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WorksheetsChapter 4 Review
Total questions: 20
Worksheet time: 13mins
A(n) ________ is the process of examining a need in the market, developing a solution for that need, and determining the entrepreneur's ability to successfully turn the idea into a business.
business plan
strategic analysis
idea assessment
feasibility analysis
An effective tool used to help assess ideas is the ________.
idea toolkit
idea dashboard
idea sketch pad
iea metric
The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a ________.
business plan
strategic analysis
industry analysis
feasibility analysis
More women entering the workforce is an example of a ________ change.
economic
demographic
technological
sociocultural
The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change.
economic
demographic
technological
political and legal
The Internet is an example of a ____ force.
economic
demographic
technological
sociocultural
Generation Y and Generation Z are examples of ____ changes.
demographic
economic
technological
sociocultural
Which of the following is not a question to ask to evaluate an industry?
How sparse is the industry?
How large is the industry?
How fast is it growing?
What threats does the industry face?
Porter's five forces model assesses industry attractiveness by surveying these five factors ________.
potential entrants, suppliers, buyers, substitutes, and rivalry among existing firms
potential entrants, suppliers, buyers, similar products, and rivalry among existing firms
potential entrants, suppliers, raw materials, substitutes, and rivalry among existing firms
potential entrants, competitors, buyers, substitutes, and rivalry among existing firms
For Under Armour, its top 10 suppliers manufacture less than half of its products. To Under Armour, supplier power is likely to be ________
high
moderate
significant
low
Generally, an industry is more attractive when ____.
the number of competitors is large
Competitors are similar in size
the industry is growing at a fast pace
the opportunity to sell a differentiated product or service is present
An analysis that determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce the product or provide the service is referred to as ________.
product or service feasibility analysis
business prototyping
business plan analysis
financial feasibility analysis
Conducting ________ research involves collecting data firsthand and analyzing it while ________ research involves gathering data that has already been complied and is available.
primary; secondary
secondary; primary
primary; industry
product; secondary
A good advice to follow in customer surveys is ________.
"Keep them short"
"Be as detailed as possible"
"You've got them hooked, get all you can from them"
All of the above
Industry databases are a good source of ________ research.
secondary
primary
windshield
tertiary
The financial feasibility analysis takes these aspects into consideration ________.
capital requirements, human resources, and return on investment
capital requirements, estimated earnings, and return on investment
capital requirements, estimated earnings, and return on sales
capital requirements, estimated earnings, and return on owner's equity
The final aspect of the financial feasibility analysis combines the estimated earnings and the capital requirements to determine the ________.
estimated earnings
total capital requirements
net profit
rate of return on the capital invested
Asking the question, "Is this idea right for me?" is part of the process of assessing ________ feasibility.
business
financial
entrepreneur
all of these
The Business Model Canvas has ________ elements.
3
5
9
6
The process in which entrepreneurs test their business models on a small scale before committing serious resources to launch a business that might not work is known as ________.
business modeling
business prototyping
business planning
product or service feasibility analysis
