____ benefits that customers appreciate include such things as access, saving money,
saving time, convenience, and health.
a. Tangible
b. Material
c. Intangible
d. Niche
e. Advertising
The question, “Would I be proud if my actions were announced in my local
newspaper?” is part of the ____ approach to ethical decision making.
a. Adler
b. Kantian
c. Greek
d. utilitarian
e. subjective
Target market research provides some of the least important data needed to decide who
the first customer will be.
a. True
b. False
The industry in which a new venture will operate is the business’s ____.
a. external environment
target demographic
c. target market
d. first customer
e. None of these choices
A ____ is simply evidence that a technology, product, business model, or idea is
feasible.
a. prototype
b. marketing plan
c. business plan
d. proof of concept
e. feasibility study
The second step in the market research process is ____.
a. assessing information needs
b. measuring the target market with primary research
c. determining what methods of analysis will be used
d. researching secondary data
e. forecasting demand for the product or service
A board of directors can be made up of inside or outside members or a combination of
the two.
a. True
b. False
Most entrepreneurs try to avoid hiring employees as long as possible, because
employees are the single biggest expense in the business.
a. True
b. False
The Family and Medical Leave Act provides for up to 12 weeks of paid leave for
employees who are dealing with family issues.
a. True
b. False
The first step in the IPO process is to ____.
a. choose an underwriter
b. decide on a stock exchange
c. file a registration statement
d. publish a tombstone
e. None of these choices
Providing more opportunity for clarification and discussion, the observation of
nonverbal communication, and the high response rate are all examples of the
advantages of ____.
a. in-person surveys
b. structured interviews
c. informal focus groups
d. phone surveys
e. anthropological observation
A patent gives the patent holder the right to defend the patent against others who would
attempt to manufacture, use, or sell the invention during the period of the patent.
a. True
b. False
A small company can have a socially responsible impact on its community if it does a
few things by way of preparation. First, the company needs to ____.
a. create a mission statement
b. set goals
c. partner with a for-profit organization
d. involve only a few people in the organization
e. None of these choices
Intellectual property consists of all of these except:
a. copyright
b. patent
c. trade secret
d. All of the above constitute intellectual property
e. Only a and b constitute intellectual property
____ is finding a new way to do something or improving on an existing product or
service.
a. Invention
b. Innovation
c. Creation theory
d. Discovery theory
e. Value creation
The price at which a willing seller would sell and a willing buyer would buy in an
arm’s-length transaction is the ____ value.
a. book
fair market
c. investment
d. intrinsic
e. liquidation
The most successful new ventures adopt a team-based approach with a/an ____
structure.
a. flatter
b. open
c. interactive
d. virtual
e. All of these choices
Entrepreneurship is for those under 30, not for older persons.
a. True
b. False
When venture capitalists scrutinize a new opportunity, they typically evaluate the
market, management, and technology in that order.
a. True
b. False
What are the critical issues a partnership should address in a buy-sell agreement?
Define stakeholders.
Discuss some of the challenges in following the entrepreneur career path.
When would it not make sense to patent your new invention?
If an entrepreneur has a great idea for a trademark, but is not yet ready to start in
business, what can she do?
What are the disadvantages of a sole proprietorship?
Define and explain process improvement strategies.
Briefly discuss what a new venture will need if it is offering innovative new products?.