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Entrepreneurship I 2.01-2.05 Mini Lesson Questions Flashcards | StudBud
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Entrepreneurship I 2.01-2.05 Mini Lesson Questions
Entrepreneurship I 2.01-2.05 Mini Lesson Questions
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2.01-2.05 #entrepreneurshipI
Flashcards
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Answers
1
The brainstorming process is used to accomplish which primary goal?
Come up with as many ideas as possible.
Analyze each idea as it is presented.
Rate each idea in relation to one another.
Come up with a set number of ideas within a certain time.
2
Which example illustrates how environmental factors are interrelated?
Low investor confidence heavily impacts financial planners.
The economy affects what competitors are doing.
The economy affects banking institutions.
New legislation will be written in the future.
3
Stmt. is true regarding group creative thinking techniques to the idea generation process?
Effective when each member uses mind mapping techniques.
By altering or building upon another idea.
Brainstorming technique usually generates the best ideas.
The 6 Thinking Hats technique is generally effective.
4
Which statement is true about entrepreneurial discovery?
Determine the long-term profit a start-up company generate.
Ongoing process facilitates the success rate of a business.
Provides entrepreneurs professional development training.
It ensures that start-up businesses have continuous funding.
5
When determining venture-creation opportunities, entrepreneurs must first perform which action?
Identify staffing needs
Obtain financing
Conduct research
Select a location
6
Entrepreneurial discovery is an important process in a free-enterprise economic system.
TRUE
FALSE
TRUE
FALSE
7
Which statement is true about a business environment?
It may not affect the business, depending on the industry.
It is always changing.
It consists of the economy and technology.
It can be avoided.
8
A prospective entrepreneur, what is necessary to determine the existence of goods and services?
Entrepreneurial discovery
Demographic changes
Product standards
Raw materials
9
Which personality trait is often associated with creative people?
Exhibiting low energy levels
Shunning recognition and praise
Preferring routine activities
Acting independently
10
When conducting an environmental scan, which is an economic factor business should consider?
Global trade regulations
Restricted sales territories
Local demographics
Consumer spending habits
11
People who are naturally creative often possess which attribute?
Mentally flexible
Physically active
Highly educated
Emotionally controlled
12
Identifying new product opportunities usually requires a person to possess?
Awareness
Emotional
Indifference
Decisiveness
13
The entrepreneurial discovery process requires knowledge & the recognition of which situation?
Creative observation
Preventable accident
Market need
Economic crisis
14
Using mind mapping to generate product ideas, it is best begin-writing down the main prob. or?
Primary associations
Supporting facts
Situation analysis
Market opportunity
15
L makes jewelry. L wants to sell on eBay. Ex. of identifying a product opportunity by?
Business processes
Personal experiences
Consumer attitudes
Demographic changes
16
A factor that an entrepreneur should consider while assessing a venture opportunity is?
Require employee loyalty
Involve complicated paperwork
Lead to more opportunities
Satisfy the needs of vendors
17
An entrepreneur or small-business owner will most likely accomplish which goal?
Improve economic sanctions
Satisfy an unmet demand
Form a technological monopoly
Change legal requirements
18
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Technological advancements
Increased cultural diversity
Industry deregulation
Interest rate fluctuations
19
Global trend might encourage an entrepreneur to consider international business opportunities?
Lower tariffs
Higher allowances
Flexible currency rates
Enforceable trade agreements
20
Which is usually a characteristic of a creative person?
Likes to seek out new challenges
Prefers working under supervision
Depends on others
Patient with other people
21
Which is an example of a demographic trend?
Rising interest rates
Shifting political climates
The aging of the population
A concern for fitness and health
