Entrepreneurship - 1st Semester Exam

What is the first and primary question you should ask yourself before starting a small business?

• Am I business savvy

• Where will I get the money

• Where should my business be located

• Do I have what it takes

When starting a new business, you should be prepared for which of the following?

• Six-hour workdays four to five days each week

• Eight-hour workdays five to six days each week

• Ten-hour workdays five to six days each week

• Twelve-hour workdays six to seven days each week

According to the segment, which of the following is NOT a question asked in the strategy and development process?

• Who will the business serve

• What is the businesses vision and mission

• Where will we buy equipment

• How is the brand going to be developed

According to the segment, which of the following was NOT an issue in taking over a business?

• Market share

• Discretion

• Selling price

• Financing

Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following?

• Competitive risk

• Market analysis

• Marketing

• Expansion capital

Which section of the business plan identifies a target market?

• Marketing and sales

• Organization and management

• Service and/or product line

• Market Analysis

The phenomenon demonstrating individuals desire to get along and avoid conflict is known as which of the following?

• Crowd concept

• Groupthink

• Dissonance repression

• Controversy avoidance

Which section of the business plan should be the bulk of the plan?

• Marketing and sales

• Organization and management

• Market analysis

• Service and/or product line

Which type of market test engages the snowball effect?

• Focus groups

• Surveys

• Networking

• Interviewing

Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business?

• Marketing and sales

• Organization and management

• Market analysis

• Service and/or product line