(F) Chapter 7: Creating New Ventures

Question 1

Entrepreneurial individuals may want to create a _________ product or service (or to _______ existing ones) and make a successful business out ofit

Answer 1

creating new ventures

1. Completely new
2. Improve

Question 2

what are the two options in creating new ventures?

Answer 2

new-new approach
new-old approach

Question 3

Refers to the creation of new products and services and turning it into a profitable venture

Answer 3

creating new ventures

Question 4

To uncover a new product concept, we should make _______

Answer 4

lists of annoying everyday experiences

Question 5

What should you observe to uncover new product concepts?

Answer 5

the world around you

Question 6

Where do most business ideas come from

Answer 6

people’s experiences

Question 7

What are main sources of inspiration for both men and women?

Answer 7

• prior jobs
• hobbies / interest
• personally identified problems

Question 8

New ventures which started without a totally unique idea

Answer 8

NEW-OLD APPROACH

Question 9

Venture where an entrepreneur piggybacks on someone else’s idea by either improving a product or offering a service in a location where it is not available yet

Answer 9

NEW-OLD APPROACH

Question 10

cost of starting up or monthly annual expense?

Fixtures and Equipment and Installation

Answer 10

starting up

Question 11

cost of starting up or monthly annual expense?

Salary of owner/manager

Answer 11

monthly to annual expense

Question 12

cost of starting up or monthly annual expense?

Decorating and Remodeling

Answer 12

starting up

Question 13

cost of starting up or monthly annual expense?

Starting Inventory

Answer 13

starting up

Question 14

cost of starting up or monthly annual expense?

Deposits with public utilities

Answer 14

starting up

Question 15

cost of starting up or monthly annual expense?

Salaries and Wages

Answer 15

monthly to annual expense

Question 16

cost of starting up or monthly annual expense?

Rent

Answer 16

monthly to annual expense

Question 17

cost of starting up or monthly annual expense?

Legal and other professional fees

Answer 17

starting up

Question 18

cost of starting up or monthly annual expense?

Licenses and Permits

Answer 18

starting up

Question 19

cost of starting up or monthly annual expense?

Advertising

Answer 19

monthly to annual expense

Question 20

cost of starting up or monthly annual expense?

Delivery Expense

Answer 20

monthly to annual expense

Question 21

cost of starting up or monthly annual expense?

Advertising and promotion

Answer 21

starting up

Question 22

cost of starting up or monthly annual expense?

Phone bills

Answer 22

monthly to annual expense

Question 23

cost of starting up or monthly annual expense?

Insurance

Answer 23

monthly to annual expense

Question 24

cost of starting up or monthly annual expense?

Taxes, Social Security

Answer 24

monthly to annual expense

Question 25

cost of starting up or monthly annual expense?

Interest

Answer 25

monthly to annual expense

Question 26

cost of starting up or monthly annual expense?

Interest

Answer 26

monthly to annual expense

Question 27

cost of starting up or monthly annual expense?

Legal and other professional assistance

Answer 27

monthly to annual expense

*if assistance monthly to annual

Question 28

cost of starting up or monthly annual expense?

accounts and receivable

Answer 28

starting up

Question 29

cost of starting up or monthly annual expense?

cash

Answer 29

starting up