Question 1

In the case study Friend's Home Health, Betty and Joan were advised by a successful entrepreneur to conduct a(n):

Accepted Answer

A)  gap analysis 
B)  audit 
C)  inventory 
D)  investigation 
A)  gap analysis 
B)  audit 
C)  inventory 
D)  investigation

Question 2

In the case study Friend's Home Health, Betty and Joan discovered that in their thoughts about a potential business:

Accepted Answer

A)  they had more differences than similarities 
B)  they had the same similarities and no differences 
C)  they had important similarities and some differences 
D)  they had no similarities and lots of differences 
A)  they had more differences than similarities 
B)  they had the same similarities and no differences 
C)  they had important similarities and some differences 
D)  they had no similarities and lots of differences

Question 3

In the case study Uber Changes the Business, the company was started as:

Accepted Answer

A)  a venture-backed company 
B)  an entrepreneurial venture 
C)  a sole proprietorship 
D)  a partnership 
A)  a venture-backed company 
B)  an entrepreneurial venture 
C)  a sole proprietorship 
D)  a partnership

Question 4

Assume you're in the process of conducting a gap analysis. Which of the following statements you hope to find out at the conclusion of your analysis?

Accepted Answer

A)  In one business idea, risk is about equal or less than the rewards. 
B)  You have fewer financial resources than are required. 
C)  Your business will require more time than you have available because you are a full-time student. 
D)  All of these 
A)  In one business idea, risk is about equal or less than the rewards. 
B)  You have fewer financial resources than are required. 
C)  Your business will require more time than you have available because you are a full-time student. 
D)  All of these

Question 5

According to the book, there are four specific threats to achieving business success. Which of the following is NOT one of the threats mentioned in the chapter?

Accepted Answer

A)  high degree of risk 
B)  competitors 
C)  sales generation scheme 
D)  operational financing 
A)  high degree of risk 
B)  competitors 
C)  sales generation scheme 
D)  operational financing

Question 6

Potential generation of new business ideas occurs:

Accepted Answer

A)  when dismissing a promising idea 
B)  when copying existing business 
C)  automatically 
D)  because of the process of identifying skills and opportunities in the market 
A)  when dismissing a promising idea 
B)  when copying existing business 
C)  automatically 
D)  because of the process of identifying skills and opportunities in the market

Question 7

Conducting a gap analysis will help a potential business owner to clearly define the business opportunity.

Accepted Answer

A) True 
 B)False

Question 8

The process of generating linear ideas is done in a single session.

Accepted Answer

A) True 
 B)False

Question 9

If an individual owner really understands the market, he or she should be able to describe the business to investors succinctly in 10 minutes.

Accepted Answer

A) True 
 B)False

Question 10

Many new businesses are formed as a result of an entrepreneur's previous work experience.

Accepted Answer

A) True 
 B)False

Question 11

All of the following are questions to ask when looking at skills gained through education EXCEPT:

Accepted Answer

A)  What courses did you take that were particularly enjoyable? 
B)  What courses did you take where the material came to you very easily? 
C)  What specialized training do you have in a specific area? 
D)  All of these 
A)  What courses did you take that were particularly enjoyable? 
B)  What courses did you take where the material came to you very easily? 
C)  What specialized training do you have in a specific area? 
D)  All of these

Question 12

A person's outdoor activities may have an unique skill set that could improve his or her success in business.

Accepted Answer

A) True 
 B)False

In the case study Friend's Home Health, Betty and Joan were advised by a successful entrepreneur to conduct a(n):

In the case study Friend's Home Health, Betty and Joan discovered that in their thoughts about a potential business:

In the case study Uber Changes the Business, the company was started as:

Assume you're in the process of conducting a gap analysis. Which of the following statements you hope to find out at the conclusion of your analysis?

According to the book, there are four specific threats to achieving business success. Which of the following is NOT one of the threats mentioned in the chapter?

Potential generation of new business ideas occurs:

Conducting a gap analysis will help a potential business owner to clearly define the business opportunity.

The process of generating linear ideas is done in a single session.

If an individual owner really understands the market, he or she should be able to describe the business to investors succinctly in 10 minutes.

Many new businesses are formed as a result of an entrepreneur's previous work experience.

All of the following are questions to ask when looking at skills gained through education EXCEPT:

A person's outdoor activities may have an unique skill set that could improve his or her success in business.

Establishing the Legal Foundation

Financial Analysis

Financing and Accounting

Analyzing Cash Flow and Other Financial Information

Business Mission and Strategy

External Analysis

Individual Leadership and Entrepreneurial Start-Ups

Franchising and Purchasing an Existing Business

Exit/Harvest/Turnaround

Establishing Operations

Marketing

Human Resource Management

The 21st Century Entrepreneur

Filters

Exam 3: Business Idea Generation and Initial Evaluation

In the case study Friend's Home Health, Betty and Joan were advised by a successful entrepreneur to conduct a(n):

In the case study Friend's Home Health, Betty and Joan discovered that in their thoughts about a potential business:

In the case study Uber Changes the Business, the company was started as:

Assume you're in the process of conducting a gap analysis. Which of the following statements you hope to find out at the conclusion of your analysis?

According to the book, there are four specific threats to achieving business success. Which of the following is NOT one of the threats mentioned in the chapter?

Potential generation of new business ideas occurs:

Conducting a gap analysis will help a potential business owner to clearly define the business opportunity.

The process of generating linear ideas is done in a single session.

If an individual owner really understands the market, he or she should be able to describe the business to investors succinctly in 10 minutes.

Many new businesses are formed as a result of an entrepreneur's previous work experience.

All of the following are questions to ask when looking at skills gained through education EXCEPT:

A person's outdoor activities may have an unique skill set that could improve his or her success in business.

Establishing the Legal Foundation

Financial Analysis

Financing and Accounting

Analyzing Cash Flow and Other Financial Information

Business Mission and Strategy

External Analysis

Individual Leadership and Entrepreneurial Start-Ups

Franchising and Purchasing an Existing Business

Exit/Harvest/Turnaround

Establishing Operations

Marketing

Human Resource Management

The 21st Century Entrepreneur

Filters