Exam 3: Generating and Exploring New Entries

As described in the text, the third phase of the entrepreneurial process is __________.

As discussed in the text, when calculating return on investment, how should a potential entrepreneur treat their salary?

The evaluation of an identified opportunity should include which of the following?

Which of the following is not a distinct phase of the entrepreneurial process, as discussed in the text?

Which of the following would not be considered in the determination of the resources required phase of the entrepreneurial process?

As described in the text, the fourth phase of the entrepreneurial process is __________.

Qualitative opportunity assessment methods are used primarily for which of the following reason(s)?

When using the income statement approach to opportunity assessment, multiplying the number of households within your planned market area by the annual product category spending for your business produces which of the following important measures?

When evaluating new venture opportunities, the risks reflect the market, competition, technology, and amount of capital involved.

The product planning and development process: consumer reaction to the physical product is determined.

The product planning and development process: In the concept stage, the refined product idea is tested to determine consumer acceptance.

The final two segments of the income statement approach are determining the start-up costs of the business and

As discussed in the text, the primary basis for determining the risks and rewards of an opportunity is (are)__________.

One entrepreneur monitors the play habits and toys of her nieces and nephews. This is a good example of__________.

As stated in the text, perhaps the most critical element of the entrepreneurial process would be__________.

Because most good business opportunities appear suddenly, the entrepreneur is rarely able to identify opportunities early enough to exploit them.

It is important to note that the opportunity assessment plan is not one-size-fits-all.

Define and describe an opportunity assessment plan. How is this plan different from a business plan?

Scanning and evaluating the competitive environment would take place in which of the distinct phases of the entrepreneurial process?

As described in the text, an opportunity assessment plan __________.