WorksheetsGenerating Business Ideas
Total questions: 25
Worksheet time: 34mins
Name
Class
Date
1.
Most entrepreneurial ventures will be very small and:
a)
are planned to remain that way.
b)
will grow to be worth billions of dollars.
2.
Some new businesses are designed to expand rapidly and:
a)
will require almost no startup capital.
b)
might require millions of dollars in startup capital.
3.
Lonnie Johnson invented the Super Soaker and licensed the product to the Hasbro toy company. He earned over $200 million from his invention because he was able to obtain a:
a)
patent
b)
coupon
4.
Evan Spiegel co-founder of Snapchat made $272 million on the day of his company’s IPO in 2017. This is an example of a:
a)
harvest plan
b)
consumer plan
5.
Rapidly expanding entrepreneurial ventures are:
a)
far more risky than the average small business.
b)
less risky than the average small business.
6.
Most small businesses require little startup capital and will be:
a)
funded by venture capitalists.
b)
funded by the owner.
7.
This is issued a government agency for a new invention will protect the invention from competition for a period of 20 years.
a)
patent
b)
copyright
8.
Most businesses are designed to be
a)
large businesses with more than 100 employees.
b)
small businesses with fewer than 20 employees.
9.
When generating ideas for entrepreneurship, you should consider which of the following:
a)
your hobbies
b)
your skills
c)
your work experience
d)
all of these should be considered
10.
Millions of tons of harmful electronic waste enters landfills each year, if you are passionate about preserving the environment, you might be interested in starting a:
a)
recycling business.
b)
pet care business
c)
lawn care business
d)
cabinet making business
11.
If you enjoy working outside in the summertime, you might be interested in starting a:
a)
lawn care business
b)
electronic recycling business
c)
cabinet making business
d)
pet care business
12.
Because consumer preferences are constantly changing, in order to generate entrepreneurship ideas you should consider:
a)
business franchises.
b)
your family history.
c)
home-based businesses
d)
trends in the marketplace.
13.
Buying one of these will allow the owner to operate a business using a well-established brand name with proven business practices.
a)
corporate charter
b)
franchise
14.
This is the number one franchise in the United States with more restaurant locations than any other franchise.
a)
Subway
b)
Burger King
c)
McDonald's
d)
Wendy's
15.
The swimsuit market has sales of over $13 billion annually. Finding a small market for modest swimsuits within this larger market is an example of a:
a)
negligible market
b)
industrial market
c)
manufactured market
d)
niche market
16.
This is a clear statement that describes the benefit of the new business, how it solves customer's needs and what distinguishes it from the competition.
a)
universal price guarantee
b)
industrial worth proposal
c)
business cost structure
d)
unique value proposition
17.
Engaging friends and family in an activity designed to spontaneously create ideas:
a)
brainstorming
b)
licensing
c)
franchising
d)
patenting
18.
Entrepreneurs should solve:
a)
puzzles
b)
problems
19.
Product differentiation is very important today because:
a)
consumers find so many similar products available for sale.
b)
unique products create loyalty and attract customers.
c)
the business should be easy to distinguish from competitors.
d)
all are correct about product differentiation
20.
This deals with the money you invest in the business and the return you realize on that money based on the net profit of the business.
a)
cost to value (CTV)
b)
profit to investment (PTI)
c)
return on investment (ROI)
d)
sales on value (SOV)
21.
Which of the following statements is TRUE about the failure rate of new businesses?
a)
About 90% of new businesses will fail in the first year of operations.
b)
About 85% of new business will fail within two years of opening.
c)
About 75% of new businesses will fail within five years of opening.
d)
About 50% of new businesses will fail within five years of opening.
22.
Which of the following is a reason why small businesses fail?
a)
Lack of research, preparation, and planning.
b)
Poor management and leadership skills.
c)
Lack of financial capital.
d)
All are reasons why businesses fail.
23.
Entrepreneurs start many kinds of new businesses.
a)
True
b)
False
24.
Those businesses designed for rapid expansion will often rely on a common product or process to fuel their growth.
a)
True
b)
False
25.
Founders of rapidly expanding entrepreneurial ventures will often have an exit strategy or a harvest plan in place.
a)
True
b)
False
100 %
