Steady paycheck
Get to make your own hours
Get to bring ideas into action
3
When bootstrapping a business you usually approach a bank for a loan.
False
True
4
Common everyday items can be used for inspiration for new uses of a product.
False
True
5
Creative ideas never come from the world around us.
True
False
6
The best analogy to a business plan?
blueprint
"How to" manual
an investment contract
roadmap
7
The use of puzzles or wuzzles offer no help in the creative process.
False
True
8
Taco Bell is an example of what kind of business creation?
extenstion
invention
synthesis
duplication
9
Innovative businesses often end up with a different product/service than what they originally started with.
False
True
10
Which below is NOT a common myth about entrepreneurs?
often limit their potential for growth
Leaders are born, not made
young & energetic
Entrepreneurs are gamblers
11
What types of risks do entrepreneurs actually take?
Small
Calculated
High
Wild & crazy
12
Using a light bulb as a heat lamp is an example of what type of business/product creation?
extension
synthesis
invention
duplication
13
Which below is NOT a characteristic of an entrepreneur?
Motivated
Passion
Persuasive & creative
Unenthusiastic
14
If someone says "it's not in the budget" that spurs creativity.
True
False
15
A cell phone or a light bulb is an example of what kind of business creation?
synthesis
invention
duplication
extension
16
Which one below is NOT an intellectual property right?
patent
by-laws
trademark
copyright
17
Being opportunity-focused as a business means never lost sight of what?
distinctive competencies
economics
competitive advantages
the customer & the marketplace
18
What is the advantage of a single product business?
Diversification
Can focus marketing
Potential for several revenue streams
More staffing necessary
19
Saying, "can we put it to other uses?" is another way to inspire the creative process.
False
True
20
Entrepreneurs exist in the public sector?
True
False
21
New ideas for products/businesses can come from something that bothers us.
True
False
22
Which intellectual property right protects literary works or music?
China
trademark
patents
copyrights
23
Working 40+ hours a week is normal for entrepreneurs.
True
False
24
According to BizInnovator which is the #1 consideration in recognizing a business opportunity?
the market
the financials
the opportunity
the product
25
Entrepreneurs are good at taking "demand and turning it into supply".
False
True
26
What term refers to achieving success without outside investment?
Budgeting
Prospecting
Bootstrapping
Shoestring budge
27
Innovation & creativity cannot be learned.
True
False
28
Federal express that came about from the US Postal Service being so slow is an example of?
synthesis
extention
duplication
invention
29
What is analyzed in a SWOT analysis?
stamina, weakness, ownership, trepidations
sales, weaknesses, operations, & trade
strengths, weaknesses, opportunities & threats
success, wins, opportunities, witnesses
30
Relatively newer smaller companies are traditionally better at innovation than older/larger companies.
True
False
31
What do most entrepreneurs fail at most on start-ups?
generating enough cash from sales
finding enough good employees
Gaining investors
Ideas for new products
32
Which is a barrier to creativity & innovation?
Being illogical
Fearing mistakes/failure
using brainstorming
Believing in your ability to be creative
33
Which tool is used to analyze costs & the level of sales needed to cover costs?
asset to debt ratio
quick ratio
liability ratio
break-even point
34
The final for the 2020 Small Business Class is?
Tuesday, June 2 @ 1pm
Thursday, June 4 @ 1 pm
Tuesday, June 2 @ 11 am
Wednesday, June 3 @ 11:00 am
35
Which one below is in the public sector?
VA Hospital
Proctor & Gamble
Rock Hand Hardware
Lowe's
36
Asking "is there a new way to do it?" could inspire creative idea.
False
True
37
What item below is considered the most important for business start-up success?
Teamwork
Building a new product/idea
Gathering resources
Opportunity recognition
38
What needs to be completed before taking the final?
Complete survey for Askin
Sharpen pencil
Demographic information
Talk to Ivan
39
If someone says "what if we do the opposite?" that could bring about a new idea.
True
False
40
If you invested $10,000 in a business and sold it a year later for $15,000. What was your ROI?
150%
50%
25%
100%
41
ROI refers to?
return on income
return on investment
risk or investment
risk on investment
42
Entrepreneurship means?
Owning and controlling a business
finding a new idea
Gathering investors
appearing on Shark Tank
43
Which is true about failure & entrepreneurs?
Setbacks happen but it is used as a learning tool
Failures are common and this results in closing the business
Failure is fun for entrepreneurs because it doesn't bother them
Failures & setbacks rarely happen in business
44
Which one below is in the private sector?
US Post Office
General Motors
Luccia's Restaurant
University of Montana
