Question 1

According to the authors of the text, what should drive the design of your product?

Accepted Answer

A)  Market demand 
B)  Your competition 
C)  Convenience 
D)  Saving money 
A)  Market demand 
B)  Your competition 
C)  Convenience 
D)  Saving money A

Question 2

Which type of venture experiences (on average) the greatest success when they enter the field near the beginning of the growth stage?

Accepted Answer

A)  Service Based Ventures 
B)  Consumer Product Ventures 
C)  Technology Based Ventures 
D)  Manufacturing Ventures 
A)  Service Based Ventures 
B)  Consumer Product Ventures 
C)  Technology Based Ventures 
D)  Manufacturing Ventures C

Question 3

Where do the authors recommend that you look for competitors' information?

Accepted Answer

A)  Competitors' websites 
B)  CNN.com 
C)  Watching CNBC on cable TV 
D)  Department of Labor website 
A)  Competitors' websites 
B)  CNN.com 
C)  Watching CNBC on cable TV 
D)  Department of Labor website A

Question 4

What are examples of external factors affecting entrepreneurship?

Accepted Answer

A)  Market demand 
B)  Industry trends 
C)  Customer needs 
D)  All of the above 
A)  Market demand 
B)  Industry trends 
C)  Customer needs 
D)  All of the above

Question 5

What is not a key factor when assessing a potential industry?

Accepted Answer

A)  Industry growth 
B)  Government regulations 
C)  Competitors' activities 
D)  Exit valuation 
A)  Industry growth 
B)  Government regulations 
C)  Competitors' activities 
D)  Exit valuation

Question 6

The most important reason to understand what segments & niches of your industry are the subject of venture activity is:

Accepted Answer

A)  It greatly increases the chances of you raising money if needed 
B)  It can give you an insight into what other companies are doing 
C)  You can recognize customer trends and desires 
D)  You can find competition you previously didn't know of 
A)  It greatly increases the chances of you raising money if needed 
B)  It can give you an insight into what other companies are doing 
C)  You can recognize customer trends and desires 
D)  You can find competition you previously didn't know of

Question 7

Entrepreneurs typically want to enter the industry at which stage of the life cycle?

Accepted Answer

A)  Emergent and Growth Stage 
B)  Mature 
C)  Exit 
D)  Decline 
A)  Emergent and Growth Stage 
B)  Mature 
C)  Exit 
D)  Decline

Question 8

Defining the "who" in a venture and articulating who buys your products versus who uses your product, is referred to as your

Accepted Answer

A)  venture concept. 
B)  venture focus. 
C)  target customer. 
D)  market niche. 
A)  venture concept. 
B)  venture focus. 
C)  target customer. 
D)  market niche.

Question 9

What personal factors help shape your selection of a target industry in addition to your own person enthusiasm and passion for a particular set of products or services:

Accepted Answer

A)  Your own work experience 
B)  Your educational experience, including business or technical skills 
C)  A family business (your family!) 
D)  All of the above 
A)  Your own work experience 
B)  Your educational experience, including business or technical skills 
C)  A family business (your family!) 
D)  All of the above

Question 10

What is not necessarily an important criteria when trying to select a target industry for starting a venture:

Accepted Answer

A)  Major trends sweeping across the industry 
B)  The intensity of current competition in the industry 
C)  The activity level of new companies, venture deals, and M&A transactions 
D)  An industry that was super hot last year 
A)  Major trends sweeping across the industry 
B)  The intensity of current competition in the industry 
C)  The activity level of new companies, venture deals, and M&A transactions 
D)  An industry that was super hot last year

Question 11

Which is not a necessity to know about a new venture during the startup phase?

Accepted Answer

A)  Target industry 
B)  Target customer 
C)  Business model 
D)  The Board of Directors 
A)  Target industry 
B)  Target customer 
C)  Business model 
D)  The Board of Directors

Question 12

What are examples of an industry trend:

Accepted Answer

A)  New types of fuel for the energy industry 
B)  The aging of the population for the health care industry 
C)  The use of sensors and computers to make cities "smart" in the public sector 
D)  All of the above 
A)  New types of fuel for the energy industry 
B)  The aging of the population for the health care industry 
C)  The use of sensors and computers to make cities "smart" in the public sector 
D)  All of the above

Question 13

Which of the following is not a barrier to entry:

Accepted Answer

A)  Capital 
B)  Manufacturing 
C)  Marketing 
D)  All are potential barriers to entry 
A)  Capital 
B)  Manufacturing 
C)  Marketing 
D)  All are potential barriers to entry

Question 14

The LOT-R Test measures a person's:

Accepted Answer

A)  Access to lots of venture capital 
B)  How many people they know who can be useful to a business 
C)  Optimistic attitude -the ability to deal with adversity of all types 
D)  Ability to sell a new product 
A)  Access to lots of venture capital 
B)  How many people they know who can be useful to a business 
C)  Optimistic attitude -the ability to deal with adversity of all types 
D)  Ability to sell a new product

Question 15

Effective innovation is most often driven by

Accepted Answer

A)  looking yourself in the mirror and saying whatever comes to mind. 
B)  stealing ideas from current competitors. 
C)  hiring a bunch of young, smart kids. 
D)  talking to consumers or business customers and finding their problems. 
A)  looking yourself in the mirror and saying whatever comes to mind. 
B)  stealing ideas from current competitors. 
C)  hiring a bunch of young, smart kids. 
D)  talking to consumers or business customers and finding their problems.

Question 16

What trend should you look for when determining the attractiveness of an industry sector?

Accepted Answer

A)  Presence of government regulation 
B)  Large companies that are making a lot of money 
C)  Modest profitability within the industry 
D)  Upward growth in customer demand for new products and services 
A)  Presence of government regulation 
B)  Large companies that are making a lot of money 
C)  Modest profitability within the industry 
D)  Upward growth in customer demand for new products and services

Question 17

What is an industry?

Accepted Answer

A)  The financial services sector 
B)  The economy of a country 
C)  A group of firms that produce products and services that are close substitutes for each other 
D)  An individual who works really hard 
A)  The financial services sector 
B)  The economy of a country 
C)  A group of firms that produce products and services that are close substitutes for each other 
D)  An individual who works really hard

Question 18

Most industries are in flux, this flux is not caused by:

Accepted Answer

A)  Social Challenges 
B)  Technological Innovation 
C)  Societal Trends 
D)  Government Intervention 
A)  Social Challenges 
B)  Technological Innovation 
C)  Societal Trends 
D)  Government Intervention

Question 19

What should the industry that you will potentially enter balance?

Accepted Answer

A)  Internal strengths and industry sector with favorable supply demand 
B)  Fun and profit 
C)  Current and future demand 
D)  Invention and innovation 
A)  Internal strengths and industry sector with favorable supply demand 
B)  Fun and profit 
C)  Current and future demand 
D)  Invention and innovation

Question 20

What is an industry analysis and what types of information must be gathered to conduct such an analysis effectively?

Accepted Answer

Industry analysis is the process of exam

According to the authors of the text, what should drive the design of your product?

Which type of venture experiences (on average) the greatest success when they enter the field near the beginning of the growth stage?

Where do the authors recommend that you look for competitors' information?

What are examples of external factors affecting entrepreneurship?

What is not a key factor when assessing a potential industry?

The most important reason to understand what segments & niches of your industry are the subject of venture activity is:

Entrepreneurs typically want to enter the industry at which stage of the life cycle?

Defining the "who" in a venture and articulating who buys your products versus who uses your product, is referred to as your

What personal factors help shape your selection of a target industry in addition to your own person enthusiasm and passion for a particular set of products or services:

What is not necessarily an important criteria when trying to select a target industry for starting a venture:

Which is not a necessity to know about a new venture during the startup phase?

What are examples of an industry trend:

Which of the following is not a barrier to entry:

The LOT-R Test measures a person's:

Effective innovation is most often driven by

What trend should you look for when determining the attractiveness of an industry sector?

What is an industry?

Most industries are in flux, this flux is not caused by:

What should the industry that you will potentially enter balance?

What is an industry analysis and what types of information must be gathered to conduct such an analysis effectively?

Defining the Target Customer

Defining the Needs of Target Customers

Defining Solutions for Customers

Defining the Business Model for a Venture

Positioning and Branding a Venture in the Marketplace

A Reality Check on the Venture Concept and the Business Model

Financial Sources for Startups and Corporate Ventures

Projecting the Financial Performance and Requirements for the Venture

Organizing the Venture Team

Writing the Business Plan

Making the Pitch

Filters

Exam 1: Defining Your Industry Focus and the Type of Business You Want to Start

According to the authors of the text, what should drive the design of your product?

Which type of venture experiences (on average) the greatest success when they enter the field near the beginning of the growth stage?

Where do the authors recommend that you look for competitors' information?

What are examples of external factors affecting entrepreneurship?

What is not a key factor when assessing a potential industry?

The most important reason to understand what segments & niches of your industry are the subject of venture activity is:

Entrepreneurs typically want to enter the industry at which stage of the life cycle?

Defining the "who" in a venture and articulating who buys your products versus who uses your product, is referred to as your

What personal factors help shape your selection of a target industry in addition to your own person enthusiasm and passion for a particular set of products or services:

What is not necessarily an important criteria when trying to select a target industry for starting a venture:

Which is not a necessity to know about a new venture during the startup phase?

What are examples of an industry trend:

Which of the following is not a barrier to entry:

The LOT-R Test measures a person's:

Effective innovation is most often driven by

What trend should you look for when determining the attractiveness of an industry sector?

What is an industry?

Most industries are in flux, this flux is not caused by:

What should the industry that you will potentially enter balance?

What is an industry analysis and what types of information must be gathered to conduct such an analysis effectively?

Defining the Target Customer

Defining the Needs of Target Customers

Defining Solutions for Customers

Defining the Business Model for a Venture

Positioning and Branding a Venture in the Marketplace

A Reality Check on the Venture Concept and the Business Model

Financial Sources for Startups and Corporate Ventures

Projecting the Financial Performance and Requirements for the Venture

Organizing the Venture Team

Writing the Business Plan

Making the Pitch

Filters