An example of new industry formation, Apple’s iPhone, introduced on January 9, 2007,
spurred the development of this new industry:
a. The smart phone improvement industry
b. The mobile app industry
c. The pay-as-you-go-cell phone industry
d. The development of scratch-proof screens industry
e. The Android industry
The most challenging aspect of the problem-solving process is:
a. Solving the problem
b. Identifying the problem.
c. Gathering the team for input
d. Thinking about the problem
e. None of these.
ISO 9001 is a series of international quality standards with a certification process.
a. True
b. False
A high-tech venture with significant up-front funding and the potential for exponential
growth requires a management team of ____.
a. creative founders
b. young entrepreneurs
c. experienced professionals
d. scientists and technical experts
e. venture capitalists
Following the Golden Rule that says “Do unto others as you would have them do unto
you,” is a comprehensive answer to ethical dilemmas in the workplace.
a. True
b. False
The process of developing a ____ begins with a company’s self examination to identify
values held by individuals and alert everyone to inconsistencies in how people deal with
particular issues.
a. Strategy
Vision
c. value statement
d. mission statement
e. code of ethics
The design-thinking process includes all of these characteristics except:
a. Empathy
b. Integrative thinking
c. Confidence
d. Optimism
e. Collaboration
Because consultants tend to be fairly expensive, they are best used for critical, one-time
advising or problem-solving assignments.
a. True
b. False
What’s more important than start-up capital is:
a. size of the team
b. size of the market
c. amount of startup capital
d. the amount of all resources
e. desire for independence
A company’s ____ is/are what brings everyone together to achieve a common objective.
a. vision and values
mission
c. purpose
d. strategies and tactics
e. code of ethics
____ is knowledge that is publicly available or was published prior to the date of the
invention ï€ that is, before the filing of the patent application.
a. Utility
b. Fair use
c. Prior use
d. Prior art
e. Fair art
Which of the following is not a barrier to becoming self-employed?
a. Lack of confidence
b. Financial needs
c. Family issues
d. Time constraints
e. Lack of training
The “first customer” is the customer who pays for the product or service and is the
customer with the most ____.
a. money
b. time
c. pain
d. All of these choices
e. None of these choices
Among the costs to be considered in launching a new venture are:
a. Market or advertising costs
b. Inventory cost structure
c. Direct cost structure
d. All of the above
e. A and B only
Drucker’s five questions are the basis for the development of the business concept.
a. True
b. False
More than 76 percent of all businesses in the United States are ____.
a. limited partnerships
b. nonprofit businesses
c. dormant partnerships
d. sole proprietorships
e. limited liability companies
A board member who is a founder, employee, or retired manager of the firm is a/an
____.
a. inside board member
b. outside board member
c. personal advisor
d. officer
e. chair of the board
____ is a floorless exchange that trades on the National Market System.
a. AMEX
NASDAQ
c. NYSE
d. SEC
e. K’NEX