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entrapranuership midterm

C) 7.6
1) According to the Global Entrepreneurship Monitor (GEM) 2010 survey, about ________ of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.
C) After four years, 50 percent of new businesses are still open.
2) Which of the following statements regarding business success (or failure) rates is correct?
A) to take advantage of an attractive opportunity
3) According to the Global Entrepreneurship Monitor (GEM) 2007 study, the majority of people in high-income countries are drawn to entrepreneurship:
C) entrepreneurial intensity
4) Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of:
B) intolerant of ambiguity
5) Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs?
D) lifestyle firms, salary-substitute firms, and entrepreneurial firms
6) There are three types of startup firms:
E) proactive, innovative, and risk taking
7) Sarah Thorton is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, parasailors, and BMX bikers. Sarah wants her company to pursue a high level of corporate entrepreneurship. To achieve that goal, Sarah’s firm should be:
E) opportunity
8) A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.
D) be their own boss, pursue their own ideas, and realize financial rewards
9) The three primary reasons that people become entrepreneurs and start their own firms are to:
D) realistically enter a new market
10) The term “window of opportunity,” as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:
B) passion for the business
11) The number one characteristic shared by successful entrepreneurs is:
B) opportunity, idea
12) A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression or a notion.
B) intolerant of ambiguity
13) Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs?
A) Feasibility analysis
14) ________ is the process of determining whether a business idea is viable.
B) moderate risk takers
15) According to the textbook, entrepreneurs are:
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
16) Which of the following is the main purpose for writing a business plan?
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
A) The plan helps the company develop a “road map” to follow.
B) The plan introduces potential investors and other stakeholders to the business opportunity.
E) strength of the entrepreneur
17) According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.
A) narrative description of a new business
18) A business plan is best described as a(n):
C) they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea with a mediocre entrepreneur
19) According to Chapter 1, a sentiment that venture capitalists often express is that:
E) summary business plan, full business plan, operational business plan
20) There are three types of business plans:
C) market analysis
22) The ________ section of a business plan breaks the industry into segments and zeroes in on the specific segment (or target market) to which the firm will try to appeal.
A) salary-substitute firm
23) Kentucky Soup and Salad is a casual dining restaurant that has been owned by Kenneth Peterson for the past 11 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Kenneth a level of income that is similar to what he would earn in a conventional job. According to the textbook, Kentucky Soup and Salad is an example of a(n):
D) industry
24) A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, electronic games, or computers.
A) creative destruction
25) As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.
A) competitor analysis
26) Each quarter, Cindy Anderson, who owns a chain of card and gift shops, does a detailed analysis of her firm’s competitors. This analysis is called:
D) a major impact on both the economy and society
27) According to the textbook, entrepreneurship has historically had:
E) threat of substitutes
28) Which of the following is an example of an industry-level factor as opposed to a firm-level factor?
E) Innovation
29) ________ is the process of creating something new, which is central to the entrepreneurial process.
A) environmental trend
30) Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important:
B) window of opportunity
31) Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.
C) the average rate of return for the firms in an industry
32) According to the textbook (and the lecture), the five competitive forces included in the five-forces model determine:
D) realistically enter a new market
33) The term “window of opportunity,” as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can:
C) threat of new entrants
34) Which of Porter’s five forces is most closely associated with the concept “barrier to entry”?
E) It’s important to discern whether a particular idea meets the criteria for an opportunity.
35) Which of the following is correct regarding opportunities and ideas?
D) capture a first-mover advantage
36) The primary opportunity existing for startups in emerging industries is to:
C) economic forces
37) GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?
A) fragmented
38) A(n) ________ industry is one that is characterized by a large number of firms of approximately equal size.
E) social force
39) An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An increased focus on health and wellness is an important ________ that is creating opportunities in many areas for entrepreneurial firms.
B) business model innovation
40) The term ________ refers to initiatives, such as Netflix in movie rentals and Zipcar in car sharing, which revolutionize how products are sold in an industry.
B) technological advances
41) Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com’s business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.
D) value chain
42) The ________ is the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user.
A) finding a gap in the marketplace
43) Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can’t sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn’t being offered by a larger retailer, the best way to describe how that idea was recognized is:
B) core strategy, strategic resources, partnership network, and customer interface
44) The four components of a firm’s business model are:
C) Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry.
45) Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?
A) mission statement
46) A firm’s ________ describes why it exists and what its business model is supposed to accomplish.
B) core competency
47) A ________ is a resource or capability that serves as a source of a firm’s competitive advantage over its rivals.
D) target market
48) A firm’s ________ is the limited group of individuals or businesses that it goes after or tries to appeal to.
D) entrepreneurial alertness
49) The ability to notice things without engaging in deliberate search is referred to as:
A) true
50) There is no standard business model that dictates how firms in a particular industry should compete.
D) 40 percent and 50 percent
51) According to the textbook, research results over time consistently suggest that somewhere between ________ of those who start businesses got their ideas through social contacts.
B) false
52) Two fatal flaws can render a business model untenable from the beginning: a complete misread of the customer and underutilization of the Internet.
A) secondary research
53) Trade journals, industry-related publications, government statistics, and competitors’ Web sites are examples of:
B) false
54) Fortunately, if three of the four components of a firm’s business model are in place, the firm has a high probability of success.
B) secondary research
55) Jennifer Burroughs is thinking about starting a firm in the upscale women’s fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover’s Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting:
B) false
56) Historically, it has been difficult for a new venture to use a differentiation strategy.
E) product/service feasibility
57) Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a complete feasibility analysis.
A) true
58) Strategic assets are anything rare and valuable that a firm owns.
C) a description of how much money the new venture needs
59) Which of the following items is typically not included in a concept statement?
E) They try to position their firms in a way that avoids or diminishes the forces.
60) According to the textbook, how do well-managed firms respond to the five-forces that determine industry profitability?
D) concept statement
61) Al Jenkins is in the process of developing an exciting new product in the smartphone industry. He’d like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Al should complete and distribute a(n):
D) technology development
62) Which of the following is not a “primary” activity in the value chain?
E) product/service
63) A buying intentions survey is typically administered as part of ________ feasibility analysis.
C) is late rather than early in its life cycle
64) Which of the following is not an attribute of an attractive industry?
B) industry attractiveness and target market attractiveness
65) The two components of industry/target market feasibility analysis are:
D) overall attractiveness of the proposed venture
66) The most important issues to consider in financial feasibility analysis are: financial performance of similar businesses, total cash needed, and:
B) management prowess and resource sufficiency
67) The two primary issues to consider in organizational feasibility analysis are:
A) weak-tie
68) According to research in this area, it is more likely that an entrepreneur will get a new
business idea through a ________ relationship than the alternatives.
B) financial resources
69) Which of the following is an example of a resource that normally would not be evaluated as part of the “resource sufficiency” stage of organizational feasibility analysis?
D) weak-tie relationships
70) Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:
D) nonfinancial resources
71) The focus in organizational feasibility analysis is on:
C) strong-tie relationships
72) Most of Jacob’s ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:
C) inability to forecast income and expenses with a reasonable degree of accuracy
73) Which of the following factors is a negative as it pertains to the financial feasibility of a business venture?
C) Creativity
74) ________ is the process of generating a novel or useful idea.
A) business plan
75) The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the:
E) Brainstorming
76) ________ is (are) used to generate a number of ideas quickly.
B) day-in-the-life research
77) To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called:
A) To make the best impression, a business plan should follow an unconventional structure and stand out in some dramatic way.
78) Which of the following is not a recommended guideline for writing a business plan?
E) Innovation
79) ________ is the process of creating something new, which is central to the entrepreneurial process.
C) summary business plan
80) Zachery Mays is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Zachery write at this point?
A) deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm
81) Which of the following is the correct sequence for the four steps in the entrepreneurial process?
A) industry analysis
82) Jeremy Banks recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerable time doing research on the potential of the industry. The research that Jeremy was doing is called:
D) triggering event
83) An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n):
C) threat of substitutes
84) The price of prescription medicine is high, partly because when someone is sick there is no real alternative to buying medicine if they want to get better. Which of Porter’s five forces explains how this aspect of the prescription medicine industry helps keep profitability high?
E) The executive summary is the first thing that should be written in preparing a business plan.
85) Which of the following statements is incorrect regarding the executive summary of a business plan?
C) product differentiation
86) Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands. These industries are difficult to break into without spending heavily on advertising. The barrier to entry that the firms in these types of industries have erected is referred to as:
E) executive summary
87) According to the textbook (and the lecture), in many instances an investor will first ask for a copy of a firm’s ________ and will request a copy of the full business plan only if that portion of the plan is sufficiently convincing.
B) rivalry among existing firms
88) Which of Porter’s five forces is most directly influenced by the following factors: number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
D) Crowd funding
89) While entrepreneurs have traditionally sought financial capital through sources such as family, friends, or venture capital, which of the following refers to a new (and quickly growing) source of start-up capital for entrepreneurs?
D) technology development
90) Which of the following is not a “primary” activity in the value chain?
C) preparation, incubation, insight, evaluation, elaboration
91) Which of the following represents the correct order of the five stages of the creative process?
C) outbound logistics
92) Which of the following is a “primary” activity in the value chain?
E) resource procurement
93) Which of the following is a “support” activity in the value chain?
C) Operations
94) ________ involves all the activities required to manufacture a product.
B) core strategy, strategic resources, partnership network, and customer interface
95) The four components of a firm’s business model are:

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