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2.01, 2.03, 2.06 and 2.13 Review Entrepreneurship Flashcards | StudBud
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2.01, 2.03, 2.06 and 2.13 Review Entrepreneurship
2.01, 2.03, 2.06 and 2.13 Review Entrepreneurship
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1
When determining venture creation opportunities, entrepreneurs must first
obtain financing
conduct research
identify staffing needs
select a location
2
Identifying new product opportunities usually requires a person to be:
emotional
decisive
aware
indifferent
3
Which of the following statements is true about entrepreneurial discovery?
Ongoing process that facilitates a business's success rate
Provides entrepreneurs professional development training
Ensures start up businesses have continuous funding
Way to determine long-term profit a company can generate
4
When generating new ideas for new business, entrepreneurs often look for ways to
increase liability
control outcomes
rationalize spending
solve problems
5
Which of the following is a characteristic of a well-conducted feasibility study:
General
Complete
Abbreviated
Subjective
6
Which is an example of a demographic trend that has encouraged entrepreneurial discovery:
interest rate fluctuations
technological advancements
increased cultural diversity
industry deregulation
7
The definition of demographics is which of the following?
The governing body of a nation
Activities related to production and distribution of goods
physical and social characteristics of the population
Unmet needs or problems of consumers
8
The primary purpose of a feasibility study is to answer which of the following questions:
Is this business plan valid?
What are the opportunity costs of the project?
What technology will be needed for this project?
Should we proceed with this project?
9
Which of the following processes helps aspiring entrepreneurs generate venture ideas:
Decision Making
Financial planning
Goal Setting
Creative thinking
10
For a prospective entrepreneur, whats necessary to determine the existence of goods/services?
Demographic changes
Raw materials
Entrepreneurial discovery
Product standards
11
One of the main purposes of a feasibility study is to:
Guarantee a profit in the opening year
Serve as a foundation for developing your business plan
Prove your product does not have any competition
Determine the source of capital for starting the business
12
Competitive considerations in a feasibility study include asking the following question:
What are the target markets for your product or service?
Who are the competitors in your business market?
What legal structure will the business operate ?
Where will you get the materials & labor to use in business
13
The entrepreneurial discovery process requires knowledge and the recognition of a:
market need
preventable accident
creative observation
economic crisis
14
Technical considerations in a feasibility study include asking the following question:
Where will you get the materials & labor to use in business
What corporate structure will the business operate under
What are the target markets for your product or service?
Who are the competitors in your business market?
15
The main responsibility of the facilitator of a product idea brainstorming session is
compile all of the ideas and select the best idea
compile all ideas and judge the bad ideas
compile all of the ideas and evaluate the group's creativity
compile all ideas and keep the group on task
16
A factor that an entrepreneur should consider while assessing a venture opportunity is
whether it will satisfy vendors' needs
involve complicated paperwork
whether it will lead to more opportunities
whether it will require employee loyalty