Deck 3: Positioning Yourself As an Entrepreneur

Question 1

How many steps are in the opportunity selection process?

A) 4
B) 5
C) 6
D) 7

Answer 1

7

Question 2

Which of the following would you use if you wanted to screen ideas in order to find solutions?

A) brainstorming
B) matrix grid
C) situational analysis
D) mind mapping

Answer 2

matrix grid

Question 3

According to Michael Porter, which of the following should NOT be part of your competitive strategy?

A) strengths and weaknesses
B) strengths and opportunities
C) opportunities and threats
D) threats and weaknesses

Answer 3

strengths and weaknesses

Question 4

According to Michael Porter, what factors are external to the company?

A) strengths and weaknesses
B) strengths and opportunities
C) opportunities and threats
D) threats and weaknesses

Question 5

What is the first step in the opportunity selection process?

A) formulate your business strategy
B) identify your business goals
C) identify problems that need solutions
D) brainstorm for ideas

Question 6

What is the purpose of a matrix grid?

A) to brainstorm new ideas
B) to focus your ideas
C) to do a life-cycle analysis
D) to mind-map your ideas

Question 7

Work ethic, personal beliefs, and faith are examples of which of the following?

A) objectives
B) values
C) goals
D) strategies

Question 8

What is accomplished by listing business goals?

A) formulation of your values
B) completion of one step in the opportunity selection process
C) contribution toward finding a market gap
D) completion of a key step in a SWOT analysis

Question 9

What is Frogbox's main competitive advantage?

A) it is Canadian
B) it is a moving company
C) it is eco-friendly
D) it has a delivery service

Question 10

Which of the following is Step 5 of the opportunity selection process?

A) identifying problems that need solutions
B) identifying promising industry segments
C) identifying a return on owners' investments
D) brainstorming for solutions

Question 11

According to Statistics Canada's Survey of Electronic Commerce and Technology, what approximate percentage of private sector firms used Internet-based systems in 2007?

A) 6
B) 26
C) 36
D) 46

Question 12

According to Statistics Canada's Survey of Electronic Commerce and Technology, what approximate percentage of private sector firms had a website in 2007?

A) 98
B) 75
C) 41
D) 65

Question 13

Which of the following does a matrix grid accomplish?

A) helps you to mind-map your business
B) facilitates useful brainstorming
C) helps you to formulate your business values
D) helps you to focus on the best course of action

Question 14

Which of the following works best with brainstorming?

A) a matrix grid
B) the open flow of ideas
C) a lot of structure to keep discussions on target
D) an opportunity selection matrix

Question 15

Which of the following is a defining characteristic of a business vision?

A) your company's purpose and aims
B) personal values
C) where you want to be
D) how you are going to get there

Question 16

A SWOT analysis includes the evaluation of which of the following?

A) internal strengths and weaknesses
B) external strengths and internal threats
C) external weaknesses of opportunities
D) internal threats and opportunities

Question 17

Which of the following best defines a market gap?

A) where you want your business to go
B) an area where needs are not being met
C) a small target market
D) a weakness within the marketing department

Question 18

Which of the following is a defining characteristic to identifying the secret to focusing on market gaps?

A) finding a target market
B) dealing with a weakness within the marketing department
C) defining your company vision
D) defining your business mission

Question 19

What is represented by the statement "To sell environmentally friendly cleaning products to convenience stores in our city in order to reduce our growing dependence on chemicals"?

A) vision
B) mission
C) SMART objective
D) goal

Question 20

According to the text, what number of market gaps should you identify?

A) 2
B) 2-3
C) 3-4
D) 4-5

Question 21

What is the term for the process of getting all the different functions of a business working to create value?

A) market grid
B) brainstorming
C) Business Model Canvas
D) business strategy

Question 22

What timeframe for listing your business goals is recommended in Action Step 17?

A) less than 1 year
B) 1-2 years
C) 2-3 years
D) 3-5 years

Question 23

SMART is an acronym for which of the following objectives?

A) specific, momentous, attainable, revenue based, and time sensitive
B) specific, momentous, attainable, realistic, and timely
C) specific, measurable, action based, realistic, and time framed
D) specific, measurable, action based, revenue based, and time framed

Question 24

What is represented by the statement "To help time-strapped adults prepare and eat healthy meals"?

A) mission
B) objective
C) vision
D) values statement

Question 25

Which statement best identifies the market research findings of Crazy Plates trio Greta and Janet Podleski and David Chilton?

A) an increase in Canadians reading cookbooks
B) a rise in the number of "time strapped" Canadians
C) a market gap for dishes and household items
D) a huge demand for a second Crazy Plates edition

Question 26

According to David Chilton, author and Dragons' Den TV celebrity, which of the following was a major reason for the success of Crazy Plates?

A) a compelling vision by the owners
B) technology and the Internet
C) the owners' business-to-consumer (B2C) strategy
D) the company's communication strategy

Question 27

New distribution channels, changing tastes, and technological improvements are examples of which of the following?

A) external opportunities
B) external strengths
C) internal opportunities
D) internal strengths

Question 28

A focus on which of the following is most likely to lead to identification of a market gap?

A) mature market
B) target customer
C) industry growth sector
D) embryonic market

Question 29

According to Crazy Plates trio Greta and Janet Podleski and David Chilton, what was a main reason for their frozen food meal kit success?

A) the right target market
B) high quality food
C) exclusive distributorship
D) vision

Question 30

Identifying your business goals is the final step in the opportunity selection process.

Question 31

Idea filters, such as heavy competition, low profit potential, and uncertain demand, are part of the opportunity selection funnel.

Question 32

According to the author, business objectives are rarely measurable.

Question 33

According to the author, you should keep your personal values separate from your business mission and strategy.

Question 34

According to Michael Porter, having a narrow social expectation should be part of your competitive strategy.

Question 35

According to the author, turning problems into opportunities is a key to small-business success.

Question 36

A market gap is an area of the market where needs are being met.

Question 37

According to the textbook, brainstorming is a key step in the opportunity selection process.

Question 38

A matrix grid is designed to improve your focus and help you to evaluate ideas.

Question 39

According to business experts, a major part of formulating a business strategy is the analysis of strengths and weaknesses.

Question 40

A compelling vision and a clear mission were two major reasons for the success of Kinnikinnick Foods Inc.

Question 41

The matrix grid is a structured way of arriving at opportunities.

Question 42

A brainstorm will not help identify gaps in the marketplace.

Question 43

An example of a business objective is: To help growing small businesses improve their profitability, effectiveness, and long-term growth through implementation of, and training in, computer networks.

Question 44

In some cases, the guiding principles of the company or owner are embedded in the mission statement.

Question 45

According to savvy business professionals, your best business opportunity will be where your personal vision and values meet your business mission.

Question 46

"A deep-rooted love of books and technology" is an example of a business mission.

Question 47

The term SWOT refers to an analysis of external strengths and weaknesses and internal threats and opportunities.

Question 48

When brainstorming, you are trying to come up with the most reasonable ideas.

Question 49

According to the textbook, a business reflects the values and personality of the people that own and operate it.

Question 50

Your business mission statement sets out the things in life that are important to you.

Question 51

Trust in and concern for others are examples of the mission objectives for a business.

Question 52

Your business strategy is composed of specific objectives.

Question 53

The Business Model Canvas has nine basic building blocks.

Question 54

Your mission statement should be specific and measurable.

Question 55

The purpose of focusing on market gaps is to find a target customer.

Question 56

According to the textbook, if you, the business owner, lack experience, this would be classified as an external threat to your business in your SWOT analysis.

Question 57

An industry segment is an area of the market where needs are not being met.

Question 58

Your business strategy is a statement of your company's vision and mission.

Question 59

David Chilton had extensive experience in the book business. This factor would be considered an internal strength in a SWOT analysis for any of his businesses.

Question 60

To help sift ideas and find opportunities, you can use a __________ ___________.

Question 61

The first step of the opportunity selection process is to identify your business __________.

Question 62

Important steps in the opportunity selection process are to identify promising industry segments and identifying problems that need ________________.

Question 63

An area of the market where needs are not being met is called a ____________ ___________.

Question 64

Specific, measurable, action-based, realistic, and time-framed are terms that define useful ____________ .

Question 65

An analysis of internal strengths and weaknesses and external threats and opportunities is usually referred to using the acronym ________________.

Question 66

The things in life that are important to you are your ______________.

Question 67

A broad program for achieving an organization's objectives and implementing its vision is a business _______________.

Question 68

A ____________ __________ is a framework of how all the different interrelated parts of a business work together to create value in the marketplace.

Question 69

Define the term mission statement and give an example of one.
Note to Instructor: You may want to encourage students to formulate a mission statement for their own businesses-preferably in 25 words or less.

Question 70

According to Michael Porter, what are the four key elements of a competitive strategy?

Question 71

Identify the seven steps of the opportunity selection process.

Question 72

Describe the purpose of a matrix grid.

Question 73

In the opportunity selection process, what is the relationship between identifying promising industry segments and profiling target consumers?

Question 74

Briefly describe the meaning and purpose of a business strategy.

Question 75

Briefly define the acronym SWOT and explain the purpose of the use of this technique.

Question 76

Discuss how the Business Model Canvas fits in with a Business Model. Describe what is involved in looking at each of the nine building blocks.