Test Answers on entrepreneurship

question The typical four-step innovation process begins with: a) The modification and recombination of an existing product or process. b) The presentation of an idea as findings derived from basic research c) The commercialization of an invention by entrepreneurs. d) A competitor’s attempt to imitative an innovation. answer c) The commercialization of an invention by […]

question How was Netflix able to outperform both Hulu and Amazon? answer D- by focusing its resources on producing high-quality content for content streaming question They typical 4-step innovation process begins with answer B- the presentation of an idea as findings derived from basic research question A ______ is best described as a form of […]

question The Entrepreneurship Process answer Opportunity recognition Concept development Resource determination and acquisition Launch and venture growth Harvest the venture question Opportunity recognition answer opportunity where others see only threats and tragedies Addressing present or latent demand question Concept development answer Identify new products or markets Identify and define desired social rewards and how they […]

question Entrepreneur answer People who own, operate, and take the risk of a business venture p. 5 Entrepreneurs come from all types of backgrounds and create all kinds of businesses. People of all ages choose to become entrepreneurs. They try to identify unmet needs in the marketplace. Then they provide a service or product to […]

question Some common causes of small business failure include: answer underpricing or overpricing goods or services no experience in that business or industry starting with too little capital question Individuals who posses such attributes as being self-directed, action-oriented, and tolerant of uncertainty can make excellent _ like Bill Gates and Steve Jobs answer entrepreneurs question […]

question 51. Scarcity occurs when peoples needs and wants are unlimited and the resources needed to produce the goods and services to meet those needs and wants are limited answer True question 1. Entrepreneurs try to meet the needs of the marketplace by supplying a product or service answer True question 2. Entrepreneurs and employees […]

question The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called answer creativity. question An entrepreneurial “secret” for creating value in the marketplace is answer applying creativity and innovation to solve problems question The ability to apply creative solutions to problems and opportunities to enhance or […]

question An entrepeneur considers venture location and financial needs during the _____________ process. answer Planning question Which of the following is an operational issue that entrepreneurs must consider when planning their businesses: answer Production process question Which of the following is a tool that an entrepreneur develops to project sales for a new business venture: […]

question It is recommended that new business owners estimate cash disbursements as best they can and then add on another ________. answer 10-25% question CD Connection sells popular CDs at three price levels: $11, $14, and $17. This illustrates which of the following pricing techniques? answer Price Lining question You are to prepare a projected […]

question b. choosing distribution channels answer Which of the following is a consideration in the place element of marketing: a. offering warranties or guarantees b.choosing distribution channels c. using sales promotion d. extending credit to customers question c. achieving planned goals answer Marketing strategies are designed and implemented for the overall purpose of: a. changing […]

question A(n) _______ is a document that thoroughly explains a business idea and how it will be carried out. answer Business Plan question Bankers and other potential investors will often refuse to see an entrepreneur who does not have a ________. answer complete business plan question Writing a business plan can ensure that you ________. […]

question An activity which seeks to earn a profit by providing a good or service is known as a(n) a. Business b. Corporation c. Industry d. Organization e. Service answer a. Business question Starting a business always involves ___________ answer d. Risk question _______ is the chance a business owner will lose the time and […]

question What is an entrepreneurial leader? answer an innovator who recognizes and seizes upon opportunities; develops and executes strategies to capitalize on marketable ideas; and creates employment and wealth for themselves and their communities question What are the 5 key areas for assessing the feasibility of a new venture? answer 1. technical: feasibility analysis of […]

question Business Failure answer a business that has stopped operating,with a loss to creditors, and one that no longer appears on the tax rolls question Business Plan answer a document that describes a new business and a strategy to launch that business question Chamber of Commerce answer … question Characteristics of Entrepreneurs answer … question […]

question . A person who takes the risk of a business venture is answer an entrepreneur question Major factors in a firm’s success include answer having adequate capital, providing a product or service that meets customer needs, the owner’s reason for starting the firm in the first place, question Before starting a business, it is […]