BM133 Small Business Management Quiz 1 Review

Taking an idea & offering a way to do it better than it is currently done=the radical innovation strategy

Creative destruction= ways new businesses can hurt existing businesses (example: the computer)

One of the MYTHS of small businesses is:

One of the traditional problems facing new ideas is:

One of the reasons why women-owned businesses account smaller business revenue is because women__

Savvy entrepreneurs have been known to be creative in finding funds, using crowdfunding, etc.

Success occurs in 3rd stage of business cycle, once the firm is established in its market/operation & finances

Trying an online sale in order to assess if more people made purchases online or not is a:

Paying a royalty to a government agency in order to make and sell the agency’s patented product=being a licensor

“Role conflict” stands for: _________________

Which of the following is NOT a typical outcome of a feasibility study?

SCAMPER is:

A retired business analyst of a retail clothing company decided to open his own clothing store after 20 years. This is:

While many think you have to make something to be profitable, services are fast growing areas

SCAMPER is an acronym for helping you assess the viability of an idea

When a person becomes an entrepreneur because of a low likelihood of finding a job, it is called _

A preliminary run of a business to assess how well the overall approach works=a pilot test

A big problem with starting a business is that there isn't enough financing available.

Creative destruction=the way that newly created goods/services can hurt existing businesses, such as with Uber

The most common source of business ideas are from work and personal experience

Building a social network is crucial for women-owned businesses

One of the Five P's of Entrepreneurial Behavior is:

Smart entrepreneurs are never creative in finding funds, such as using crowdfunding/bootstrapping

“Entrepreneurial alertness” is __

Assessing feasibility=testing if the business idea is viable/realistic & knowing the forces which could affect it

One of the five pitfalls that hinder innovation is judging ideas too quickly.

"Mompreneurs" often bring unique skills of managing a family into starting a business.

Flexibility rewards include being able to take time off for family events.

Avoiding pitfalls that hinder innovation includes defining the wrong problem

What does the RBI screen do to screen for business ideas?