Test Flashcards
Melinda and John Perez, both corporate attorneys in NYC, have grown tired of their lengthy commute, the stress of their jobs, and the overbearing policies of their employers. They have decided to leave their six-figure jobs and together make a guide service in Wyoming. Melinda and John are an example of what
Corporate dropouts and Copreneurs
Small companies
are the lenders in offering training and advancement opportunities to workers.
Which of the following was not identified as one of the suggestions for small business success?
Develop a business plan as you grow your business
Of the 28.8 million businesses in the united states, more than ____ percent are considered small.
99%
Factors that feed the economic boom behind entrepreneurship include ….
All of the above
(Technology and cloud computing, demographic and economic factors, the shift to a service based economy, and international opportunities.)
Small companies that have expanded successfully into foreign markets tend to rely on all but which of the following strategies.
Focus on many countries initially.
Entrepreneurial couples who work together as co-owners of their business are referred to as…
Copreneurs
The Kauffman Foundation reports that nearly one of of ____ entrepreneurs in the united states start businesses of their own because they cannot find jobs elsewhere
5
The only people who ___ are those who never do anything of never attempt anything new.
Fail
Small companies are the incubators of new sale ideas, products and services and create ___ times more patents per employees than large companies.
16
Which of the following in NOT true regarding the diversity of entrepreneurs.
Minority- owned business now account for approximately 22 % of all business in the U.S
Approximately ____ percent of corporate managers who are cast off΅as companies downsize become entrepreneurs.
20%
Entrepreneurs may find benefit from the internet due to its potential ….
As a relatively low-cost solution to expand its revenue- generating abilities.
Research shows that the top-performing __ percent of small companies create 67 percent of the net new jobs in the economy.
5
All of the following are characteristics of the typical entrepreneur except
Value of money over achievement
The Primary cause of small business failures is…
Management Mistakes
Globally the rate of entrepreneurial activity is highest amount between people between the ages of 20 and 44 and the number of Americans in that age range currently is more than ____ million.
84
According to the U.S small business Administration, a common delineation of a small business is one that employs fewer than ____ people
100
______ entrepreneurs are business builders who seek innovative solutions to some of society’s most vexing problems.
Social
Women in the business still experience _____ as they attempt to break the glass ceiling.
Discrimination
Which of the following is NOT a characteristic of a successful working relationship between copreneurs
A clear definition of one partner as a boss and the other as subordinate
Small companies that operate globally from their inception are referred to as
micromultinationals
Earning a profit may not be a companies ____ responsibility
only
_____ is/are the narrowest level of ethical standards
The law
in 2020, members of ____ different generations will be working side-by-side in the united states.
5
The driving force behind immoral management is…
greed
A recent survey found that ____ percent of consumers expect companies to operate responsibility regarding social and environmental issues
91
Which of the following is NOT an example of what creates a hostile work environment
Dispensing assignments base on merit
According to the _____, one should treat other people the way you would like them to treat you.
Golden rule
According to the ______, one should choose the option that offers the greatest good for the greatest number of people.
Utilitarian Principle
The most blatant and most potentially damaging form of ____ harassment is quid pro quo.
Sexual
A _____ environment usually requires a pattern of offensive sexual behavior rather than a single.
Hostile
Consumer rights are governed by the…
Consumer Bill of Rights
_____ may be the result of failing to realize that an ethical dilemma exists, or it may arise from a variety of mental defense mechanisms.
Moral Blindness
Which of the following is NOT a simple way by which small businesses can be socially responsible?
Encourage reinventing
_____ sets behavioral boundaries for decision-makers.
Ethics
The ___ merely establishes the minimum standard of behavior.
Law
Earning a profit may be a companyś _____ responsibility.
First
_____ sets behavioral boundaries for decision-makers
Social responsibility
Companies really are not ethical or unethical; ____ are
Individuals
____ cannot monitor personal email accounts
Employers
One of the most important group of stakeholders that a business must satisfy is its
Customers
In ____, a superior conditions the granting of a benefit such as a promotion or raise on the receipt of sexual favors from a subordinate.
Quid Pro Quo
Actions that are legal, however, may not be ____.
Ethical
Harvards Ted Levitt says that creativity is _____ new things, and innovation is ___ things.
Thinking; doing
____ is a process in which a small group of people interacts to produce a large quantity of imaginative ideas.
Brainstorming
Which stage of the creative process requires one to develop a solid understanding of the problem or decision?
Investigation
The technique of ____ uses three columns that allow the entrepreneur to weigh both the advantages and the disadvantages of a particular decision and work to maximize the variables that support it while minimizing those that work against it.
force-feild analysis
When developing creative solutions to modern problems, entrepreneurs must _____
go beyond merely using whatever has worked in the past
The ability to see the connections among various data and events is called ____.
Convergent thinking
The need to enhance creative thinking means that exploring ____ space, not _____ space becomes the challenge of the century/
Inner; outer
About ____ % of patent infringement lawsuits are settled out of court.
95
The premise behind _____ is that transforming an idea into an actual model will lead to improvements.
Rapid prototyping
Research shows that anyone can learn to be creative. The problem is______
All of the above.
Hiring a diverse workforce ____
All of the above.
Entrepreneurship is a constant process that relies on
Creativity, innovation, and application in the marketplace.
Effective brainstorming involves all the following EXCEPT
An effective method to evaluate ideas
An entrepreneurial ¨secret¨ for creating value in the marketplace is ____
Applying creativity and innovation to solve problems
All of the following are enhancements to individual creativity EXCEPT
Limiting your reading sources
Which of the following is NOT one of the ways entrepreneurs can stimulate their own creativity and encourage it among their workers
View challenges as problems
The ¨theory of intentive problem¨ is a left brained, scientific, systematic process based on innovative patents and is referred to as ____
TRIZ
Steps in the patent process include
All of the Above
Copyrights protect the creator of original works such as
Software, choreography, and motion pictures.
Sucessful entrepuerneuship requires both _____ & ______ reasoning.
Divergent; Convergent
Employees must be given the tools and resources they need to be creative. One of the most valuable set of resources is ____
Time, support and encouragement
¨Verification¨ refers to
All of the above
A(n) group involves enlisting a small number of potential customers to get feedback on specific issues about the companies product or service
Focus
A good advice to follow in customer surveys is _____
¨Keep the Short¨
The strongest of the five forces in mos industries is
Rivalry among companies competing in the industry
The process of determining whether an entrepreneur´s idea is a viable foundation for creating a successful business is known as a (n)
Feasibility analysis
Asking the question ¨Is this the idea right for me¨ is part of the process of accessing ____ feasibility.
Entrepreneur
_____ is the number of months the business can survive at its current rate of negative cash flow.
Time out of Cash
The internet is an example of a(n) ____ force.
Technological
For Under Armour, its top 10 suppliers manufacture less that half of its products. To Under Armour power is likely to be
Low
Porters 5 forces model assesses industry attractiveness by surveying these five factors
Potential entrants, suppliers, buyers, substitutes, and rivalry existing firms.
Which of the following is NOT a barrier to entry?
Large number of buyers
The typical start up in the United States needs a launch Capital of
$30,000
One form of Primary research is
A focus group
_______ is the process of finding creative ways to exploit opportunities to launch and grow businesses with limited resources
Bootstrapping
Ideally, a focus group should have ____ members
8-12
Prototypes usually point out potential problems in a products ______
design
Generation Y and Generation Z are examples of ____ changes
demographic
Which of the following is a danger of using a niche system
All of the Above
Many new businesses require that an entrepreneur have a certain set of knowledge, experiences, and skills to have any chance of success, This is call entrepeurnurial ______
readiness
The ___ the leverage suppliers of key raw materials or components have, the ___ attractive is the industry
greater : less
Which of the following is NOT a question to ask to an evaluate industry?
How spare is the industry?
A(n) is the process of examining a need in the market, developing a solution for that need, and determining the entrepreneurś ability to successfully turn the idea into a business.
Idea Assessment
Low capital requirements, cost advantages that are not related to a company size and the lack of brand loyalty are considerations regarding the
threat of new entrants to the industry
Which of the following is NOT a recommendation method of collecting compertive intelligence?
Pay competitors employees to become informants about their companies strategies, markets, and trade secrets.
The purpose of covering the ____ in the business plan presentation is to show lenders and investors how the company will produce an attractive payback or payoff
Business Model
To convince lenders and investors to put their money into the venture, a business plan must prove to them that it offers a high probability of repayment or an attractive rate of return, That is the ____ test.
Value
Every business is characterized by a set of controllable variables that determines the relative success (or lack of it) of market participants called
Key success factors
Which of the following was NOT identified as a way for the typical small business to establish a comparative advantage.
Lowering prices
Your ___ competitors offer the same products and services, and customers often compare prices, features, and deals from these competitors as they shop
Direct
The executive summary section of the business plan ____
All of the above
Which company has the strongest competitive power
You company
Potential investors tend to believe that if an entrepreneur cannot develop a good plan, the entrepreneur _____
probably lacks the discipline to run a business
____ includes any assets an entrepreneur pledges to a lender as security for repayment of the loan
Collateral
The company history section of the business plan typically includes
All of the above
Which key success factor does the entrepreneur who built this table believe is the most important
Quality
