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Terms in this set (183)1. The process of ________ a new business is unique and has developed into a popular area of study at colleges around the globe developing, running, initiating 1. True or false: Starting a new business may allow individuals to meet demands in their lives in a way that large corporations are unwilling to do. True 1. _____ include key suppliers, customers, and employees. These individuals are critical to the success of the business Stakeholders 1. True or false: Men are the largest single group of new business founders. False 1. Which of the following is a big advantage of starting one's own business? The business owner can be the boss. 1. Which of the following statements is true of venture capital start-ups? They are often formed as high-tech ventures consisting of unique characteristics 1. What is the condition that allows the long-run average cost to continue downward as production increases? Economies of scale 1. Which of the following are characteristics of entrepreneurial firms? The number of employees will not be expected to grow beyond 100, The start-up is self-funded or closely funded, The operation is designed in the image of the founder 1. Which of the following are reasons for the recent growth in the number women starting new businesses? Greater control over work-life balance, Frustration with the glass ceiling 1. Which of the following are goals of the business plan for a new entrepreneurial business? To provide self-evaluation, to be a guide to managing the business, to provide investors the necessary information. 1. Which of the following is true of entrepreneurial firms? The structure of management is designed to take advantage of the skills of the founder or the founders of a firm. 1. Which of the following are capital backed firms? They are formed with a harvest plan in place, they have a developed organizational structure, they either start or grow quickly to employ a relatively large number of employees. 1. Along with being properly financed and developing sustainable profit margins, in order to be successful, entrepreneurs must: Develop an effective sales generation model 1. Large firms can obtain ______ _____ ________ in some industries because of their ability to operate on a larger scale than can a small firm economies of scale 1. A difference between entrepreneurial business and venture capital backed firms is that entrepreneurial businesses resources are more constrained than those of venture capital backed businesses 1. The world bank estimates that one of the strongest factors of any nation's GNP is the presence of entrepreneurial _____ enterprises small and medium sized 1. Which of the following are provided by the Economic Gardening program in the US? Support classes, tax incentives, financing for the venture 1. According to the text, which of the following is an important driver of the economic success of a community New business development 1. According to the World Bank, the presence of entrepreneurial small- and medium-sized enterprises is one of the strongest factors in the growth of any nation's __________________ Gross national product 1. A ______ plan is a plan to exit the business that allows the investors to take advantage of growth. harvest 1. Which of the following are characteristics of venture capital-backed firms? They have a developed organizational structure, They either start or grow quickly to employ a relatively large number of employees, They are formed with a harvest plan in place 1. The first category of start up businesses are those formed as high-growth, often high tech, ventures and are referred to as venture capital backed firms 1. Which of the following are reasons why entrepreneurial businesses are successful? Tend to be more focused than large corporations, fewer layers of management, free to place energy into satisfying the needs of customers 1. Which of the following are important elements of a one-page pitch for your business? business model, customer problem, product offering 1. Which of the following need to be evaluated in order to provide potential investors with the critical information required when developing a business plan for a new entrepreneurial business? Cash flow, management team, competitive advantage 1. A venture capital backed business plan typically runs from ______ pages long 25 to 45 1. The _____ ceiling refers to the fact that women and minorities may be hired by large firms but they experience limits placed on their advancement within the firm glass
1. True or false: every business in the fortune 500 started out as a large corporation false 1. the success of entrepreneurial businesses occurs because they are simply more _____ than their larger corporate counterparts focused 1. Which of the following are ways that entrepreneurial businesses can act as catalysts for societal change? Entrepreneurial businesses have an understanding of the local community, entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations 1. Economies of scale is the condition that allows the long run average cost to continue _____ as production ______ downward; increases 1. Which of the following is true regarding the great depression of the 1930's? It encouraged industrial concentration 1. When was the initial development of the large industrial base of the United States? 1880s 1. What are the critical elements that an entrepreneur must solve for success? sustainable operating profit margin, develop an ability to generate consistent and growing sales, sufficient resources to get the business to a point where it is self funding 1. The united states small business administration was organized to: aid, counsel, and protect the interests of small businesses, provide assistance at all levels of management for entrepreneurial businesses, provide information at all levels of organizational development for entrepreneurial business 1. Which periodical is published annually and documents the 500 largest corporations by sales in the US? Fortune 1. Recent trends indicate that larger corporations have been _____ while entrepreneurial businesses have been _____ rapidly downsizing; growing 1. _____ are often for only a few dollars each and are made directly to entrepreneurs to encourage self-development in developing nations microloans 1. The european union considers any business with fewer than _____ employees to be a small busines 50 1. In their book entitled The Millionaire Next Door, Thomas Stanley and William Danko point out that almost two-thirds of US millionaires are self employed 1. Thomas Stanley and William Danko, in their book The Millionaire Next Door, state that 75 percent of self-employed millionaires are _________________ Entrepreneurs 1. Silicon Valley and Boston's 128 corridor are well known for generating new employment with entrepreneurial ventures, providing a growing tax revenue base, providing a basis to the area's economic vitality 1. Unlike the business plan of a venture backed business, the entrepreneurial business plan is developed as a guide for the running of the business 1. Which of the following are true regarding robber barons? They took advantage of economies of scale, they dominated the industrial sectors, they were responsible for some of the great abuses in business 1. The fact that Walmart can buy its advertising much cheaper on a per-unit basis than a small retailer is an example of _____ economies of scale 1. True or false: Unlike entrepreneurial businesses, large organizations will regularly pursue smaller markets even if they do not believe the results will generate profits false 1. What significant, historical event marked the beginning of the decline of entrepreneurial businesses in the united states? World War II 1. In what time period did the United States see a decline in large multinational firms and a rise of new opportunities for entrepreneurial businesses late 1970s to early 1980s 1. What program is growing across the United States to help start new entrepreneurial business in an area? Economic Gardening 1. Why do individuals decide to start a new business? The desire to be one's own boss 1. Which of the following are true regarding the closure of military bases in the United States? Cities with base closings experienced higher income growth, cities with base closings experienced increases in new businesses, cities with base closings offered tax breaks and programs to support new business development 1. The repayment rate on microloans is typically _______ 99% 1. practice, example, and skill of the founder is the _____ part of entrepreneurial business development art 1. The process of forming and managing a new entrepreneurial business in a clear, sequential manner that is rich in practical application and ground research is the ____ science 1. The US government considers any business with fewer than _____ employees to be a small business 500 2. Identify the websites that help a company reach out to a wide community online to get funding and often get advice in the process of raising those funds Crowdfunder, kickstarter 2. Businesses in which ownership and employment are centered around a family are referred to as _____ _______ family businesses 2. The founders and the leadership they provide play _______ of a critical role in the businesses success than senior leadership in the typical large organization more 2. Identify the features of circumstance motivators They tend to result in more of a defensive positioning, they result from environmental changes 2. ______ is a managerial theory that believes individuals act to maximize their own benefit. Agency theory 2. The triggers for starting a business come from either ______ or negative stimuli that occur in the individual's life positive 2. An entrepreneurial business A large, established organization Is owned and run by the same person The individuals who manage do not typically have substantial ownership in the company 2. Starting a business is often the result of an event or condition within an individual's environment called a ______________ Trigger 2. New business owners need to be sure that the level of risk is consistent with their ___________, ________________, and _________________ Family situation, Background, Values 2. Which of the following are correct regarding the characteristics of large businesses? They have greater excess resources, no one person is critical to the businesses survival, knowledge is widely dispersed throughout the business 2. When a firm reaches its break-even point, the revenues are ____________ Equal to 2. The greater the debt an entrepreneur is willing to take on to start the business, the _____ his or her risk tolerance higher 2. True or false: it is likely for an entrepreneur to spend more time starting and running the business than doing anything else in life true 2. Entrepreneurs need to ensure they have sufficient ____ resources prior to starting a business
financial 2. Which of the following are advantages that small, new businesses have? Small businesses can respond quickly to opportunities or threats as they arise, small businesses fill niches that large firms simply cannot afford to fill, Small businesses are owned and run by the same person 2. Personality tests can help better understand one's traits and tendencies 2. Which of the following are typical triggers for starting a business? Reaching a point financially where the risk-return level of a proposed new business is tolerable, being approached by friends or a family with a new business idea, being laid off from a job 2. ______-_______ point is when a business has reached a level where the revenue coming into a firm is sufficient enough to cover its expenses break-even 2. Potential entrepreneurs must understand their level of tolerance to _____ risk 2. Which of the following statements about family members are true? Family members best know one's abilities and shortcomings, family members are likely to serve as a reality check and support structure, family members are likely to be willing to contribute time and money to the new business 2. true or false: an entrepreneur's risk tolerance, prior experience, and personality orientation shape their analysis of a business idea's potential true 2. Entrepreneurs prior experience plays a role in new business creation through _____ Their view of the world 2. Which of the following statements about incubators are correct? They provide common receptionists to new businesses, they provide office machines and basic furniture to new businesses, they provide many critical services to new businesses. 2. Entrepreneurs should work with family members for their advice, potential funding , reality check, and ________________ structure Support 2. True or false: new businesses have greater flexibility in responding to changes that take place in their external environment true 2. Which of the following statements about Small Business Assistance Centers are correct? They are funded by the Small Business Administration, they are often associated with SCORE offices, They provide a vide variety of support such as research aids. 2. People in an entrepreneur's network can help by providing ______ to a new business legitimacy 2. _____ motivations come from the individuals themselves personal 2. Which of the following statements about women entrepreneurs are true? They start up businesses at a rate of 50 percent more than men, they often run into a glass ceiling, they are one of the fastest growing segments of entrepreneurs 2. Which of the following statements regarding entrepreneurial businesses are correct? They are generally dependent on a single person or few individuals, they have limited flexibility in responding to emergency issues such as the need to hire replacements if the company loses key individuals True or false: the high level of commitment is a key reason why family businesses are able to survive and prosper true How does support from companies in a network help a new firm? It helps the new firm in obtaining credit, it helps to indicate to others the staying power of the new firm People should start a new business that they _____ Will enjoy Which of the following statements about agency theory are correct? Agents often maximize their own benefit, Owners always try to maximize the value of the business, managers are considered agents ________ ________ is the rational decision making that is considered by the background and history of the person making the decision bounded rationality The underlying philosophy of the _____ test is that people are a result of all the experiences of their life Enneagram Entrepreneurs need to consider both the benefits and the drawbacks to hiring ____ members family Online communities such as blogs and chat rooms can provide ______ to people starting business advice Which of the following statements about the Big Five test are true? It was developed by two independent research teams, the researchers surveyed thousands of individuals, the five factors emerged from the researchers analysis of the data Which of the following are pairs of variables in the Myers-Briggs test? Extroversion-introversion, judgement-perception, sensing-intuiting Large businesses often have ____ Extensive written procedures Which of the following are reasons why owners are a great asset to a new business? Their personal investment, their dedication 2. An excess of resources in an organization that allows for redundancy and the quick deployment of personnel is referred to as organizational slack 2. An entrepreneur's support and resources are typically _____ to the individual and the location unique 2. Which of the following groups might be included in an entrepreneur's key support network? Former employers, Friends from school 2. Which is NOT on of the three types of specific risk? Network. (the three are financial, strategic, and market retaliation) 2. Women of color account for _________ of businesses headed by women one-third 2. When starting a business, one must understand the relationship between ______ and the unexpected return time commitment 2. Which of the following are resources that entrepreneurs rely on? social networks, family, financial resources 2. By providing resources that new businesses cannot otherwise afford on their own, incubators help these businesses establish ______ some level of legitimacy 2. Personality test should help you better understand yourself and your strengths and should not be used as a guide for your _______ career 2. Students need to consider their own resources and abilities early when they think about starting an entrepreneurial business because of the ______ Importance of an owner to a new business 2. The big five test comprises which of the following factors? open-mindedness, emotional stability, extroversion 2. Entrepreneurs need to have a _______ vision of what resources are necessary in order to be successful realistic 2. To utilize family resources, entrepreneurs should ______ make a list of members that they have regular contact with, list the capabilities those individuals possess that might be helpful 2. Individuals from outside an industry are able to establish a new business in a manner not previously considered because they ______ have bounded rationality 3. Why are hobbies a good skill source? Individuals are passionate about their hobbies, hobbies require the development of specific skills 3. List the steps that are important to the development of a quality business idea. Start from the first step 1. list and evaluate one's personal skill sets 3. The first step in entrepreneurship is: The desire to own and operate a business. 3. Which of the following questions should NOT be explored to identify additional skill sources? What are the worst accomplishments in life? 3. The steps in the process of generating ideas do not occur in a ______________ fashion but should occur in a ______________ manner Linear; Interactive 3. Which of the following is a characteristic of a gap analysis methodology for a new venture? It is intended to be completed by the entrepreneur or entrepreneurial team 3. Which of the following is NOT an example of family experiences that build knowledge and can grow into a new business opportunity? Attending SBA courses with your sibling 3. Which of the following are the characteristics of a gap analysis methodology for a new venture using a chart? It is a reasonably quick analysis, It requires minimal research 3. Which category on the gap analysis chart would examine companies doing the same thing as the new potential business? Competitors 3. Which of the following questions should be considered by an entrepreneur when analyzing the nonfinancial resources category of a gap analysis for a new business? What unique capabilities provide the entrepreneur a competitive advantage? What unique skills will be required to run the business? 3. An individual's hobbies and past work contribute to the individual's personal _____ set Skill 3. Which of the following is NOT a common source of entrepreneurial skills? Genetics 3. An ______ that uses your education is a potential source of a business oppportunity 3. An individual's work experience builds _______ sets that can have direct applicability to the pursuit of a new business skill 3. What is the suggested starting point for generating business idea Analyzing the skill set of the potential founders 3. Along with the business idea, what else should be included in the first column of the gap analysis chart? A brief explanation of the business idea 3. The business owner whose business is both a ____________ and a ______________ is difficult to beat. Vocation; Avocation 3. Why is discussing potential businesses with family members an attractive way to identify business opportunities? Family member know your disposition, Family members can provide an honest perspective, Family members know your abilities 3. Which of the following is a principal cause of new business failure? Insufficient resources at founding 3. What are the typical categories used to analyze a business idea? Nonfinancial resources, Risk, Competitors, Finance, Time 3. Which of the following contribute to personal skill sets? Past work experience, Family history, Hobbies, Current work experience 3. Which of the following statements are true regarding education as it relates to skill? An opportunity that uses your education is another source of a business, Knowledge gained from formal education provides a skill set, Technology skills acquired through education can be particularly valuable. 3. If you prefer to work extensively with people, in which of the following businesses should you probably NOT pursue a business opportunity bookkeeping, billing 3. Which of the following businesses could be most likely pursued by individuals who do NOT prefer to work with people? Bookkeeping, Order fulfillment, Internet-based businesses 3. The founders of a business need to be intimately involved in the: Design of the business, Funding of the business, Running of the business 3. In hobbies and activities, individuals develop ______ specific to the hobbies skills 3. Entrepreneurs can examine business risk by considering three threats to business success. Those three threats are: Threats to profit margins, threats to sales generation schemes, threats to operational financing 3. Which of the following would be classified as threats to operational financing? High development costs, An entrepreneurial team with a low asset base, High inventory needs, Rapid expansion costs 3. Which of the following sources of skills for a new business is often the most overlooked? Family experiences 3. Threats to profit margin, threats to operational financing, and threats to sales generation schemes are three threats to business success that entrepreneurs consider when they examine and characterize business _______________. Risk 3. Which of the following are true regarding the process of generating ideas? The process requires consideration, interaction, iteration 3. Once a list of skills, abilities, and interests have been developed, the next step is to: perform a gap analysis 3. Once a skill analysis has been completed, the next step is to: Examine the marketplace for opportunities 3. Once a list of skills and abilities has been developed, the next step is to perform a ________ to examine the marketplace for an opportunity that exists between the demand for a product and the supply provided by firms in the market gap analysis 3. Which of the following are required in the initial analysis of a business opportunity? financial investments, focus, time 3. What is the connection between the entrepreneur's skills, the understanding of an industry, and the ability to create a competitive advantage such that the sum of the parts of the new business is greater than the individual parts alone? Synergy 3. A founder or founding team must have synergy, which is a combination of: Understanding of an industry, Skill set, Competitive advantage 3. Research suggests that successful new business ideas are NOT determined by your: race, gender, parents, religion 3. A gap ______ is the relatively simple process of systematically examining the difference between what is expected and what occurs analysis 3. What is included in the second column of the chart used in the gap analysis? categories of analysis 3. Which of the following statements make interviewing key successful entrepreneurs an attractive way to identify opportunities or gaps? most successful entrepreneurs have great ideas, most successful entrepreneurs are too busy with their own business to pursue new ventures, entrepreneurs have a keen eye for what businesses are needed in an area 3. All new businesses have an inherent amount of ____ associated with starting and operation of the business risk 3. Which of the following support the rationale for starting a business idea generation process by analyzing the skill sets of potential founders pursuing opportunities without the requisite skill set wastes time, pursuing opportunities without the requisite skill set wastes money, there are literally millions of opportunities 3. The initial analysis is a process of: moving from three to five ideas to a single idea
3. ______ is the creative process in which a group of individuals are brought together and asked to generate ideas related to a specific topic, with little effort given to evaluating the potential of the ideas brainstorming 3. Which of the following are examples of family experiences that build knowledge and can grow into a new business opportunity? Cooking with family members, tracing the family history, maintaining the family property, working on the home 3. Without the needed _____, the founders would be faced with not holding any advantage over the competitors who have the necessary depth in the area skill 3. Each type of business started will require different _____ frames time 3. ______ are uniquely positioned to provide a much-needed honest perspective on your efforts toward creating a new business family members 3. Which type of gap analysis examines the opportunities in the marketplace side-by-side with the individual's ability to address those gaps? opportunity analysis
3. The finance category on the gap analysis chart examines the: amount of money required to start and operate a business, amount of family resources that could be committed 3. The desire to own and operate a business is the _____ step in entrepreneurship first 3. the process of generating ideas will result in a lift of three to five business ideas that: appear to be an opportunity, match the founders skills 3. Which of the following would be classified as threats to operational financing? an entrepreneurial team with low asset base, rapid expansion costs, high inventory needs, high development costs 3. the business owner whose business is both a ______ and an ______ is difficult to beat vocation, avocation 3. True or false: family experiences are often an overlooked source of skills for a new venture true 3. Which of the following questions should be explored to identify additional skill sources? What type of magazines and books do I read?, in what industry would I prefer to work, what skills were involved in the three greatest accomplishments of my life? 3. The typical categories analyzed in a gap analysis include finance, time, risk, nonfinancial resources, and _____ competitors 3. An individual's professional background and hobbies are excellent resources new business ideas because: the individual knows these domains very well, the individual can easily see the shortcomings in the current business offerings, the individual can see the current needs that are not being met 3. True or false: if individuals are not detail oriented, then a business that is procedurally complex and involves managing a wide variety of tasks may be appropriate false 3. Perhaps as important as the entrepreneur's skills in a particular area is the need for the entrepreneur to have ____ for starting a business in that domain passion 3. Which of the following statements are true regarding skills? Skills are relatively idiosyncratic to the individual, derived from hobbies, derived from our history 3. Which of the following questions should be addressed by an entrepreneur when reflecting on family experience? What is your family history with new business ventures? What skill sets exist within your nuclear family? Are there unique things that your family does that others are interested in? 3. Which of the following are questions an entrepreneur should answer regarding work experience? In what businesses have you worked? What skills were critical to the jobs you performed? What aspects of the job were most enjoyable? In what areas would you be considered an expert? 3. Which of the following are probable questions potential business owners should ask themselves regarding hobbies? What about the hobby is exciting? What specific skills were required of the hobby? What products/services were used in the hobbies? 3. The nature of the effort required for an entrepreneur to carry out an effective due diligence analysis necessitates _____ A focus on a single business idea 3. true or false: one's skills from either educational training or experience does not have a critical impact on the direction of one's business false 3. Which of the following are questions an entrepreneur should address regarding education? What courses taken were particularly enjoyable? have you attended any unusual education programs? have you taken specialized training in any specific area? 3. The founder of a business is directly involved in the: funding of the business, running of the business, design of the business 3. The process involved in the gap analysis is more _____ than _____ art; science 3. Examining _____ around the region, nation, or world that may not have reached a particular location is one way of identifying business opportunities or gaps trends 3. _______ is key in successfully starting a new business venture making quick adjustments using lean startup and evolution Students also viewedENT FINAL EXAM182 terms heymarshall Chapter one the twenty first century entrepreneur27 terms Hello9799 ENT Chapter 1, 2, & 3 Smartbook ?'s71 terms cbarber123 Final quizlet ent 2113216 terms mason_moser65 Sets found in the same folderFinal quizlet ent 2113216 terms mason_moser65 ENT Exam 2232 terms c_ccd425 Exam 160 terms MaeganT ENT 2113 Exam 2 Spring 2021242 terms connorflynn2001Teacher Other sets by this creatorMKT3013 Exam 4 smartbook374 terms connorflynn2001Teacher MKT3013 Exam 3404 terms connorflynn2001Teacher MKT3013 Test 3180 terms connorflynn2001Teacher LS 3323133 terms connorflynn2001Teacher Verified questions
question You have decided that you need a new computer to help get your homework done. The total cost is $840. You decide to charge it on a credit card. The interest rate is 18 percent, so the minimum monthly payment the first month is$33.60. If you only pay the minimum each month, about how long will it take to pay for the computer? Verified answer question Why might purchasing power parity fail to hold? Verified answer
question An investment will pay $150 at the end of each of the next 3 years,$250 at the end of Year 4, $300 at the end of Year 5, and$500 at the end of Year 6. If other investments of equal risk earn 11% annually, what is its present value? Its future value? Verified answer question Assume that interest rate parity holds and that 90-day risk-free securities yield a nominal annual rate of 3% in the United States and a nominal annual rate of 3.5% in the United Kingdom. In the spot market, 1 pound=$1 53. a. What is the 90-day forward rate? b. Is the 90-day forward rate trading at a premium or a discount relative to the spot rate? Verified answer Other Quizlet setsATI TEAS Endocrine System20 terms Adrianna_Betcher Test Review100 terms J11931685 Practice Exam 223 terms HIGHTHUMB cads 5850 test 431 terms alexbug134 Which of the following statements is true about venture capital startups quizlet?Which of the following statements is true about venture capital start-ups? They are funded by angel investors who invest more than $2 million and expect extraordinary returns. They ensure that the business is oriented toward the personal goals of the founders.
Which of the following are characteristics of venture capital financing?Characteristics of Venture Capital Investing. Illiquid. ... . Long-term investment horizon. ... . Large discrepancy between private valuation and public valuation (market valuation) ... . Entrepreneurs lack full information about the market. ... . Mismatch between entrepreneurs and VC investors. ... . Mismatch between VC investors and fund managers.. Which of the following is a characteristic of an entrepreneur?The correct option is F Risk taking.
What is a startup quizlet?A startup is a temporary organization designed to search for a repeatable and scalable business model. In contrast, a large company executes - sells a product or service in exchange for revenue and profit - with an established business model.
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Which of the following is a characteristic of a venture capital start up quizlet?
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