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Exam 7: Entrepreneurship

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Question 41

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List the characteristics of a successful entrepreneur and explain each one.

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The characteristics of a successful entr...

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Question 42

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A(n) ________ includes a description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, a specification of activities and resources needed to translate the idea into a viable business, and your source(s) of capital.

A) SWOT analysis
B) situational assessment
C) opportunity analysis
D) PERT chart
E) organization chart

F) A) and E)
G) C) and D)

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Question 43

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A business having fewer than 500 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices is a(n)

According to many entrepreneurs and observers, when creating a new business, one should start with

Xavi decides to open a Mexican restaurant serving street tacos and fajitas. This will be one of several such restaurants in his small town. This entrepreneurial venture, like most small businesses, is characterized by ________ risk and ________ innovation.

Rhonda spotted, created, and exploited a(n) ________ for ride-sharing services for disabled customers that big companies had ________ and, in so doing, she captured the market with her simpler, cheaper, more accessible, and more convenient services.

Diego worked as an engineer for KuttingEdge. He had many innovative ideas for the company, but most were never explored to his satisfaction. Therefore, he left the corporation to start his own business. He applied his ideas and thoughts to this business and finally succeeded. This is an example of

Pam's father told her, "I admire your boldness, but I'm not sure that you should open that business. I've heard that entrepreneurs are ________." Pam replied, "That's a common myth. In fact, entrepreneurs take very careful, calculated risks and are not afraid to act on those decisions."

Bad economic times can

Isabel interviews several entrepreneurs to learn what characteristics contributed to their success. Which of the following characteristics is most likely to be mentioned in the interviews?

The first step to building organizational support for an intrapreneur's idea that involves explaining the idea to his or her boss and seeking approval to look for wider support is called

Anders wishes to open a new landscaping company that will have no services that are particularly distinctive compared to competitors in this well-established field; because of the need for trucks and equipment, the business will require a sizable investment. In which part of the entrepreneurial strategy matrix is new company likely to be located?

Benefits of business incubators typically include

Dr. Elbridge began helping women in Bajukistan obtain microloans for small business start-ups. This act is a typical example of

Anil is the owner of Brick and Mortar, a construction company in a growing city. Anil has been in the construction business his whole life and takes pleasure in the day-to-day operations of the business. Brick and Mortar has quickly become popular, largely because Anil almost always comes in at a lower bid for the work than his competitors. Anil has hired trustworthy employees to whom he can grant ever-growing responsibilities, and he has built a state-of-the-art cafeteria and gym for them to enjoy. He is meticulous and thorough with his filing system and has designated his vice president, a long-time colleague, as his successor in the event of his death. Based on this scenario, what management issue is Anil most likely to experience as a result of his actions?

An entrepreneur who is decisive, tenacious, disciplined, and willing to make sacrifices demonstrates which of the following characteristics?

Louise and Cecile want to start an online matchmaking service. They decide who will assume the various roles in the company, evaluate who their target customers will be, research their competitors and how they will differentiate themselves, assess the financial and regulatory issues they might expect to face, and anticipate the future risks they might encounter. Which of the following situations is most likely to happen as a result of Louise and Cecile forgetting to include certain elements in their business plan?

Successfully fostering and managing intrapreneurship requires the company to

Marina is developing a new software company. She locates her business in an industrial park that offers low rent and shared support staff to start up companies. This is an example of a

A(n) ________ is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.