Entrepreneurs do not need good teamwork skills, because they are the ones calling the shots.

Sometimes a business opportunity arises from a discovery or an invention.

If one of your goals as an entrepreneur is to make large sums of money quickly, you almost certainly will be disappointed.

The most successful entrepreneurs make decisions based on their intuition or a "gut feeling" about a situation.

The problem-solving process is not complete until you evaluate the action, since even a well-thought-out solution may not work.

Everyone's wants and needs are the same.

Economic wants are the basis of an economy.

As entrepreneurs create more goods and services, consumers have fewer wants and needs.

Communism is an example of a traditional economy.

The primary reason a business exists in a market economy is to provide products or services to consumers and to earn a profit.

Variable costs are also called sunk costs.

Marginal cost measures the disadvantages of producing one additional unit of a good or service.

A business with many variable costs is a higher risk than a business with mostly fixed costs, because fixed costs will be incurred regardless of the level of sales.

Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits are called demographics.

You can ask the same kinds of questions in a focus group that you would ask in a survey, but the group setting allows for more discussion and interaction regarding each question.

Any kind of information an entrepreneur can collect in market research is potentially valuable.

An entrepreneur should probably perform some secondary market research first to become more familiar with the market.

The analysis of marketing data should be in a written format so it can be referred to at a later date.

Your direct competitors will always be in the same geographic area as your business.

Short-term goals are what you want your business to achieve in the next month.

It has been found that often a small percentage of the product selection makes up the majority of the sales revenue.

In a consumer-driven economy, entrepreneurs realize that sometimes they must include products in their mix as a convenience for customers even though they may not be profitable.

Not all products have features.

Different products and services within the same category serve different customer needs.

Markup and markdown prices are two methods of competition-based pricing.

Getting a product to the market in a timely manner is an important component of the distribution phase.

One similarity between advertising and publicity is that a business must pay for both.

Customers are mainly interested in the features of a product or service, rather than the benefits they will receive.

Little time is spent on emotional buying decisions.

Fixed costs remain the same regardless of the level of production or sales.

Entrepreneurs often identify new business opportunities by observing changes in consumer preferences and market trends.

Market research is only useful before launching a new product, not after it is introduced to the market.

Psychographics provide information about consumers' values, interests, and activities.

Entrepreneurs can use market research to improve existing products and services.

In a market economy, businesses compete to satisfy the wants and needs of consumers.