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Entrepreneurship I 2.01-2.05 Mini Lesson Questions Flashcards | StudBud
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Entrepreneurship I 2.01-2.05 Mini Lesson Questions
Entrepreneurship I 2.01-2.05 Mini Lesson Questions
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2.01-2.05 #entrepreneurshipI
Flashcards
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Questions
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Answers
1
Which personality trait is often associated with creative people?
Shunning recognition and praise
Exhibiting low energy levels
Preferring routine activities
Acting independently
2
An entrepreneur or small-business owner will most likely accomplish which goal?
Improve economic sanctions
Form a technological monopoly
Satisfy an unmet demand
Change legal requirements
3
Which example illustrates how environmental factors are interrelated?
The economy affects banking institutions.
Low investor confidence heavily impacts financial planners.
The economy affects what competitors are doing.
New legislation will be written in the future.
4
Which statement is true about entrepreneurial discovery?
Provides entrepreneurs professional development training.
It ensures that start-up businesses have continuous funding.
Ongoing process facilitates the success rate of a business.
Determine the long-term profit a start-up company generate.
5
The entrepreneurial discovery process requires knowledge & the recognition of which situation?
Market need
Economic crisis
Preventable accident
Creative observation
6
Identifying new product opportunities usually requires a person to possess?
Emotional
Awareness
Decisiveness
Indifference
7
Entrepreneurial discovery is an important process in a free-enterprise economic system.
TRUE
FALSE
FALSE
TRUE
8
Which statement is true about a business environment?
It consists of the economy and technology.
It can be avoided.
It is always changing.
It may not affect the business, depending on the industry.
9
When conducting an environmental scan, which is an economic factor business should consider?
Restricted sales territories
Consumer spending habits
Local demographics
Global trade regulations
10
Which is usually a characteristic of a creative person?
Depends on others
Likes to seek out new challenges
Patient with other people
Prefers working under supervision
11
Global trend might encourage an entrepreneur to consider international business opportunities?
Lower tariffs
Higher allowances
Flexible currency rates
Enforceable trade agreements
12
Using mind mapping to generate product ideas, it is best begin-writing down the main prob. or?
Primary associations
Supporting facts
Situation analysis
Market opportunity
13
Stmt. is true regarding group creative thinking techniques to the idea generation process?
Brainstorming technique usually generates the best ideas.
Effective when each member uses mind mapping techniques.
By altering or building upon another idea.
The 6 Thinking Hats technique is generally effective.
14
A prospective entrepreneur, what is necessary to determine the existence of goods and services?
Demographic changes
Raw materials
Entrepreneurial discovery
Product standards
15
When determining venture-creation opportunities, entrepreneurs must first perform which action?
Select a location
Identify staffing needs
Obtain financing
Conduct research
16
A factor that an entrepreneur should consider while assessing a venture opportunity is?
Involve complicated paperwork
Lead to more opportunities
Require employee loyalty
Satisfy the needs of vendors
17
People who are naturally creative often possess which attribute?
Highly educated
Emotionally controlled
Mentally flexible
Physically active
18
The brainstorming process is used to accomplish which primary goal?
Come up with as many ideas as possible.
Analyze each idea as it is presented.
Come up with a set number of ideas within a certain time.
Rate each idea in relation to one another.
19
Which is an example of a demographic trend?
Shifting political climates
The aging of the population
A concern for fitness and health
Rising interest rates
20
L makes jewelry. L wants to sell on eBay. Ex. of identifying a product opportunity by?
Personal experiences
Business processes
Demographic changes
Consumer attitudes
21
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Technological advancements
Industry deregulation
Increased cultural diversity
Interest rate fluctuations
