Business

BM133 Chapter 1

Before taking the quiz it is strongly recommended you read Chapter 1.

Multiple Choice

The BRIE Model does not include:

• Boundary

• Resources

• Refinement

• Intention

• Exchange

Multiple Choice

What is not one of the seven key strategies of the entrepreneurial way?

• If you don’t succeed the first time, try, try again:

• Bird in the hand:

• If you don’t succeed the first time, do not try again

• Ask for help

Multiple Choice

Name a P2P lending site that Chapter 1 mentions:

• Lendingclub.com or Upstart.com

• investopedia.com

• sba.gov

• herberterlbach.com

Multiple Choice

The overall growth strategy describes the kind of business the owner or owners would like to have, from the perspective of how fast and to what level they would like the firm to grow. There are four generic growth strategies that account for nearly all businesses:

Which is not one?

• traditional small businesses

• high-growth ventures

• high-performing businesses

• low-growth ventures

Multiple Choice

Referring to Table 1.2, which is not a high-growth venture?

• Involve key other

• Control market

• Sell more

• Efficiency

Multiple Choice

Who is Jim McKelvey?

• cofounder of Third Degree Glass Factory, a makerspace for artists.

• cofounder of Square, and the person who created the iconic Square credit card reader.

• He also started LaunchCode, a nonprofit that teaches coding for free and helps graduates get jobs.

• All of the above

Multiple Choice

What is a small business

• Involves 1–500 people and has its owner managing the business on a day-to-day basis.

• Involves 1–50 people and has its owner managing the business on a day-to-day basis.

• Involves 1–50 people and has its share holders managing the business on a day-to-day basis.

• Involves 1–50 people and has its owner managing the business on a year-to-year basis.

Multiple Choice

What is self-efficacy?

• A person’s belief in his or her ability to achieve a goal.

• A company's belief that they can increase their sales by 10%

Multiple Choice

What does The Entrepreneurial Process not include?

• This is where the entrepreneur has a feeling—about maybe starting a business or maybe creating a particular product or service.

• Smart entrepreneurs check the likelihood for success of their idea through feasibility analyses or customer development processes, repeating these until they have a winning and saleable idea.

• The type of activity a person does regularly for pay.

• Regardless of the type of planning approach you choose to implement your business activity, you will find that you need to refine your approach until you have a successful firm, including additional rounds of refinement and revising.

Definitions

• goods or services The tangible things (goods) or intangible commodities (services) created for sale.

• novelty Characterized by being different or new.

• imitative Characterized by being like or copying something that already exists.

• self-employed Working for yourself.

• founders People who create or start new businesses.

• franchise A prepackaged business bought, rented, or leased from a company called a franchisor

• buyers People who purchase an existing business.

Multiple Choice

Characterized by being like or copying something that already exists.

• buyers

• novelty

• imitative

• heir

Multiple Choice

Self-employed founders of firms are involved in what we call

• social entrepreneurship

• sustainable entrepreneurship

• independent entrepreneurship

• green entrepreneurship

Types of Entrepreneurships

• social entrepreneurship

• sustainable entrepreneurship

• green entrepreneurship

• independent entrepreneurship

• corporate entrepreneurship

• CSI entrepreneurship

• opportunity-driven entrepreneurship

Multiple Choice

What is a nation where industrialization is becoming the major force providing jobs, revenues, and taxes.

• actor-driven economy

• efficiency-driven economy

• innovation-driven economy

• None of the above

Multiple Choice

What is a person called who opens multiple businesses throughout his or her career?

• independent small business

• owner-managed firm

• serial entrepreneur

• None of the above