Entrepreneurship Chapter 3 Review

Question 1

All of these are outside sources you can look to for business ideas except...

Accepted Answer

Internal company publications

Question 2

One way to find a good business opportunity is to look at popular trends; Peloton would be an example of which trend?

Accepted Answer

Fitness and Health

Question 3

What type of Internet venture sells directly to the consumer?

Accepted Answer

B2C E-commerce

Question 4

What % of family businesses survives to the 2nd generation?

Accepted Answer

1/3

Question 5

What is the main reason why a large corporation would start a corporate venture?

Accepted Answer

More flexibility with a smaller venture

Question 6

Of the 25 million businesses in The United States, 90% are family owned. How many family owned businesses are there?

Accepted Answer

22.5 million

Question 7

An example of an outside source to consult for business ideas would be

Accepted Answer

Trade Shows

Question 8

Which of the following is NOT a disadvantage of going into business with family?

Accepted Answer

Trust you have with your family

Question 9

An example of a Niche is:

Accepted Answer

All people who live inTwinsburg, Ohio

Question 10

The most significant trend that has affected the way people do business is

Accepted Answer

Technology

Question 11

When evaluating a business opportunity, who should you consult/hire to help you in the process?

Accepted Answer

Lawyer

Question 12

A new way of doing things

Accepted Answer

Innovation

Question 13

A business that operates both a traditional physical storefront and an online store is known as

Accepted Answer

Clicks and Mortar

Question 14

When thinking creatively, which of the following should you not do?

Accepted Answer

Connect related items

Question 15

Which of the following is NOT an entrepreneurial trend

Accepted Answer

Fitness Businesses

Question 16

A periodical published for people with special interests

Accepted Answer

Specialty Magazine

Question 17

Small businesses that use the internet grow about ____ faster than those that do not.

Accepted Answer

46%

Question 18

Scotch tape hires 3M to manufacture the plastic containers for their tape dispensers, this is an example of

Accepted Answer

Strategic Alliance

Question 19

When deciding what services to offer, which of the following is the most important to consider?

Accepted Answer

Customer Demand

Question 20

The beliefs and principals by which you choose to live

Accepted Answer

Values

Question 21

A partnership formed between two companies

Accepted Answer

Strategic Alliance

Question 22

The seller of a franchise

Accepted Answer

Franchisor

Question 23

Personal Characteristics that describe a population

Accepted Answer

Demographics

Question 24

The buyer of a franchise

Accepted Answer

Franchisee

Question 25

The favor and loyalty a business acquires by its reputation is known as

Accepted Answer

Goodwill

Question 26

A new venture started inside a larger corporation

Accepted Answer

Corporate Venture

Question 27

Brings buyers and sellers of businesses together

Accepted Answer

Business Broker

Question 28

A periodical published for a specific type of business or industry

Accepted Answer

Trade Magazine

Question 29

If you are thinking like an entrepreneur, it will help you to

Accepted Answer

Recognize opportunities

Entrepreneurship Chapter 3 Review

Questions 29

Entrepreneurship Chapter 3 Review

Questions 29