Question 1

In the context of business risks, how can an entrepreneur identify competitors to a new potential business?

Accepted Answer

A) By observing what potential customers do to satisfy their current needs or wants 
B) By performing a gap analysis evaluation to identify potential competitors 
C) By conducting a brainstorming session with other entrepreneurs 
D) By observing the market and identifying companies that have seen the maximum growth in the past quarter 
A) By observing what potential customers do to satisfy their current needs or wants 
B) By performing a gap analysis evaluation to identify potential competitors 
C) By conducting a brainstorming session with other entrepreneurs 
D) By observing the market and identifying companies that have seen the maximum growth in the past quarter A

Question 2

Assume that an opportunity exists in northern Minnesota.A customer needs a "hand warmer" packet.Mary, a new business owner, decides she has the ability to address this gap because she knows how to produce hand warmer packets.This process is called gap analysis.

Accepted Answer

A) True 
 B)False  True

Question 3

Brainstorming works well in ________ groups.

Accepted Answer

A) technical 
B) advisory 
C) formal 
D) informal 
A) technical 
B) advisory 
C) formal 
D) informal D

Question 4

A gap analysis identifies any differences between the demand by customers and the supply provided by firms currently in the market.

Accepted Answer

A) True 
 B)False

Question 5

________ is a creative process where a group of individuals are brought together and asked to generate ideas.

Accepted Answer

The answer of ________ is a creative process where a...

Question 6

The third column in a gap analysis is where the potential owner should provide a realistic estimation of his or her present resources.

Accepted Answer

A) True 
 B)False

Question 7

What is synergy?

Accepted Answer

The connection between an entrepreneur's

Question 8

A small business owner must possess all of the following EXCEPT

Accepted Answer

A) necessary skills to run the business. 
B) an in-depth understanding of the market. 
C) passion for starting a business. 
D) a sequential formula. 
A) necessary skills to run the business. 
B) an in-depth understanding of the market. 
C) passion for starting a business. 
D) a sequential formula.

Question 9

When conducting a gap analysis, the first column should include the ________.

Accepted Answer

A) business ideas 
B) categories 
C) resources 
D) resources required 
A) business ideas 
B) categories 
C) resources 
D) resources required

Question 10

Qualitative gap analysis charts require extensive research into markets and business practices to complete.

Accepted Answer

A) True 
 B)False

Question 11

A type of analysis that examines opportunities in the marketplace compared to the individual's ability to address those gaps is called

Accepted Answer

A) opportunity analysis. 
B) difference analysis. 
C) market analysis. 
D) customer analysis. 
A) opportunity analysis. 
B) difference analysis. 
C) market analysis. 
D) customer analysis.

Question 12

How does a potential business owner decide that a new business opportunity exists?

Accepted Answer

By conduct

Question 13

All small businesses have an inherent amount of risk associated with starting the business.List and explain two types of specific risks.

Accepted Answer

(1)Personal risk; personal reputation; I

Question 14

Threats to ________ are threats to the new business in financing its growth, including high development cost.

Accepted Answer

A) profit margins 
B) sales generation schemes 
C) operational financing 
D) deficit gaps 
A) profit margins 
B) sales generation schemes 
C) operational financing 
D) deficit gaps

Question 15

All of these are examples of nonfinancial resources EXCEPT

Accepted Answer

A) special contacts with suppliers or customers groups. 
B) physical location of the business. 
C) experience. 
D) all of these. 
A) special contacts with suppliers or customers groups. 
B) physical location of the business. 
C) experience. 
D) all of these.

Question 16

One way to identify a gap in the marketplace is to examine trends around the region, nation, or world that may not yet have reached your geographic location.

Accepted Answer

A) True 
 B)False

Question 17

All of the following are ways to identify gaps or business opportunities EXCEPT

Accepted Answer

A) discussing opportunities with family members. 
B) interviewing successful entrepreneurs. 
C) reading government documents. 
D) examining trends. 
A) discussing opportunities with family members. 
B) interviewing successful entrepreneurs. 
C) reading government documents. 
D) examining trends.

Question 18

Identify a true statement about the potential founder of a new business.

Accepted Answer

A) The founder of a new business needs to be intimately involved in its designing, funding, and running. 
B) An individual who wishes to start a new business should not confine himself or herself to generating ideas based on skills he or she already has. 
C) An entrepreneur must avoid involving his or her family in a new venture, because such a partnership has a negative impact on the running of the business. 
D) An entrepreneur must quickly act on any opportunity he or she identifies to maximize profits. 
A) The founder of a new business needs to be intimately involved in its designing, funding, and running. 
B) An individual who wishes to start a new business should not confine himself or herself to generating ideas based on skills he or she already has. 
C) An entrepreneur must avoid involving his or her family in a new venture, because such a partnership has a negative impact on the running of the business. 
D) An entrepreneur must quickly act on any opportunity he or she identifies to maximize profits.

Question 19

A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.

Accepted Answer

A) True 
 B)False

Question 20

The founders of a small business need to be involved in which of the following tasks when starting the new business?

Accepted Answer

A) Design 
B) Funding 
C) Operating 
D) All of these 
A) Design 
B) Funding 
C) Operating 
D) All of these

In the context of business risks, how can an entrepreneur identify competitors to a new potential business?

Assume that an opportunity exists in northern Minnesota.A customer needs a "hand warmer" packet.Mary, a new business owner, decides she has the ability to address this gap because she knows how to produce hand warmer packets.This process is called gap analysis.

Brainstorming works well in ________ groups.

A gap analysis identifies any differences between the demand by customers and the supply provided by firms currently in the market.

________ is a creative process where a group of individuals are brought together and asked to generate ideas.

The third column in a gap analysis is where the potential owner should provide a realistic estimation of his or her present resources.

What is synergy?

A small business owner must possess all of the following EXCEPT

When conducting a gap analysis, the first column should include the ________.

Qualitative gap analysis charts require extensive research into markets and business practices to complete.

A type of analysis that examines opportunities in the marketplace compared to the individual's ability to address those gaps is called

How does a potential business owner decide that a new business opportunity exists?

All small businesses have an inherent amount of risk associated with starting the business.List and explain two types of specific risks.

Threats to ________ are threats to the new business in financing its growth, including high development cost.

All of these are examples of nonfinancial resources EXCEPT

One way to identify a gap in the marketplace is to examine trends around the region, nation, or world that may not yet have reached your geographic location.

All of the following are ways to identify gaps or business opportunities EXCEPT

Identify a true statement about the potential founder of a new business.

A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.

The founders of a small business need to be involved in which of the following tasks when starting the new business?

The Twenty-First-Century Entrepreneur

Individual Leadership and Entrepreneurial Start-Ups

External Analysis

Business Mission and Strategy

Analyzing Cash Flow and Other Financial Information

Financing and Accounting

Business Financial Analysis

Legal Issues With a New Business

Human Resource Management

Marketing

Establishing Operations

Exit-Harvest-Turnaround

Franchising and Purchasing an Existing Business

Filters

Exam 3: Business Idea Generation and Initial Evaluation

In the context of business risks, how can an entrepreneur identify competitors to a new potential business?

Assume that an opportunity exists in northern Minnesota.A customer needs a "hand warmer" packet.Mary, a new business owner, decides she has the ability to address this gap because she knows how to produce hand warmer packets.This process is called gap analysis.

Brainstorming works well in ________ groups.

A gap analysis identifies any differences between the demand by customers and the supply provided by firms currently in the market.

________ is a creative process where a group of individuals are brought together and asked to generate ideas.

The third column in a gap analysis is where the potential owner should provide a realistic estimation of his or her present resources.

What is synergy?

A small business owner must possess all of the following EXCEPT

When conducting a gap analysis, the first column should include the ________.

Qualitative gap analysis charts require extensive research into markets and business practices to complete.

A type of analysis that examines opportunities in the marketplace compared to the individual's ability to address those gaps is called

How does a potential business owner decide that a new business opportunity exists?

All small businesses have an inherent amount of risk associated with starting the business.List and explain two types of specific risks.

Threats to ________ are threats to the new business in financing its growth, including high development cost.

All of these are examples of nonfinancial resources EXCEPT

One way to identify a gap in the marketplace is to examine trends around the region, nation, or world that may not yet have reached your geographic location.

All of the following are ways to identify gaps or business opportunities EXCEPT

Identify a true statement about the potential founder of a new business.

A small business owner must have the necessary skills to operate a business, and he or she must also clearly understand the marketplace.

The founders of a small business need to be involved in which of the following tasks when starting the new business?

The Twenty-First-Century Entrepreneur

Individual Leadership and Entrepreneurial Start-Ups

External Analysis

Business Mission and Strategy

Analyzing Cash Flow and Other Financial Information

Financing and Accounting

Business Financial Analysis

Legal Issues With a New Business

Human Resource Management

Marketing

Establishing Operations

Exit-Harvest-Turnaround

Franchising and Purchasing an Existing Business

Filters