ENT Chapter 3 Recognizing Opportunity

Question 1

Characteristics that describe a population

Accepted Answer

demographics

Question 2

The greatest advantage of a family business is trust & togetherness that family members share.

Accepted Answer

True

Question 3

Entrepreneurs must understand how the economy works. What skill does this describe?

Accepted Answer

basic business skills

Question 4

Being an entrepreneur involves risks as well as rewards. Which of the following is a risk?

Accepted Answer

uncertain income

Question 5

Before you can determine if a new venture is feasible, you must prepare ______

Accepted Answer

a business plan.

Question 6

Periodicals published for specific types of businesses or industries

Accepted Answer

trade magazines

Question 7

To identify consumer markets, you should be aware of _______.

Accepted Answer

demographic changes.

Question 8

Finding new ways of doing things

Accepted Answer

innovation

Question 9

Seller of a franchise

Accepted Answer

franchisor

Question 10

Which of the following are some of the major trends for the creation of new businesses?

Accepted Answer

all of the above

Question 11

Entrepreneurial process is taking steps to recognize opportunity & create business for profit

Accepted Answer

True

Question 12

A successful entrepreneur is willing to work until a job is done. Which characteristic is it?

Accepted Answer

persistent

Question 13

Periodicals that target people with special interests in a variety of areas

Accepted Answer

specialty magazines

Question 14

Hiring a firm to design and produce packaging for your product is an example of _________.

Accepted Answer

outsourcing.

Question 15

What is customer loyalty described as?

Accepted Answer

goodwill

Question 16

An increased reliance on technology is one of the main trends that affect business today.

Accepted Answer

True

Question 17

To find a new business, you may need to hire a(n) _____.

Accepted Answer

business broker.

Question 18

To contract with other companies for services

Accepted Answer

outsource

Question 19

Most successful business adventures starts from interests or hobbies.

Accepted Answer

True

Question 20

Which of the following is a contribution that a business owner makes to the community?

Accepted Answer

generates jobs

Question 21

Starting a new business entails less time and effort than opening a franchise.

Accepted Answer

False

Question 22

One way to prevent some of the problems that family businesses face is to ____.

Accepted Answer

establish clear lines of responsibility.

Question 23

The success or failure of an entrepreneurial venture rests entirely on the __________.

Accepted Answer

owner.

Question 24

Forming a partnership with another company

Accepted Answer

strategic alliance

Question 25

An asset of acquiring an existing business is customer loyalty, or __________________.

Accepted Answer

goodwill.

Question 26

Which of the following are general characteristics needed by entrepreneurs.

Accepted Answer

all of these

Question 27

McDonald’s is an example of a(n) ____________________________.

Accepted Answer

franchise.

ENT Chapter 3 Recognizing Opportunity

Questions 27

ENT Chapter 3 Recognizing Opportunity

Questions 27