Entrepreneurship Assessment 2 Entrepreneurial Discovery

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

• change legal requirements.

• form a technological monopoly.

• improve economic sanctions.

• satisfy an unmet demand.Entr

Which of the following is an example of a demographic trend:

• The aging of the population

• Shifting political climates

• Rising interest rates

• A concern for fitness and health

What is a type of government fiscal control that regulates business practices (PESTEL analysis)?

• Minimum-wage law

• Copyright laws

• Trademark law

• Zoning laws

Which of the following is a true statement about a business's 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 conducting an environmental scan, which of the following is an economic factor that a business should consider:

• Consumer spending habits

• Global trade regulations

• Local demographics

• Restricted sales territories

Which of the following is an ongoing population trend that affects how businesses market their goods and services:

• Consumption

• Migration

• Behavior

• Lifestyle

Which of the following businesses is the best example of an entrepreneurial venture:

• A juice bar decides to purchase trucks to sell juice on location during special events.

• A veterinarian invents and sells a device to prevent horse water troughs from freezing.

• A pumpkin farm offers pumpkin carving and costume contests to create more interest.

• A bakery creates a "cretzel," a cross between a crescent and a pretzel, as a new product. 

Jenna works long and irregular hours to accommodate her clients' schedules. What characteristic of a good entrepreneur is Jenna exhibiting?

• Flexibility

• Honesty

• Initiative

• Integrity

Which of the following is a business trend that involves supplementing a company's existing “brick and mortar” sales efforts and promotional activities with Internet technology:

• Copying contracts

• Photographing products

• Printing advertisements

• Posting websites

Which of the following is a business trend that might affect a local company:

• Global competition

• Domestic transportation

• Social behavior

• Physical environment