To guard against contingencies, it is wise for a startup to use one supplier for about
____ percent of its needs and one or more additional suppliers for the rest.
a. 50
b. 50 to 60
c. 60 to 70
d. 70 to 80
e. 80
Today most investors want to see a well-written ____ that tells a compelling story and
grabs their interest.
a. business plan
b. elevator speech
c. executive summary
d. proof of concept
e. marketing plan
The feasibility analysis is about ____ a new business concept.
a. developing
b. testing
c. planning
d. implementing
e. None of these choices
What percent of all patents come from large companies?
a. 88 percent
b. 78 percent
c. 85 percent
d. 80 percent
e. 90 percent
Paul Brainerd of the Brainerd Foundation in Seattle, Washington, suggests following
which socially responsible rule?
a. Wait until you are older to become socially responsible
Don’t wait until later in life to begin giving back
c. Wait until the venture is well established
d. Go for something huge
e. None of these choices
A financially healthy company will see its major source of ____ coming from operating
sources, such as sales.
a. cash inflows
b. cash outflows
c. profit
d. equity
e. assets
A product life cycle is analogous to an industry life cycle with periods of product
development, market introduction, growth, maturity, and decline.
a. True
b. False
How to deliver the benefit to the customer is the issue addressed by the distribution
channel element of the business concept.
a. True
b. False
For ____ companies, the actual delivery costs must be based initially on information
gathered from other companies in the industry.
a. product
b. service
c. technology
d. All of these choices
e. None of these choices
Which of the following is not a class into which a patent application must fit?
a. A machine or something with moving parts or circuitry
b. A design of a machine or something with moving parts or circuitry
c. A process or method for producing a useful and tangible result
d. An article of manufacture
e. All of these are classes into which a patent application might fit.
Which of the following is not an area where ethical dilemmas are typically found?
a. Conflict of interest
b. Survival tactics
c. Stakeholder pressure
d. Pushing the legal limit
e. None of these choices; that is, ethical dilemmas arise in all these areas.
Firms that are most likely to survive over the long term are those that display superior
levels of reliability and accountability in performance, ____, and structure.
a. resources
b. b. age
c. operations
d. processes
e. controls
Submitting a professionally crafted business plan is less important than making it clear
what the entrepreneur has accomplished in the way of starting the business.
a. True
b. False
Which of the following is not a decision that entrepreneurs must make regarding
warranties?
a. Who executes the warranty
b. What components of the product or aspects of service will be covered
c. Product or process scope
d. Customer satisfaction
e. How to educate the public
Regarding trade secrets, which of the following statements is not correct?
a. Any firm that has trade secrets protects them under the Uniform Trade Secrets Act
b. Trade secrets are not protectable under patent and trademark law
c. A trade secret may consist of a formula, device, idea, process, or compilation of
information
d. All of the above choices are correct
e. Only A and B are correct
The goal of most entrepreneurs is to reduce the level of ____ in any venture.
a. investment
b. independence
c. planning
d. risk
e. resources
The ____ for POC consists of three primary elements: outcomes, assets, and actions.
a. prototype
b. micro strategy
c. business plan
d. feasibility test
e. executive summary
The main reason for new product development failure is lack of ____.
a. sufficient funding
b. good market and industry analysis
c. effective leadership
d. innovation
e. patents
____ is created when the business is adequately capitalized and has highly regarded
investors, an experienced management team, customers, a unique technology, product,
or service, the ability to continually innovate, and a rapidly expanding market.
a. Value
b. Income
c. Cash flow
d. Equity
e. None of these choices