Exam 4: What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

People in a group are making a decision as a group. The members do not want to bring up information that they think is critical of the decision being discussed. This is known as groupthink.

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(True/False)

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Question 1

Correct Answer:

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True

Focus groups are made up of at least 50 people who are similar to potential customers and who meet for one to two hours to describe their perceptions of and reactions to relevant products.

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(True/False)

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Question 2

Correct Answer:

Verified

False

Explain the "discovery test."

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Question 3

Correct Answer:

Verified

The discovery test refers to a tax credit for which a new business might qualify. That is,a business can get a tax credit for research and development activities if it can demonstrate that the efforts are directed toward discovering information that is technological in nature. The test then refers to whether the business can demonstrate this.

An entrepreneur developed a service for which he believed there was a fairly small,but clearly defined,group of potential customers. He believed that he could design the service to fit those customers very well. This type of customer group is called a

(Multiple Choice)

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Question 4

Which of the following should an entrepreneur consider before starting a business?

(Multiple Choice)

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Question 5

Feasibility analysis helps to answer the question,"Is this idea really viable?"

(True/False)

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Question 6

Many aspects of an industry determine how much success a new venture will have. Which of the following traits would make an industry unattractive for an entrepreneur to enter?

(Multiple Choice)

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Question 7

In gathering information about a certain market,an entrepreneur gets data from the last census in the United States. This type of data is called primary data.

(True/False)

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Question 8

Special considerations are given to individuals who are considered to be part of a socially and economically disadvantaged group. Persons that are NOT considered a part of a disadvantaged group are

(Multiple Choice)

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Question 9

Data that researchers do not collect themselves,but which can still be very useful,is called

(Multiple Choice)

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Question 10

A repertory grid can be used to help understand how members of a focus group perceive and evaluate a product.

(True/False)

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Question 11

Market research frequently can give an entrepreneur very precise information about customers and what they want.

(True/False)

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Question 12

Entrepreneurs may seek ways of reducing tax rates by converting capital gains into profits.

(True/False)

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Question 13

There are several techniques for obtaining useful marketing information,including

(Multiple Choice)

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Question 14

A tool,or process,used to help understand how a customers sees and evaluates a product is known as

(Multiple Choice)

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Question 15

The goal of the HubZone program is to

(Multiple Choice)

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Question 16

The basic goal of focus groups is to identify the key dimensions along which focus group members perceive and evaluate various products and the best way to reach this objective is through a procedure called

(Multiple Choice)

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Question 17

Government taxation policies influence the decisions of individual entrepreneurs to found new ventures

(Multiple Choice)

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Question 18

A person wants to start a business to capitalize on an idea she has. She begins to gather information about possible customers,existing competitors,government regulations,etc.because she wants to see if her idea for a business makes sense. This is known as

(Multiple Choice)

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Question 19

Usually new ventures that directly target a specific market or specific geographic area are more successful than ones that do not focus their efforts and products in this way. Explain why that tends to be true.

(Essay)

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Question 20

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People in a group are making a decision as a group. The members do not want to bring up information that they think is critical of the decision being discussed. This is known as groupthink.

Focus groups are made up of at least 50 people who are similar to potential customers and who meet for one to two hours to describe their perceptions of and reactions to relevant products.

Explain the "discovery test."

An entrepreneur developed a service for which he believed there was a fairly small,but clearly defined,group of potential customers. He believed that he could design the service to fit those customers very well. This type of customer group is called a

Which of the following should an entrepreneur consider before starting a business?

Feasibility analysis helps to answer the question,"Is this idea really viable?"

Many aspects of an industry determine how much success a new venture will have. Which of the following traits would make an industry unattractive for an entrepreneur to enter?

In gathering information about a certain market,an entrepreneur gets data from the last census in the United States. This type of data is called primary data.

Special considerations are given to individuals who are considered to be part of a socially and economically disadvantaged group. Persons that are NOT considered a part of a disadvantaged group are

Data that researchers do not collect themselves,but which can still be very useful,is called

A repertory grid can be used to help understand how members of a focus group perceive and evaluate a product.

Market research frequently can give an entrepreneur very precise information about customers and what they want.

Entrepreneurs may seek ways of reducing tax rates by converting capital gains into profits.

There are several techniques for obtaining useful marketing information,including

A tool,or process,used to help understand how a customers sees and evaluates a product is known as

The goal of the HubZone program is to

The basic goal of focus groups is to identify the key dimensions along which focus group members perceive and evaluate various products and the best way to reach this objective is through a procedure called

Government taxation policies influence the decisions of individual entrepreneurs to found new ventures

A person wants to start a business to capitalize on an idea she has. She begins to gather information about possible customers,existing competitors,government regulations,etc.because she wants to see if her idea for a business makes sense. This is known as

Usually new ventures that directly target a specific market or specific geographic area are more successful than ones that do not focus their efforts and products in this way. Explain why that tends to be true.

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Legal Issues Relating To New Ventures: Protecting Your Reputation, Your Assets, And Your Ideas

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

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