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Outsourced staff typically have a high turnover rate because ____________, so it is
important for the entrepreneur to create a culture that encourages the staff to stay with
the business long term.
a. the average age is 25
b. of communication issues
c. there are not enough workers
d. equipment is too expensive
e. none of these are correct
It is an unfortunate fact of life that some entrepreneurs must exit their business through
____.
a. liquidation
b. purchase agreement
c. buy-sell agreements
d. ESOP
e. phased sale
An economic base is the region from which the entrepreneur expects to draw
customers.
a. True
b. False
The new product checklist asks all of these questions except:
a. Will I be the first in the marketplace with this product?
b. Do customers have to change their behavior to adopt this product?
c. Can it be cheaply manufactured?
d. Are there ways to enhance the product over time
e. All of these choices are correct
Most countries require that an invention be manufactured in the country within ____ of
the issuance of the foreign patent.
a. six months
b. one year
c. two years
d. three years
e. four years
Entrepreneurs who play too close to the edge of legality are in danger of ____.
a. pushing the limits of the law
b. running into conflicts of interest
c. using survival tactics
d. peer pressure
e. None of these choices
Entrepreneurs who subscribe to ____ will probably wish to provide warranties with
products and services.
a. continuous improvement
b. benchmarking
c. total quality management
d. Six Sigma
e. ISO 9000
Among the tradeoffs that may be made during product development are:
a. Features v. product cost
b. Features v. development costs
c. Features v. final sales
d. All of the above
e. A and B only are correct
What of the following components of the business concept is least likely to ensure the
success of the venture?
a. Customer demand
b. An effective business model
c. Money
d. A broad distribution channel
e. Value proposition
With a/an _____ strategy, either the company gains control of some or all of its
suppliers or it becomes its own supplier by starting another business from scratch or
acquiring an existing supplier that has a successful operation.
a. Modular
b. Forward
c. Backward
d. Expansion
e. Diversification
In a/an ____ cost structure, the primary costs of the business come from customer
acquisition.
a. marketing
b. retail space
c. support centered
d. direct
e. inventory
Entrepreneurs identify their primary customers by recognizing a need, or pain, in the
market.
a. True
b. False
A way in which virtual companies become more flexible and responsive is by forming
____, or teams of businesses to share resources and reduce costs.
a. virtual partners
b. strategic alliances
c. R&D teams
d. temporary networks
e. None of these choices
