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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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