Entrepreneurship is a form of creative destruction.
a. True
b. False
Recent research has identified four categories of ethical decision making that
entrepreneurs face on a daily basis, including individual values, organization values,
external accountability, and ____.
a. core values
b. social responsibility
c. corporate vision
d. customer satisfaction
e. None of these choices
It is important to stick to your ethical code because ____.
a. the law requires it
that is always the easiest way to do business
c. an entrepreneur’s reputation is critical to success
d. an ethical code drives the company’s vision
e. All of these choices
Lack of good market analysis, technical problems, and human error are reasons for
____.
a. new product failure
b. product simplification
c. research and development
d. shortened product life cycles
e. All of these choices
Today, thousands of manufacturers and producers have embraced the philosophy of
quality first but have not focused particularly on:
a. Equipment
b. Processes
c. The human element
d. logistics
e. supply chain management
To operate as a sole proprietor requires nothing more than a ____.
a. stock certificate
b. “Certificate of Doing Business Under an Assumed Name”
c. limited liability certificate
d. retained earnings statement
e. visit to an attorney
One mistake that entrepreneurs frequently make when trying to solve a problem is:
a. They don’t consider the problem long enough to develop a solution.
They consider past experience, relying on patterns derived from experience.
c. They lack the confidence to solve the problem
d. They fix on the wrong solution.
e. None of these choices.
The common practice of outsourcing the upstream activities of the business – raw
materials, manufacturing, assembly, and inventory – provides many advantages with
little risk to the entrepreneur.
a. True
b. False
The chances of success for a new business startup are determined primarily by the size
of the initial financial investment.
a. True
b. False
Among the reasons business models fail are all of these except:
a. Flawed logic
b. Insufficient capital
c. Limited strategic choices
d. Imperfect value creation and capture assumptions
e. Incorrect assumptions about the value chain
Opportunity recognition, technical feasibility analysis, and prototype building and field
testing are elements of the ____.
a. industry life cycle
b. product development cycle
c. trademark process
d. new product checklist
e. successful product realization
There is probably no single best organizational structure for all types of ventures in all
situations.
a. True
b. False
____ take an equity position through ownership of stock in the company.
a. Investment bankers
b. IPOs
c. Venture capital firms
d. Angel networks
e. Super angels
In figuring ____, entrepreneurs must convert time to dollars and consider an
opportunity cost
a. customer acquisition cost
b. revenue for direct sales
c. revenue per sales person
d. lifetime value per customer
e. customer retention cost
An effective press release should contain all of the following except ____.
a. the release date
b. the name of the person to contact for more information
c. a phone number
d. a customer referral
e. a descriptive headline
With the benefits of information and systems technologies, the success rate of new
product development has climbed to 85 percent at launch.
a. True
b. False
An accountant is your advocate, but your lawyer is bound by rules and ethics that do
not permit advocacy.
a. True
b. False
Zambia and Nigeria have ____ economies.
a. production-driven
b. b. factor-driven
c. efficiency-driven
d. innovation-driven
e. entrepreneurial
The first and best places for an entrepreneur to look for an employee include all of the
following except ____.
a. the company’s current employees
online job search sites
c. subcontractors
d. professional advisors
e. referrals from people the entrepreneur trusts
Discuss the importance of making effective decisions.
Define operations management.
Discuss the purpose of the North American Industry Classification System (NAICS),
and indicate what countries are part of the system.
Define company culture. Why is it important?
What are the four steps to determining overall loss risk?
Briefly discuss some of the effective ways to stem complaints.
What are the primary concerns of bankers/lenders when considering a business plan?
Briefly discuss prior art and its effect on a patent application.
Briefly explain how economic growth comes about.
Briefly discuss what it means to become a value-added company.