Why is it important for entrepreneurs to talk with industry experts when developing new business concepts?

The industry experts typically provide useful information.

Which of the following statements is true about new venture risk-taking:

When an entrepreneur seeks a high profit, the risk is usually higher.

Which of the following activities is an example of preparing before attempting to sell an idea:

Determining the details of your idea

After writing your personal vision, what must you do to achieve it?

Commit to your vision through hard work and dedication.

A product idea is feasible if it

creates a competitive advantage.

Which of the following is a characteristic of a profit-and-loss statement:

Summarizes expenses and revenue from sales

Time management helps to reduce stress because it

allows adequate time for personal and professional activities.

What should a successful brand promise be able to do?

Communicate an appealing benefit

studbud

Entrepreneurship Club Entrance Test

15 termsStudBud Administration5 plays

Lets find out how much we know about what it takes to be an entrepreneur.

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Why is it important for entrepreneurs to talk with industry experts when developing new business concepts?
The industry experts frequently offer financial support
The industry experts usually improve your management skills.
The industry experts commonly enhance your confidence.
The industry experts typically provide useful information.
2
Which of the following statements is true about new venture risk-taking:
When the entrepreneur seeks to limit risk, the reward tends to increase.
An entrepreneur's financial risk is not closely related to rewards.
When an entrepreneur seeks a high profit, the risk is usually higher.
The entrepreneur who does not care about profit is a high risk-taker.
3
Why do some businesses sponsor local events?
To obtain publicity
To sell products
To create news
To generate revenue
4
To develop repeat business and customer loyalty, a business owner might
increase prices.
update equipment.
ridicule the competition.
offer a new service.
5
Which of the following activities is an example of preparing before attempting to sell an idea:
Explaining solutions to audience needs
Overcoming objections from the audience
Affirming the audience's decision to "buy"
Determining the details of your idea
6
After writing your personal vision, what must you do to achieve it?
Spend all of your free time working on self-improvement.
Put your vision in a safe space and look at it again in five years.
Commit to your vision through hard work and dedication.
Get the highest-paying job that you can find out of high school.
7
Ry keeps a list of his goals to remind him of what he's working toward. Which tip for smartgoal setting is Ry following?
Tying goals to a timetable
Making goals specific
Putting goals in writing
Making goals difficult but possible
8
What is often the role of management in the achievement of quality in a business?
To lead the effort
To eliminate conflict
To judge the staff
To assign blame
9
A product idea is feasible if it
costs a lot to produce.
meets sales quotas.
creates a competitive advantage.
. is a durable good.
10
Motives, perception, attitude, lifestyle, personality & abilities are __________ factors influencing consumer behavior.
economic
psychological
political
social
11
Which of the following is a characteristic of a profit-and-loss statement:
Lists assets and liabilities
Shows the owner's financial position
Summarizes expenses and revenue from sales
Is the same as a balance sheet
12
Which of the following is one way that businesses use marketing information:
To analyze data
To develop surveys
To conduct research
To predict change
13
An important part of a market analysis involves collecting __________ information.
geographic
property
employee
confidentia
14
Time management helps to reduce stress because it
provides less time for rest and relaxation.
allows adequate time for personal and professional activities.
increases feelings of pressure and tension.
encourages procrastination in planning necessary activities
15
What should a successful brand promise be able to do?
Customize the product for each customer
Convey a high-quality image
Clarify the company's processes
Communicate an appealing benefit

Entrepreneurship Club Entrance Test Flashcards | StudBud