Economic choice is about

choosing to own private property

Because of their action-orientation, entrepreneurs often

follow the "ready-fire-aim" strategy

The following is the correct order for market research

Information needs, secondary data, primary data, organize

Your business concept should answer 4 questions. Which of the following is NOT one of them?

How much do your goods and services cost?

studbud

Entrepreneurship Semester Exam

89 termsStudBud Administration119 plays

A review for the semester exam.

Flashcards89 cardsFPractice quizPHost liveL

Questions 89

Answers

1
Entrepreneurs take credit for the good outcomes & blame others for the bad outcomes.
False
True
2
To research the competition, what should you not look at?
Competitive advantage
Marketing strategy
Their inventory levels
Strengths and weaknesses
3
Economic choice is about
choosing to own private property
finding an opportunity
setting personal goals
deciding whether or not to do your homework
4
Market segments should be measurable and reachable.
False
True
5
Market research does not involve
looking at secondary resources
talking directly to the customer
defining a research question
developing a business concept
6
Feasibility answers "How much money do I have?" & "What conditions will allow me to go forward?
False
True
7
You must be born creative to be creative.
True
False
8
An idea for a new business that can be tested is called
feature
competitive grid
benefit
business concept
9
About 47% of all businesses today are started by people under the age of 35.
True
False
10
All of the following are related to channels of distribution except
indirect channel
operations
direct channel
customer
11
Which of the following is inappropriate when doing business in Asian countries?
be punctual
dress conservatively in dark colors
don't comment on food except to praise
dress in all white colors
12
According to stats, people in Latin American countries tend to make buying decisions based on
individual needs
business needs
family needs
governmental needs
13
Entrepreneurial characteristics are habits that
change automatically with maturity
can be strengthened
everyone has in equal amounts
cannot be changed
14
Restaurants like McDonald's, Subway, and Taco Bell are examples of a legal agreement called a
fast food restaurant
franchise
business
opportunity
15
All of the following are types of market research except
historic
description
process
exploratory
16
A good business concept statement does not mention
distribution
customers
money
benefit
17
Primary data is the most important, because it's current.
True
False
18
Because of their action-orientation, entrepreneurs often
plan projects to death
exercise excessive control
follow the "ready-fire-aim" strategy
reorganize incessantly
19
It's wise to bring your own interpreter to a meeting in another country.
False
True
20
In exploratory research, you consult a variety of sources to gather information.
False
True
21
You can find opportunity in an industry by looking at trends and patterns of change.
False
True
22
Europe is a difficult market to define because
Europeans never encouraged entrepreneurship & never will
there is no common culture
the French are protective of their culture
of Brexit
23
Barriers to entry are things that keep new businesses from entering an industry.
True
False
24
One way to study the Japanese market is to read their comic books.
True
False
25
All of the following describe the cover page of a business plan except
start-up capital
contact person
name of company
address
26
Becoming a creative and opportunistic thinker isn't a prerequisite to success in today's market
False
True
27
The number of businesses that start in the entrepreneur's home has been growing rapidly.
False
True
28
One of the processes of entrepreneurship is
setting personal goals
getting rich quick
starting a business
finding the equilibrium point of a supply and demand curve
29
Which of the following is NOT one of the ways to segment a market?
Psychographics
Geographics
Economies of scale
Demographics
30
The amount of money an entrepreneur can make is limited only by the potential of their business
True
False
31
Federal agencies do not provide information regarding specific business opportunities.
False
True
32
The following is the correct order for market research
Organize, primary data, secondary data, information needs
Information needs, primary data, secondary data, organize
Information needs, secondary data, primary data, organize
Secondary data, primary data, information needs, organize
33
A benefit is a distinctive aspect, quality, or characteristic of a product or service
False
True
34
All of the following are related to the law of supply and demand except
equilibrium
shortage
surplus
investment
35
Industrial markets have customers who buy for business use.
False
True
36
A market is a group of people or companies who demand a particular product or service.
False
True
37
All of the following are barriers to entry EXCEPT
corporate culture
brand loyalty
proprietary technology
economies of scale
38
Your business concept should answer 4 questions. Which of the following is NOT one of them?
Who is the customer?
How will you get the product or service to the customer?
How much do your goods and services cost?
What is the product or service being offered?
39
Direct channel: the process of selling a product to a wholesaler who find stores to carry it.
False
True
40
As of 2008, which of the following is NOT one of the top 10 countries for US exports?
Laos
Mexico
China
Canada
41
Capital consists of
elastic and inelastic demand
innovation
money and equipment
opportunity
42
The process used to test a business concept is called a
business plan
feasibility plan
executive summary
competitive grid
43
A car dealership is an example of a franchise.
True
False
44
People who create businesses only come from highly educated backgrounds.
True
False
45
Developing countries are riskier because there are many barriers w/little support for entrepr.
True
False
46
Most entrepreneurs' principal goal is to
grow the business
sell shares of company stock
make money fast
gain local or national fame
47
Contracting with others for services is
outsourcing
developing alliances
innovation
creativity
48
A feature is something that enhances the value of a product or service to the customer.
False
True
49
It's always okay to write notes on a business card you receive.
True
False
50
One specific advantage of being an entrepreneur is having
full responsibility
the opportunity to be creative
employees do all of the work
instant wealth
51
After starting a new business, entrepreneurs look for new challenges, because they are restless
True
False
52
To do a trade mission, you need to have a product that is on the gov't's best prospect list.
False
True
53
A disadvantage of being in business for yourself is
that you have to make all of the decisions
that you don't have control over your own schedule
the chance that you will lose your investment
there's no satisfaction from your efforts in the early years
54
Psychographics include gender, personality, and age.
False
True
55
Forming a partnership with another company is called a
franchise
strategic alliance
outside source
creative source
56
Entrepreneurs get as much information as they can so they can make high risk/reward decisions
True
False
57
Watching films about people who become successful will help you get an achievement orientation
False
True
58
All of the following are related to a feasibility analysis except
calculating start-up capital needs
testing the product/service
hiring employees
testing the customer
59
A way to organize important information about the competition is
executive summary
business plan
business concept
competitive grid
60
Which of the following is NOT part of starting a business concept?
Benefit
Customer
Distribution
Marketing
61
Independence, personal satisfaction, and prestige are considered by most entrepreneurs as being
important advantages of being self-employed
an insignificant part of being an entrepreneur
desirable, but unattainable as an entrepreneur
attainable only working for a large corporation
62
All of the following are related to the vision of a company except
direction
plan
values
mission goals
63
Which of the following is an example of "doing business the way they do?"
Build a relationship before you do business
Go into the first meeting and improvise
Attempt your own translation regardless of your fluency
Set time limits on the meeting
64
The thing that accounts for an entrepreneur's sticking to a task until it is complete is called
restlessness
independence
persistence
self-confidence
65
A key to developing entrepreneurial characteristics is to act like you have them.
False
True
66
Which of the following is an example of an ethnic product?
sriracha sauce
a gym membership
expensive chocolates
specialty juices
67
Most products exported from the US are necessities for those who are receiving them.
False
True
68
To build a customer profile, what DON'T you need to know?
How your business can meet their needs.
How often they buy
Industry trends
Who is the customer.
69
The characteristics of human populations and population segments are called
human behavior
demographics
personalities
goodwill
70
Many entrepreneurs were influenced early in life by
entrepreneurial role models
the lack of opportunity for work experience
teachers who thought they should be self-employed
recognition for scholastic achievement
71
In exploratory research, you consult a variety of sources to gather information.
False
True
72
A basic understanding of economics, finance, etc, are needed to create and run a business.
True
False
73
As businesses grow, the cost of producing products increases.
True
False
74
One of the most important things to do before developing a business plan is
buy a franchise
visit your banker
buy a business
study the industry
75
All of the following are parts of a business plan except
management team plan
executive summary
financials
inventory
76
Which of the following is an example of an indulgence good?
fitness equipment
hair care products
gourmet coffee
cosmetics
77
Business owners often value their business higher than the market does.
True
False
78
Which of the following is an advantage of buying a franchise?
you can run the franchise any way you like
there is no risk of failure
all franchises require less than $10,000 investment
you receive planning and management expertise
79
You should not correct the English used by a person you meet in another country.
True
False
80
Which of the following is a disadvantage of entering a family owned business?
family members always have the same goals
decisions are made without emotion
the owner can never get away from the business
the trust and togetherness a family shares
81
Entrepreneurs aim to create everything except
values
wealth
ventures
fame
82
To deal with equipment suppliers, which of the following skills does an entrepreneur need most?
human relations and communications skills
technical skills
management and employee skills
math skills
83
It is generally more work and more risky to start a business than to buy an existing one.
False
True
84
Employee leasing companies (i.e., temp agencies) are one example of a service you can outsource
True
False
85
A federal agency that provides services to small businesses and new entrepreneurs is
Internal Revenue Service (IRS)
Small Business Association (SBA)
Federal Trade Commission (FTC)
Securities and Exchange Commission (SEC)
86
The most important conclusion from the research on the backgrounds of entrepreneurs is
unless you do it at a very early age, you'll never be an ent
if you share similar backgrounds, you'll be an entrepreneur
if you don't share similar backgrounds, you won't be an entr
a can-do attitude & desire to be an entr. is most important
87
Geographics include region, state, and country
True
False
88
People who buy for business use are part of the industrial market.
True
False
89
An indirect channel is delivering a product or service to a customer, bypassing the wholesaler.
False
True

Entrepreneurship Semester Exam Flashcards | StudBud