ENT Unit 2 Review - 1st part

For a prospective entrepreneur, what is necessary to determine the existence of goods and services?

• Demographic changes

• Product standards

• Entrepreneurial discovery

• Raw materials

When using mind mapping to generate product ideas, it is best begin by writing down the main problem or which other component?

• Market opportunity

• Supporting facts

• Primary associations

• Situation analysis

Which is an example of a demographic trend that has encouraged entrepreneurial discovery?

• Interest rate fluctuations

• Increased cultural diversity

• Industry deregulation

• Technological advancements

Which statement is true about a business environment?

• It can be avoided.

• It is always changing.

• It consists of the economy and technology.

• It may not affect the business, depending on the industry.

When determining venture-creation opportunities, entrepreneurs must first perform which action?

• Obtain financing

• Conduct research

• Identify staffing needs

• Select a location

Which a global trend that might encourage an entrepreneur to consider international business opportunities?

• Higher allowances

• Lower tariffs

• Enforceable trade agreements

• Flexible currency rates

The brainstorming process is used to accomplish which primary goal?

• Come up with as many ideas as possible.

• Analyze each idea as it is presented.

• Rate each idea in relation to one another.

• Come up with a set number of ideas within a certain time.

Which process helps aspiring entrepreneurs generate venture ideas?

• Financial planning

• Decision-making

• Goal-setting

• Creative thinking

When generating new ideas for new businesses, entrepreneurs often look for ways to perform which action?

• Rationalize spending

• Increase liability

• Solve problems

• Control outcomes

Which statement is true about entrepreneurial discovery?

• It ensures that start-up businesses have continuous funding.

• It is an ongoing process that facilitates the success rate of a

  business.

• It provides entrepreneurs with professional development training.

• It is a way to determine the long-term profit that a start-up company

  can generate.