A manufacturing firm is likely to use process-focused manufacturing if:
a. They are highly decentralized
b. They are distributed so that they can respond better to market demands
c. Manufacturing is capital-intensive
d. They act as separate company or profit centers
e. None of these choices
Product-focused organizations generally are highly decentralized so that they can
respond better to market demands.
a. True
b. False
What of the following is not a benefit to the customer?
a. Reliability
b. Speed
c. Convenience
d. Recyclable packaging
e. Better health
When a series of goals are set by the company with input from the employee, and the
employee receives payment as each goal is reached, this is called a ____.
a. deferred compensation plan
b. profit sharing plan
c. capital appreciation plan
d. bonus plan
e. personal incentive plan
One of the biggest problems that scientists and engineers face when they decide to
consider entrepreneurship is the expectation that there should be formulas and
straightforward “right or wrong” answers.
a. True
b. False
Briefly discuss how an entrepreneur would collect competitor data.
The Kauffman Index of Entrepreneurial Activity from 1996-2011 found that men and
women in the ____ age bracket were responsible for more than 20% of all the
entrepreneurial activity in the United States.
a. 25-45
b. 25-55
c. 18-43
d. 55-64
e. 65-98
Distributed companies may use websites providing all of the following services except:
a. Management
b. Marketing
c. Supply chain management
d. Virtual meetings
e. Distributed companies may use all of these choices
The key questions to be asked to discover your first customer include all of these
except:
a. What are the potential markets for the product or service?
b. Of these markets, which customers are most likely to purchase
c. How much is the customer willing to pay?
d. How often does the customer buy?
e. All of these choices
An effective ethics program may protect a company from criminal penalties.
a. True
b. False
The creative process is difficult to study because it generally deals with:
a. Invention
Association
c. problem solving
d. A person’s internal thought processes
e. An unknown process
Which of the following rules does not apply to idea generation?
a. Go for quantity over quality initially
b. Capture every idea no matter how outlandish it may seem
c. Piggyback on ideas to create new modifications
d. Generate individual ideas first
e. Evaluate individual ideas before modifying them
Upon the death of a partner, the insurance proceeds can be used to keep the business
going or to buy out the deceased partner’s interest under a/an ____.
a. buy/sell agreement
partnership agreement
c. ostensible authority
d. sole proprietorship
e. None of these choices
Peter Drucker always asserted that a company’s ____ should “fit on a t-shirt.”
a. code of ethics
mission
c. vision
d. purpose
e. strategy
Briefly discuss the various items needed to develop estimates of demand.
Why is it important to build a production system prior to launch rather than during the
startup phase?
Cite five of the issues that should be addressed in the industry analysis.
How can entrepreneurs address the challenge of managing inventory as they move
beyond startup?
Briefly discuss patent infringement.
Briefly discuss due diligence as it pertains to the sequence of events in securing venture
capital from a VC firm.
What are the advantages of an IPO?
Explain in what ways entrepreneurship is more than simply starting a business.
What are the most common mistakes that entrepreneurs make in developing a business
plan?