ENTR Unit 6 Review

Question 1

When starting a business, it is crucial to not start until you have what?

Accepted Answer

Cash of hand

Question 2

Above all, what will you have to take to be a successful entrepreneur?

Accepted Answer

risks

Question 3

Taking risks in entrepreneurship involves careful planning and hard work.

Accepted Answer

True

Question 4

What is the first step in a typical business risk plan?

Accepted Answer

identify the risk

Question 5

Credibility risk is the risk that an entrepreneur faces when putting out a new product or service in the market.

Accepted Answer

True

Question 6

The leader of Operations can best be described as..

Accepted Answer

Organizer

Question 7

Without a business plan, your idea is just a __________.

Accepted Answer

Dream

Question 8

You want to focus on gross revenue, not net profit.

Accepted Answer

False

Question 9

What is the #1 reason why startup companies fail?

Accepted Answer

no market need

Question 10

Taking risks does not mean going into business blindly and then expecting great results.

Accepted Answer

True

Question 11

Business fundamentals change frequently.

Accepted Answer

False

Question 12

Which of the following are personality traits of successful entrepreneurs?

Accepted Answer

All of the above

Question 13

The majority of consumers prefer to buy new products from brands that they are familiar with.

Accepted Answer

True

Question 14

The CMO can best be described as..

Accepted Answer

Marketer

Question 15

What is the key checklist when it comes to not marrying your plan?

Accepted Answer

adjust, confront, conquer

Question 16

When running a business, you should let your personal emotions and ego take control.

Accepted Answer

False

Question 17

What is the key to avoiding micromanagement?

Accepted Answer

Delegation

Question 18

Which of the following is not a responsibility of a CMO?

Accepted Answer

preparing budgets

Question 19

Which of the following best defines the financial health and stability of your business?

Accepted Answer

Cash flow

Question 20

Which of the following is a technology risk?

Accepted Answer

Customer data

Question 21

The bulk of a developer’s existence is to design, code, test, and bug software.

Accepted Answer

False

Question 22

What is a ‘CTO?’

Accepted Answer

Chief Technology Officer

Question 23

Risk is inevitable

Accepted Answer

True

Question 24

Which of the following is NOT a way to mitigate credibility risk?

Accepted Answer

Performing questionable business activities

Question 25

How can one mitigate or lessen risks?

Accepted Answer

Implement various strategies that inform you of potential disruptions

Question 26

“Nothing ventured, nothing ___________.”

Accepted Answer

gained

Question 27

Who has to manage more risk?

Accepted Answer

Start up companies

Question 28

An Operations Manager usually helps with raising funds, market analysis, and product management.

Accepted Answer

True

Question 29

1 core responsibility of the Product Manager is to know and predict what a customer needs through research.

Accepted Answer

True

Question 30

The CEO of a company is typically the “innovator.”

Accepted Answer

False

ENTR Unit 6 Review

Questions 30

ENTR Unit 6 Review

Questions 30