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Entrepreneurship: Successfully Launching New Ventures, 3/e
Entrepreneurship: Successfully Launching New Ventures, 3/e
Entrepreneurship: Successfully Launching New Ventures, 3/e
Ventures, 3/e
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Chapter 11: Unique Marketing Issues
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Chapter # 1
Introduction to Entrepreneurship
Explain how entrepreneurial firms differ from salary-substitute and lifestyle firms.
Identify ways in which large firms benefit from the presence of smaller
entrepreneurial firms.
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Global 3E
Chapter Quiz
false false
drive.
creativity.
Entrepreneurial intensity
Inventiveness
Organizational bureaucracy
What is the most common reason given for why people choose to
become entrepreneurs?
To make a lot of money.
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Some entrepreneurs report that the financial rewards associated with
entrepreneurship can be bittersweet if they are accompanied by
________.
modest upside potential
motivating factors
risk averse.
product/customer focus.
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What do you call small firms that yield a level of income for their
owner that is similar to what they would earn when working for an
employer?
sole proprietorship
small business
lifestyle firm
salary-substitute firm
An insignificant portion
A declining amount
An unknown quantity
economic impact
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The entrepreneurial process is comprised of each of the following
steps EXCEPT:
deciding to become an entrepreneur.
True
False
True
False
True
False
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The average entrepreneur does NOT make more money than someone
with a similar amount of responsibility in a traditional job.
True
False
True
False
True
False
True
False
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Only individuals that thrive on taking big risks have the right
personality to be an entrepreneur.
True
False
After winning a medal for diving in the Olympics, Cheryl starts a diving
instruction school. This is an example of a lifestyle firm.
True
False
True
False
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What are the steps of the entrepreneurial process?
Entrepreneurial intensity
Correct
Answer:
p. 31
What is the most common reason given for why people choose to become
entrepreneurs?
3.
To make a lot of money.
Your Answer:
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Answer:
p. 31
p. 33
risk averse.
Correct
Answer:
p. 33
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What do you call small firms that yield a level of income for their owner
that is similar to what they would earn when working for an employer?
7.
sole proprietorship
Your Answer:
salary-substitute firm
Correct
Answer:
p. 41
economic impact
Correct
Answer:
p. 45
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inventing a new product or process.
Correct
Answer:
p. 47
In the United States, approximately one-third of new firms fail within their
first four years.
11
.
Your True
Answer:
Correct False
Answer:
p. 30
Correct False
Answer:
p. 31
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The average entrepreneur does NOT make more money than someone with
a similar amount of responsibility in a traditional job.
14
.
Your True
Answer:
Correct False
Answer:
p. 33
Your True
Answer:
Correct False
Answer:
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p. 39
Only individuals that thrive on taking big risks have the right personality to
be an entrepreneur.
18
.
Your Answer: True
Correct False
Answer:
p. 40
After winning a medal for diving in the Olympics, Cheryl starts a diving
instruction school. This is an example of a lifestyle firm.
19
.
Your True
Answer:
In recent years, the fastest growing areas for women-owned firms have
been in cosmetology, fashion merchandising, and hair salons.
20
.
Your Answer: True
Correct False
Answer:
p. 43
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. Your Answer:
ECONOMY:
-Innovation
-Job creation
SOCIETY:
-Improvements in healthcare
-Help people be more productive
-Products and services that make our lives easier
-Products and services that entertain us
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What are the steps of the entrepreneurial process?
22
Your Answer:
.
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Chapter # 2
Recognizing Opportunities and
Generating Ideas
Explain why it’s important to start a new firm when its “window of opportunity” is
open.
Identify the four environmental trends that are most instrumental in creating
business opportunities.
List the personal characteristics that make some people better at recognizing
business opportunities than others.
Describe how to use library and Internet research to generate new business ideas.
Describe three steps for protecting ideas from being lost or stolen.
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Chapter Quiz
false false
A venture
A trend
An opportunity
observing trends.
solving a problem.
social forces
technological advances
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Entrepreneurs can recognize problems and find ways to solve them
through each of the following EXCEPT:
recognizing problems in emerging trends.
prior experience.
entrepreneurial alertness.
Serendipity
Intuition
Opportunism
Creativity
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What is the first stage of the creativity process?
Incubation
Preparation
Insight
Evaluation
Benchmarking
Brainstorming
Projection
follow up to brainstorming
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________.
the consulting firm
the library
Brainstorming
True
False
True
False
True
False
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Major retailers that serve large groups of customers with similar needs
by competing mainly on price would be an example of finding gaps in
the marketplace.
True
False
True
False
True
False
True
False
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Studies show that less than a quarter of start-up ideas emerge from a
person's prior work experience.
True
False
True
False
True
False
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Researchers have identified several characteristics that tend to make
some people better at recognizing opportunities than others. Discuss
them.
An opportunity
Correct
Answer:
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Answer:
social forces
Correct
Answer:
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_____ is the process of generating a novel or useful idea.
6.
Serendipity
Your Answer:
Creativity
Correct
Answer:
Preparation
Correct
Answer:
Brainstorming
Correct
Answer:
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Focus groups usually work best as a ________.
9.
follow up to brainstorming
Your
Answer:
the library
Correct
Answer:
Correct False
Answer:
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As an entrepreneur, it is important to be aware of changes in trends.
13
.
Your True
Answer:
Major retailers that serve large groups of customers with similar needs by
competing mainly on price would be an example of finding gaps in the
14 marketplace.
.
Correct False
Answer:
Correct False
Answer:
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Your True
Answer:
Your True
Answer:
Studies show that less than a quarter of start-up ideas emerge from a
person's prior work experience.
18
.
Your Answer: True
Correct False
Answer:
Correct False
Answer:
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Much of the effectiveness of a focus group session depends on the careful
recruiting of over 20 participants.
20
.
Your Answer: True
Correct False
Answer:
-Attractive
-Durable
-Timely
-Anchored in or relates to a product or service that creates or adds value
for its user
Your Answer:
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-prior experience in an industry helps entrepreneurs
recognize business opportunities
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Chapter # 3
Feasibility Analysis
Describe the purpose of a product/service feasibility analysis and the two primary
issues that a proposed business should consider in this area.
Describe the purpose of a buying intentions survey and how it’s administered.
Describe the purpose of industry/market feasibility analysis and the two primary
issues to consider in this area.
Describe the purpose of organizational feasibility analysis and list the two primary
issues to consider in this area.
Explain the importance of financial feasibility analysis and list the most critical
issues to consider in this area.
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Chapter Quiz
false false
census data
industry studies
administering surveys
analyst forecasts
Test marketing
Usability testing
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All of the following are normally included in the concept test EXCEPT:
Are there any fatal flaws in the product or service's basic design or concept?
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_____ is conducted to determine whether a proposed business has
sufficient management expertise, organizational competence, and
resources to successfully launch its business.
A marketing plan
industry attractiveness
resource sufficiency
second-mover advantage
marketing research
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The projected financial return to assess whether the venture is
financially feasible considers each of the following EXCEPT:
availability of equity capital.
True
False
True
False
True
False
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Some entrepreneurs conduct their initial product/ service feasibility
analysis by simply talking about their product or service idea with
others before deciding to move forward.
True
False
True
False
True
False
True
False
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Two of the most important factors related to management prowess are
passion for the business idea and understanding the markets in which
the firm will participate.
True
False
True
False
True
False
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Discuss the four step process effective businesses emerge from.
The most effective businesses emerge from a process that includes each of
the following EXCEPT:
administering surveys
Correct
Answer:
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Concept testing
Your Answer:
All of the following are normally included in the concept test EXCEPT:
4.
detailed financial statements.
Your
Answer:
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See p. 113 for more information.
A marketing plan
Your Answer:
resource sufficiency
Correct
Answer:
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The projected financial return to assess whether the venture is financially
feasible considers each of the following EXCEPT:
10
. availability of equity capital.
Your
Answer:
Correct False
Answer:
Your True
Answer:
Correct False
Answer:
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Some entrepreneurs conduct their initial product/ service feasibility
analysis by simply talking about their product or service idea with others
14 before deciding to move forward.
.
Your True
Answer:
Your True
Answer:
Correct False
Answer:
Page
Two of the most important factors related to management prowess are
passion for the business idea and understanding the markets in which the
18 firm will participate.
.
Your True
Answer:
Your Answer:
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Discuss the four step process effective businesses emerge from.
22.
Your Answer:
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