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The three ways to identify an opportunity include _____

• observing trends, conducting brainstorming sessions, and studying industry trade journals

• studying industry trade journals, talking to consumers, and solving a problem

• observing trends, solving a problem, and finding gaps in the marketplace

• bserving trends, talking to consumers, and finding gaps in the marketplaceo

Indicate from the following the primary attribute of an entrepreneur.

• makes profit

• identifies business opportunities

• thinking skills

• creates values

Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Indicate the type of company Montana Sky Trails is

• standard-of-living

• entrepreneurial

• lifestyle

• salary-substitute

Participating in a start-up incubator or accelerator is an excellent way to _____

• gain access to mentors, partners and investors

• learn how to write a business plan

• prepare to become a franchisor

• learn how to conduct an industry analysis

The passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will _____

• lead to a high-level job in the corporate sector

• increase his or her prestige

• positively influence people's lives

• make a lot of money

Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship. To achieve that goal, indicate the characteristics that Cody's firm should have

• proactive, innovative, and risk taking

• innovative, risk averse, and take a 'wait and see' posture

• taking a 'wait and see' posture, innovative, and risk taking

• proactive, not innovative, and risk taking

Pacific Fishing LLC is a startup that is working on a new technology for the fishing industry. Because the technology it's working on is highly proprietary, the company is located in the warehouse district of a large western city. Pacific's founder, Ray Sims, rarely gives interviews and is careful to not divulge much about what the company is doing, Indicate which of the following common myths about entrepreneurs does the behavior of its founder, Ray Sims, dispel

• Entrepreneurs should be young and energetic

• Entrepreneurs are motivated primarily by money

• Entrepreneurs are born, not made

• Entrepreneurs love the spotlight

Indicate the correct sequence for the four steps in the entrepreneurial process

• Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm

• Deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, developing successful business ideas, managing and growing the entrepreneurial firm

• Developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm

• Developing successful business ideas, moving from an idea to an entrepreneurial firm, deciding to become an entrepreneur, managing and growing the entrepreneurial firm

The entrepreneur contributes to the economic growth through innovation. Indicate which of the following is not an aspect of focus in the innovative efforts of the entrepreneur.

• People

• Asset

• Capital

• Material

Indicate which of the following statements is incorrect regarding entrepreneurial activity and age range.

• The lowest percent of business owners fall in the 60+ age range.

• The majority of business founders have no prior work experience.

• The highest percent of business owners fall in the 30-39 age range.

• The majority of individuals who start companies are in their 30s and 40s.