FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 7: Entrepreneurship

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

Scenario D. Ashok has begun the planning process for his entrepreneurial venture. He has completed an assessment of his vision to operate a full-service shuttle service for the elderly, for which he feels there is a strong market. He has a good understanding of the availability of his own resources and his personal traits to manage the business. Now he is prepared to start compiling functional plans for marketing, finance and human resources so that he can obtain the financing he will need to start. He is also contemplating how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople. -If,after the current assessment,Ashok still believes in the potential of the venture,he should now proceed with which step of the planning process?

A) An environmental analysis
B) A SWOT analysis
C) A promotional plan
D) An opportunity analysis
E) A business plan

F) B) and E)
G) B) and D)

Correct Answer

verified

Show Answer

Question 32

Essay

Review LaterAdd Note

Review Later

Discuss the Entrepreneurial Strategy Matrix,including the characteristics of each cell.Provide an example of a business that would be located in each cell,and explain the usefulness of the model to entrepreneurs.

Correct Answer

Answered by ExamLex AI

The Entrepreneurial Strategy Matrix is a...

View Answer

Show Answer

Question 33

True/False

Review LaterAdd Note

A small business is often defined as having fewer than 100 employees,as well as being independently owned and operated.

A business plan describes only the basic idea involved in starting a new venture.

A competitive advantage from relationships with other people and the image other people have of you is known as

Guaranteeing the project's technical and political feasibility,often with a formal presentation to higher management,refers to which of the following stages for building support for an idea?

Howard Berke started Konarka Technologies to create solar cells in response to rising oil prices,which is an example of what category of possibilities when spotting opportunities?

Economic forces that may favor the formation of new businesses include all but which one of the following?

Scenario C. Four entrepreneurs are discussing the potential for success or failure of their ventures. A few of them realize that they did not understand the risk involved in their undertaking. They describe their start-ups in the following manner: 1. Raymond: "I had very little money invested but I was the first on the market with my product." 2. Lotina: "My firm had a very substantial amount of money invested in my venture because I had a completely new and unique product that was expensive to create." 3. Sharida: "I had almost nothing invested in my business which produced a product with many similar competitors already on the market." 4. Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors." -According to the Entrepreneurial Strategy Matrix,Raymond's scenario can be described as

Scenario D. Ashok has begun the planning process for his entrepreneurial venture. He has completed an assessment of his vision to operate a full-service shuttle service for the elderly, for which he feels there is a strong market. He has a good understanding of the availability of his own resources and his personal traits to manage the business. Now he is prepared to start compiling functional plans for marketing, finance and human resources so that he can obtain the financing he will need to start. He is also contemplating how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople. -When Ashok worries about his network and his business's reputation,he is concerned with

The pursuit of lucrative opportunities by enterprising individuals is called

Business incubators are protected environments for new,small businesses.

An individual who establishes a new organization without the benefit of corporate sponsorship is a(n)

Acquiring venture capital is not essential to the success of most start-up businesses;in fact,it is rare.

A business having fewer than 100 employees,independently owned and operated,not dominant in its field and not characterized by many innovative practices is a(n)

Discussions of a defensible competitive advantage and the proposed customer are part of which key business planning element?

A novel product idea that involves a large financial investment would be described as

Entrepreneurs have been characterized as high risk takers and risk maximizers.

Which of the following characteristic(s) contribute(s) to entrepreneurs' success?

Discuss at least three major management challenges associated with entrepreneurship.Include strategies to overcome the difficulties.