Entrep

1.      Which of the following is a true statement about a business's environment:

• It is always changing

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

• It can be avoided

• It consists of the economy and technology

1.      Identifying new product opportunities usually requires a person to be

• Aware

• Decisive

• Emotional

• Indifferent

Which of the following statements is true about entrepreneurial discovery:

• It's an ongoing process that facilitates a business's success rate.

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

• It's a way to determine the long-term profit that a start-up company can generate.

• It provides entrepreneurs with professional development training.

The entrepreneurial discovery process requires knowledge and the recognition of a(n)

• Market Need

• Creative Observation

• Preventable Accident

• Economic Crisis

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

• what needs to be done

• what was done in the past

• when changes were made the last time

• how things are being done

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneurs or small-business owner can

• Satisfy an unmet demand

• Change local requirements

• Improve economic sanctions

• Form a technological monolopy

A business can not control its

• external environment

• personnel

• production

• research and development

1.      Which of the following is a tool that can be used to carry out scanning activities:

• You must focus on only relevant information

• All information should be obtained in a formal matter

• Information obtained from TV is unreliable

• You should avoid using surveys

A main reason that environmental scanning is important is so that businesses can be aware of

• new products.

• competitors’ internal environments.

• potential threats.

• foreign markets.

Which of the following is a true statement about a business’s environment:

• It can be avoided.

• It consists of the economy and technology.

• It is always changing.

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