The Macro Environment includes all of the following factors except:
a. The availability of credit
b. Market factors and trends
c. Industry factors and trends
d. Global economic factors
e. All of these are factors in the Macro Environment
Product development and intellectual-property development are not closely intertwined.
a. True
b. False
Working boards are crucial in the startup phase.
a. True
b. False
Entrepreneurs can reach a price that can be tested in the market by considering costs,
competitor pricing, and ____.
a. feedback from customers
b. feedback from value chain partners
c. customer behavior
d. Both “feedback from customers” and “feedback from value chain partners”
e. Both “feedback from customers” and “customer behavior”
Among the reasons an MVP product may fail are:
a. Users expected a higher quality
b. The customers were not the initial customers
c. Something prevented the customers from referring the product to their friends
d. All of the above choices are correct
e. None of these choices is correct
Where the new venture lies in the value chain will determine what its margins are, who
its customer is, and how much it can charge for its products and services.
a. True
b. False
Entrepreneurial ventures are responsible for job creation that is disproportionate to the
net total new jobs created in the U.S. over the past 25 years.
a. True
b. False
It is best to begin researching the industry by using ____ information about the industry.
a. primary
b. secondary
c. market life cycle
d. customer bargaining power
e. None of these choices
“What skills and experience does the second generation need to acquire?” and “What is
the second generation’s expectation for the future of the business, and is it congruent
with the company’s vision?” are two of the questions that should be examined to start
the process of ____ planning.
a. long-range
short-range
c. succession
d. operational
e. contingency
Entrepreneurs typically get startup capital from:
a. Personal savings
b. Family & friends
c. Credit cards
d. Angel investors
e. A through C only
Which of the following is not a component of the entrepreneurial organization?
a. Formal processes
b. People
c. Location
d. Culture
e. None of these choices; all of these are components of the entrepreneurial
organization.
It is important to ensure that the final price to the customer or end user is tolerable,
given all the mark-ups along the value chain. This is called ____.
a. premium pricing
b. price skimming
c. product bundle pricing
d. captive pricing
e. demand-based pricing
A good way to test a new concept in the marketplace is through a ____.
a. feasibility study
b. marketing plan
c. business plan
d. market test
e. business test
Among the reasons why startup teams fail are all of these except:
a. Putting structure on the organization before it’s time
Pretending there are sales from beta customers
c. Suffocating under opportunity overload
d. Licensing the technology too soon
e. All of these choices are reasons why startup teams fail
Entrepreneurs need to remember that ____ costs are the biggest costs the business will
bear.
a. production
b. startup
c. overhead
d. inventory
e. employee
Among the common startup financial metrics sales forecast and headcount.
a. True
b. False
In forming a ____, the entrepreneur gives up proprietary interest in the organization and
dedicates all the assets and resources of the corporation to tax-exempt activities.
a. sole proprietorship
b. LLC
c. C-corporation
d. S-corporation
e. nonprofit corporation
Poor execution in product development results in:
a. Missed opportunities
b. Entering the market with competitors
c. Using only incremental opportunities
d. All of the above
e. None of these choices
The ____ period moves the industry from many companies and high product costs, to a
more stable industry with only a few efficient firms.
a. growth
b. adaptation
c. differentiation
d. shakeout
e. maturity
An executive summary should demonstrate a clear link between the ____ and the ____.
a. customer / market
b. founder / team
c. return on investment / cash flow
d. pain / solution
e. None of these choices