Deck 1: Your Great Adventure: Exploring Your Options

Question 1

Which of the following is a storage place in which to organize your personal and business ideas?

A) 7/11 Adventure Notebook
B) networking book
C) day planner
D) 24/7 Adventure Notebook

Answer 1

24/7 Adventure Notebook

Question 2

Which of the following is one source for new-eyes research information?

A) The Globe and Mail
B) a local drugstore
C) Profit magazine
D) trade journals

Answer 2

a local drugstore

Question 3

According to the author, which tool is most important in ensuring a successful start for a new business?

A) good location
B) business plan
C) enough capitalization
D) secondary research

Answer 3

business plan

Question 4

What term is used for a businessperson making a difference in the environment?

A) risk-taker
B) entrepreneur
C) green change agent
D) green innovator

Question 5

Which of the following describes most entrepreneurs?

A) agents of change
B) made not born
C) born not made
D) risk takers

Question 6

Which of the following describes a visionary self-starter who will take moderate risks?

A) intrapreneur
B) entrepreneur
C) stockholder
D) stakeholder

Question 7

Which tool would you use if you wanted a blueprint to help operate and measure the progress of a business?

A) business plan
B) start-up plan
C) operations and management (OM) plan
D) strategic plan

Question 8

Which of the following is an example of primary research?

A) Canadian Census report
B) Industry Canada website
C) networking
D) newspaper article

Question 9

Which type of research is published by Statistics Canada, Nielsen, and the Conference Board of Canada?

A) new-eyes research
B) secondary research
C) quantitative research
D) primary research

Question 10

Among the following, which is likely to be most common for a small-business owner?

A) a consistent 40-hour work week
B) profit
C) guaranteed vacations
D) taking work home with you

Question 11

According to Industry Canada, what number of employees does a micro business hold?

A) fewer than 5
B) fewer than 50
C) fewer than 250
D) fewer than 500

Question 12

According to the CFIB, how many entrepreneurs work more than 50 hours a week?

A) 1/4
B) 1/3
C) 1/2
D) 3/4

Question 13

According to Statistics Canada, how many people are employed in a typical Canadian small business?

A) 250-500
B) 50-250
C) 25-50
D) 1-20

Question 14

What is the first stage in the entrepreneurial road map?

A) start a 24/7 Adventure Notebook
B) look at what's hot in the marketplace
C) assess your skills and abilities
D) create a target market profile

Question 15

Most entrepreneurs are visionaries. Which one of the following tools is often used by entrepreneurs to help them picture what they want to become?

A) mind map
B) PERT chart
C) concept map
D) SWOT diagram

Question 16

What percentage of Canadian small businesses survive for at least five years?

A) 45
B) 51
C) 62
D) 70

Question 17

What approximate percentage of Canadian small business owners are serial entrepreneurs?

A) 25
B) 33
C) 60
D) 65

Question 18

According to the text, which of the following is the first step in building your personal road map to small business success?

A) creating a business plan
B) conducting secondary research
C) creating a mind map
D) identifying what you like to do

Question 19

According to the textbook, what approximate percentage of self-employed Canadians holds a postsecondary education?

A) 40
B) 50
C) 60
D) 70

Question 20

According to Statistics Canada, what is the percentage breakdown of self-employed men versus self-employed women for 2011?

A) 64/36
B) 65/35
C) 36/64
D) 25/75

Question 21

According to the Statistics Canada Business Register as of December 2011, which province/territory had the largest GDP per business establishment?

A) Ontario
B) Newfoundland
C) Northwest Territories
D) Nunavut

Question 22

According to Industry Canada, what number of employees does an SME typically employ?

A) fewer than 500
B) fewer than 250
C) fewer than 100
D) fewer than 50

Question 23

According to the Canadian Federation of Independent Business, which of the following factors ranks highly among entrepreneurs?

A) stressors
B) income
C) POP
D) life satisfaction

Question 24

What is the term for agents of change who work in medium-sized or large organizations?

A) serial entrepreneurs
B) managerial entrepreneurs
C) intrapreneurs
D) interpreneurs

Question 25

According to Industry Canada, the term micro business usually refers to a business that has how many employees?

A) fewer than 5
B) fewer than 10
C) fewer than 25
D) fewer than 50

Question 26

According to the text, why is Canada an entrepreneurial hotbed?

A) It has twice the percentage of self-employed people than the United States.
B) It has twice the percentage of self-employed people than the world.
C) It has triple the percentage of self-employed people than the United States.
D) It has triple the percentage of self-employed people than the world.

Question 27

According to the Canadian Federation of Independent Business (CFIB), 25 percent of entrepreneurs work how many hours per week?

A) 25-30 hours
B) 31-45 hours
C) 46-60 hours
D) 60+ hours

Question 28

According to the textbook, most small businesses are located in which industry sector?

A) service-providing
B) goods-producing
C) B2C
D) B2B

Question 29

According to 90 percent of entrepreneurs, which of the following is a major characteristic of running a business?

A) it is typical for vacations to be taken once a year
B) it is likely that profits will be shown in the first year
C) it is stressful
D) it is difficult to imagine working for someone else

Question 30

One way to expand your business knowledge is to interview small-business owners.

Question 31

Industry Canada's definition of a small business is any business having fewer than 50 employees.

Question 32

The first step to starting a small business is writing a business plan.

Question 33

The 24/7 Adventure Notebook is an invaluable tool that only captures personal goals of where you want to travel to and what you want to do.

Question 34

According to Statistics Canada, most small businesses are located in the service sector.

Question 35

The three kinds of research that are important to the entrepreneur are primary, secondary, and tertiary research.

Question 36

When you read about what someone else has discovered, you are carrying out secondary research.

Question 37

Most successful entrepreneurs, like Adrienne Armstrong of Arbour Environmental Shoppe, first start a business and then write a comprehensive business plan later on when capital funding is required.

Question 38

Getting organized stifles creativity.

Question 39

New-eyes research is using your intuition and observation skills to observe your competition.

Question 40

Most people, like Matt Turner (Chapter 1 vignette), start a small business to give them the opportunity to become wealthy.

Question 41

According to Statistics Canada, 2.6 million Canadians are self-employed.

Question 42

According to Statistics Canada's December 2011 Business Register, Alberta had the most number of businesses registered.

Question 43

According to the textbook, POP represents People Persistent on Opportunity.

Question 44

According to PROFIT Magazine, entrepreneurial traits can be learned.

Question 45

Secondary research involves interacting with the world by talking to people.

Question 46

Serial entrepreneurs own more than one business.

Question 47

Business plans help owners measure the progress of their businesses.

Question 48

Business plans have differing formats and content depending on a number of factors.

Question 49

Matt Turner of Mechanic To You (Chapter 1 vignette) did not take no for an

Question 50

Sixty-four percent of small-business owners in Canada are women.

Question 51

According to Statistics Canada's July 2012 Business Register, there are about 1.1 million employer businesses in Canada.

Question 52

Entrepreneurs have similar personalities and temperaments.

Question 53

Studies have shown that only about 10 percent of small businesses survive their first year.

Question 54

Reading articles related to your business operation is primary research.

Question 55

Most entrepreneurs stay informed and keep on top of their businesses through primary research.

Question 56

Small business entrepreneurs are doers who see a market need and satisfy that need by translating it into a successful business.

Question 57

Those businesses or people with the highest probability of buying your product or service are called target customers.

Question 58

Forty percent of those who are self-employed in Canada have a postsecondary education.

Question 59

Innovation is the process of creating, changing, modifying, or improving a product, service, or business process with the purpose of creating value.

Question 60

A mind map is often used by entrepreneurs to generate ideas.

Question 61

Intrapreneurs are agents of change who only work in large-sized organizations.

Question 62

The term micro business usually refers to a one-person business with no employees.

Question 63

Small and medium-sized enterprises (SMEs) range in size from 1-50 employees.

Question 64

Action Step 5 is known as "______ yourself."

Question 65

The speed at which a product moves from storage to a shelf to a customer is ____________________.

Question 66

The best person to measure your own business success is __________.

Question 67

The person who is most likely to buy your product or service is called a __________ __________.

Question 68

A form of doodling for the purpose of generating ideas is known as __________ __________.

Question 69

A business with 1-4 employees is usually referred to as a _____________________.

Question 70

Agents of change who own or work in small, medium, or large organizations are referred to as _________.

Question 71

Goal-setting, business organization, and investment acquisition are facilitated by a __________ ___________.

Question 72

____________ are entrepreneurs who want to provide environmental change.

Question 73

________ is used when improving a product, service, or business process with the purpose of creating value.

Question 74

Briefly explain the three approaches to conducting research, as discussed in the textbook.

Question 75

List three sources of secondary research and three sources of primary research.

Question 76

What is a business plan? Why is a business plan important?

Question 77

What is a small-business entrepreneur? Although all entrepreneurs are not the same, what are five typical characteristics of an entrepreneur?

Question 78

The Chapter 1 opening case study describes the Mechanic To You success story. According to the text, what major factors contributed to the success of this business?

Question 79

Briefly describe the meaning of the term intrapreneur. Give three examples of the types of functions an intrapreneur might perform.