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Entrepreneurship Unit 2 Review
Entrepreneurship Unit 2 Review
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Entrepreneurship Owning Your Future Unit 2 Review (Chapters 6-10)
Flashcards
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Questions
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Answers
1
Critical thinking is an entrepreneurial mindset skill that involves
being critical of your business associates
using the creative part of your mind to analyze a situation
thinking like a critic
using logic to analyze and evaluate a situation or object
2
Which of the following is not a benefit of buying a franchise?
Customer Awareness
Proven System
Easier Financing
More Entrepreneurial Freedom
3
Social economic and political factors that could impact your business are called
industry dynamics
carrying capacity
business environment
mass market
4
Which of the following is least important when collecting and evaluating data?
staying alert to biased sources
finding data that supports your idea
making sure data is relevant to the target market
confirming research with more than one source or method
5
Demographics include age, marital status, and education
false
true
6
You can recognize potential business ideas from which of the following sources?
Problems that need solving
Changes in laws
New discoveries
all of the above
7
The process of guiding your business idea from inception through development and introduction to market is called
SWOT analysis
ideation
product planning
business model validation
8
The most important reason to do ongoing market research is
to help entrepreneurs find new ideas
to throw out the work already done on an idea
to waste time in between sales
to test assumptions about a business opportunity
9
Carry capacity refers to
The maximum number of companies an industry can support
All of the above
The number of differentiators a business can have
How current your secondary data is
10
Market research
is only needed when planning a new business venture
is used to help sales efforts
none of the above
does not include global factors
11
All primary research
involves a focus group
involves talking directly to people
requires a questionnaire
is collected for a specific purpose
12
Before performing market research, the first thing you should do is
determine the research method
identify your target market
analyze the competition
choose the type of research
13
Something people must have to live
Need
Want
14
UE testing stands for
utility experience testing
user experience testing
user eagerness testing
user ending testing
15
Which of the following is not a source for observing secondary data?
annual business reports from other companies
government statistics
chamber of commerce
interviews about your product
16
The time period for acting on a business opportunity before is it lost is called the...
Business Window
Oppurtunity Time Frame
Window of Opportunity
Starting Period
17
Companies that sell to other companies are called
B2B
None of these
C2C
B2C
18
To send a mailing to potential customers, you would buy names and addresses from a
primary data source
list-rental company
secondary data source
customer profile company
19
Market research will help you validate a business idea before you invest too much money in it.
True
False
20
Deciding how much to charge for a product is one of the six steps of market research.
False
True
21
Which of the following is not a part of SWOT analysis?
Threats
Weakness
Sales
Opportunity
22
When performing a SWOT analysis of a business opportunity, your competitors would be classified as a
threat
strength
option
weakness
23
Which of the following is not used to evaluate the feasibility of a business opportunity
cost / benefit analysis
invention analysis
opportunity cost analysis
SWOT analysis
24
Which of the following is NOT part of a SWOT analysis?
Stability
Weaknesses
Opportunities
Threats
25
A royalty fee is an ongoing payment based on a percentage of sales
True
False
