Entrepreneurs typically have a vision of where they want their businesses to go, and
generally that vision is on a regional, national, or (more often) ____ level.
a. state
b. b. global
c. country
d. local
e. None of these choices
Industries remain static or stable over time, so it is easy for the entrepreneur to research
and understand the industry.
a. True
b. False
An entrepreneur who owns a minority or majority stake in several ventures is called a
____ entrepreneur.
a. portfolio
b. traditional
c. serial
d. nonprofit
e. None of these choices
____ sees opportunity arising from shifts in external factors in the market or industry,
such as regulation, technological changes, and changes in customer preferences.
a. Problem solving
b. Innovation
c. Creation theory
d. Discovery theory
e. Value creation
A ____ will tell the entrepreneur whether people are interested in the product/service
and prove that it’s worth the time and money to build out a more elaborate site.
a. virtual store
website
c. beta site
d. virtual prototype
e. None of these choices
The rise of technology aids consumers, and will raise their expectations in all of these
ways except:
a. Consumes will want to interact with anyone, anytime, and anywhere
b. They will want to be able to do new things with new information in new ways
c. They will expect everything to be targeted to their precise needs, so they can have the
unique experience they want
d. They will want advertising to provide them with instructions for use of a new product
e. They want this all to happen easily with no learning curve
The most important data that entrepreneurs can collect on potential customers are
primary data derived from observation, online or in-person surveys, phone surveys,
interviews, and informal focus groups.
a. True
b. False
Income derived from for-profit activities in a nonprofit corporation is subject to ____.
a. withholding
b. distribution
c. income taxation
d. reinvestment
e. dividend payments
The ____ is an amount of cash that is often based on the sales and collection cycle of
the business.
a. cash flow
b. in-process flow
c. risk factor
d. safety margin
e. None of these choices
The 1970s saw the beginning of three significant trends that would forever change the
face of business: macroeconomic turmoil, ____, and the technological revolution.
a. the Vietnam War
b. b. agricultural disasters
c. international competition
d. recession
e. None of these choices
Employees have the right to participate in the profits of the company at a specified
percentage, while not being full shareholders with voting rights, if they have ____.
a. an annual bonus
b. a piece-rate plan
c. capital appreciation rights
d. a profit-sharing plan
e. a deferred compensation plan
An entrepreneur may form a nonprofit venture for achieving goals associated with:
a. Education
b. Religion
c. Charitable
d. Any or all of these choices.
e. None of these choices.
There are no legal means under patent or trademark law to protect trade secrets.
a. True
b. False
The term entrepreneur has been in popular use for more than 100 years.
a. True
b. False
Imagine that ATMs have never existed. Write a business concept statement for ATMs.
What does the Digital Millennium Copyright Act provide?
What is viral marketing? What do most successful viral marketers do?
What is the lean startup movement?
Discuss some of the things that should be taken into account when constructing a
questionnaire.
What are the functions of the board of directors?
Identify a problem to which you developed an innovative solution. Does your solution
signal a business opportunity? Your example can be a simple as changing ingredients in
a recipe.
What is Chapter 7?
List some supply chain risks.