When determining how to allocate scarce resources, an entrepreneur should Quizlet

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Terms in this set (20)

Having multiple layers of management is the best way to ensure that a startup is flexible and quick to react to changes.
T/F

False

Generally speaking, entrepreneurs have a stronger need to be in control of their own fate.
T/F

True

Marginal cost is a term that refers to expenses that are difficult to justify in an entrepreneurial environment.
T/F

False

Secrecy about one's idea is more likely to hurt the development of the business rather than help it.
T/F

True

For a company that goes public, the founding entrepreneur typically owns a majority of the shares of the corporation.
T/F

False

Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.
T/F

True

New, entrepreneurial ideas frequently sprout from an entrepreneur's desire for a product that he or she cannot currently find in the market.
T/F

True

To target goods and services specifically to Hispanic populations in the US is to focus one's market too narrowly.
T/F

False

Most successful ideas are driven by the entrepreneur's personal experience.
T/F

True

You will likely fail if you start a business in an area you have no experience in.
T/F

True

Which of the following would be the best explanation for the lack of minority owned businesses in the United States?
a. Legal roadblocks to minority ownership
b. Small market potential for minority owned businesses
c. Lack of entrepreneurial role models

c. Lack of entrepreneurial role models

Where do most entrepreneurs get the idea for their businesses?
a. From exposure to an industry
b. By reading entrepreneurship books
c. From venture capitalists

a. From exposure to an industry

Which of the following is NOT a critical component for a successful new business?
a. The resources available
b. The age of the lead entrepreneur
c. The opportunity
d. The management team

b. The age of the lead entrepreneur

A good example of entrepreneurial frugality is:
a. Leasing more space than is immediately necessary
b. Purchasing used office equipment and machinery
c. Providing cell phones for all employees

b. Purchasing used office equipment and machinery

When determining how to allocate scarce resources, an entrepreneur should:
a. Focus exclusively on technology
b. Focus exclusively on marketing
c. Focus on the company's key success factors
d. Spread resources around to gain experience

c. Focus on the company's key success factors

An important technique in brainstorming is to say:
a. "That won't work because..."
b. "We need to avoid..."
c. "Yes and..."

c. "Yes and..."

What is the only action that the "gather stimuli" stage requires of the entrepreneur?
a. Ask
b. Observe
c. Think
d. Do nothing

b. Observe

The weak link in Gourmet Stew's business model was?
a. Distribution channels
b. Customer segments
c. Value proposition

a. Distribution channels

In which stage is it important to play devil's advocate?
a. Create customer concepts
b. Gather stimuli
c. Optimize practicality

c. Optimize practicality

Which of the following most typifies a "cocktail entrepreneur?"
a. Decisive
b. Productive
c. Fails to take action

c. Fails to take action

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