Carrying capacity indicates

the growth potential for a business entering a particular industry

a group of potential customers for a particular product or service

Using an idea map can

help you come up with multiple ideas at once

Critical thinking is an entrepreneurial mindset skill that involves

using logic to analyze and evaluate a situation or object

Your favorite hobby is an example of an

internal source of business opportunity

Generating creative ideas

is an important part of being an entrepreneur

the process of overcoming objections to a business idea

start with an interest or problem from your career cluster

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Entrepreneurship - Fall Semester Exam Review

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Questions 31

Answers

1
You can recognize potential business ideas from which of the following sources?
new discoveries
changes in laws
all of the above
problems that need solving
2
Carrying capacity indicates
the maximum number of market segments
the growth potential for a business entering a particular industry
the limitations of a particular method of market research
the buying patterns for a particular market
3
When performing a SWOT analysis of a business opportunity, your competitors would be classified as a
strength
option
weakness
threat
4
Social media can be used as a free market research tool by
testing offers your product or service and see what kind of response u get
seeing what kind of deals and pricing your competition is offering
all of the above
improving your product based on the feedback you get
5
Which of the following is not one of the four parts of a business canvas?
business model
competition
critical thinking
value proposition
6
A market is
a group of entrepreneurs
a place where businesses are bought and sold
a group of potential customers for a particular product or service
a step in the product planning process
7
Which of the following is a source for gathering secondary data?
telephone survey
none of the above
questionnaire
mailing
8
Using an idea map can
help you organize your business potential
help you come up with multiple ideas at once
help you put your ideas in order of importance
help you explain the directions of a new idea
9
Critical thinking is an entrepreneurial mindset skill that involves
using the creative part of your mind to analyze or evaluate a situation
being critical of your business associates
thinking like a critic
using logic to analyze and evaluate a situation or object
10
Which of the following describes creative thinking?
all of the above
recognizing opportunities
looking at something in a new way
brainstorming
11
Companies that sell to other companies are called
C2C
none of the above
B2C
B2B
12
Manufacturer w/ whom you discuss a product idea should sign this type of agreement to keep the information confidential
privacy agreement
nondisclosure agreement
feasibility agreement
prototype agreement
13
To conduct an accurate cost/benefit analysis, don't forget to include
opportunity cost
threats
insurance benefits
calculated risk
14
Your favorite hobby is an example of an
internal source of business opportunity
entrepreneurial mindset behavior
external source of business opportunity
idea generation
15
Which of the following people was not a founder of Apple?
Steve Wozniak
Steve Jobs
Richard Branson
Ronald Wayne
16
Generating creative ideas
is not relevant to business in the real world
is helped by fear of failure
is for artists, not entrepreneurs
is an important part of being an entrepreneur
17
Which of the following is not a creative-thinking technique?
being practical
being flexible
thinking backward
daydreaming
18
A need is something people must have to
make money
survive
get along with each other
all of the above
19
Ideation is
the process of forming new business opportunities
the process of forming new ideas
the way entrepreneurs evaluate business ideas
the process of overcoming objections to a business idea
20
Which of the following attitudes make it difficult to be creative?
all of the above
being inflexible
being afraid of failure
being judgmental
21
Creative thinking is also called
lateral thinking
artistic thinking
entrepreneurial thinking
intelligent thinking
22
You can recognize potential business ideas from which of the following sources?
all of the above
problems that need solving
new discoveries
changes in laws
23
An idea might be a business opportunity if
your friends like it
it is creative
it meets a consumer need
it passes the entrepreneurship test
24
Which of the following is not a benefit of buying a franchise?
proven system
more entrepreneurial freedom
easier financing
customer awareness
25
An idea map should
display your best idea at the top
help you find business partners
be included in your business plan
start with an interest or problem from your career cluster
26
A royalty fee is paid
based on a percentage of the franchise earnings
all of the above
on a regular, ongoing basis
to the franchisor
27
To understand a particular market, you need to research
the business environment
the competition
ALL OF THE ABOVE
individual consumers or businesses
28
If something is intangible, you can't
touch it
all of the above
see it
eat it
29
Which of the following is not a source for gathering secondary data?
focus group
Census Bureau
Chamber of Commerce
Forbes Magazine
30
Which of the following is not part of a SWOT analysis?
weaknesses
organizations
strengths
threats
31
The time period for acting on a business opportunity before it is lost is called the
opportunity time frame
business window
window of opportunity
starting period

Entrepreneurship - Fall Semester Exam Review Flashcards | StudBud