Deck 1: Entrepreneurs Recognize Opportunities

Question 1

How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs?

A) With profit
B) With awards
C) With praise
D) With applause
E) With a pat on the back

Answer 1

A

Question 2

Entrepreneurship options include ________.

A) Opportunities that are virtually limitless
B) For-profit ventures only
C) Not-for-profit organizations only
D) Only green business options
E) Only new technology and inventions

Answer 2

A

Question 3

A(n) ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business.

A) Franchise
B) License
C) Acquisition
D) Merger
E) Opportunity

Answer 3

A

Question 4

All of the following are components of control over compensation except ________.

A) Salary
B) Wage
C) Dividend
D) Commission
E) All of the above are components of control over compensation.

Question 5

Which of the following would be part of a product-uniqueness strategy?

A) Offering a low cost to the customer
B) Offering a one-of-a-kind product or service
C) Cutting operations costs
D) Limiting the salaries of employees
E) All of the above

Question 6

Gregory Dee's definition of social entrepreneurship states, "Social entrepreneurs play the role of change agents in the social sector by ________."

A) Adopting a mission to create and sustain social value
B) Serving a higher power
C) Not being concerned with profit or sustainability
D) Avoiding competition
E) Being concerned with mother earth

Question 7

Jumpstarting your imagination about entrepreneurial opportunity can be done by asking yourself and others questions like ________.

A) What is the one thing you would love to have more than anything else?
B) What would it look like?
C) What would it do?
D) What problem have you encountered in everyday life and thought, "There has to be a better way to do this"?
E) All of the above

Question 8

Which of the following could be considered an acquisition?

A) Inheriting your father's business
B) Building a new restaurant
C) Inventing a new product and selling it
D) Starting a recycling business
E) Buying a business from a retiring owner

Question 9

Based on the idea of cost and benefits, which of the following activities is most beneficial?

A) Playing video games
B) Watching a PBS special about nature
C) Seeing a speaker you admire and want to mentor you
D) Going to a movie with your favorite actor/actress
E) Hanging out with friends

Question 10

According to the text, which of the following is not a cost of becoming an entrepreneur?

A) Contribution to society
B) Business failure
C) Obstacles
D) Loneliness
E) Long Hours

Question 11

Which of the following is not an economic question listed in the text?

A) What should be produced?
B) How much will it cost to be produced?
C) When will it be produced?
D) Who will produce it?
E) Who gets to have what is produced?

Question 12

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

A) Use a new technology to produce a new product
B) Use an existing technology to produce a new product
C) Use an existing technology to produce an old product in a new way
D) Find a new source of resources
E) Find a new market for a new product

Question 13

Jeffry Timmons' view on the qualities of opportunity includes all of the following except ________.

A) Attractive
B) Durable
C) Timely
D) None of the above
E) All of the above

Question 14

Which of the following is not a tangible product?

A) Dining room set
B) A pound of chicken
C) A new car
D) Computer repair
E) Windows for your home

Question 15

Which of the following is not a way to identify business opportunity as discussed in the text?

A) Exploiting changes in the world
B) Seeing opportunity where others see problems
C) Training your mind to recognize opportunity
D) Using your imagination
E) Seeing what is wrong, but not a way to fix it

Question 16

Management expert Peter Drucker pointed out that, for a business to be considered entrepreneurial, it should exploit changes in the world. Which of the following areas have changes that entrepreneurs could exploit?

A) Technology
B) Politics
C) Socio-economics
D) All of the above
E) None of the above

Question 17

Which of the following could not be considered opportunity costs?

A) Time
B) Energy
C) Money
D) Entertainment
E) All of the above can be considered opportunity costs.

Question 18

The text defines profit as ________.

A) A positive gain from operations after all expenses are subtracted
B) A positive gain from operations before all expenses are subtracted
C) A positive gain from operations after fixed expenses are subtracted
D) A negative loss from operations after all expenses are subtracted
E) None of the above

Question 19

Which of the following is a typical characteristic of microenterprises?

A) Annual growth rate over 20%
B) Require large amount of outside financial support
C) Permit their owners to follow a desired pattern of living
D) Constitute the bulk of the small businesses
E) Usually have 5 or fewer employees

Question 20

Which of the following represents a "change" associated with the "five roots of opportunity" explored in the text?

A) The invention of the cell phone
B) Expanded completion within an industry
C) The entry of a new competitor
D) Development of the technology for social networking
E) The green movement and society's new concern with recycling

Question 21

Which of the following could be considered an internal opportunity?

A) Changes in the buying habits of potential customers
B) New technology
C) New competition
D) Foreclosure of homes in the United States
E) An interest or hobby

Question 22

The free-market system is also called ________.

A) Capitalism
B) Entrepreneurship
C) Management
D) Governance
E) None of the above

Question 23

The Millennial Generation's definition of success is less individualized than the traditional concept of success.

Question 24

Which of the following is not a question to ask yourself when considering your long-term vision?

A) At what age will you retire?
B) Who will take over then?
C) Do you plan to grow the business to a certain size or level of maturity and then sell it?
D) All of the above
E) None of the above

Question 25

Which of the following is not part of a SWOT analysis?

A) Strengths
B) Weaknesses
C) Opposition
D) Threats
E) All of the above are parts of the SWOT analysis.

Question 26

A product is something that is intangible.

Question 27

Every business idea is an opportunity.

Question 28

Voluntary exchange is a transaction between two parties who agree to trade money for a product or service.

Question 29

Roddick suggested that you develop your entrepreneurial instincts by asking yourself all of the following questions below except ________.

A) What frustrates me the most when I try to buy something?
B) What product or service would really make my life better?
C) What makes me annoyed or angry?
D) What product or service would take away my aggravation?
E) What is a product that has no flaws?

Question 30

According to the text, which of the following is not a benefit of becoming an entrepreneur?

A) Independence
B) Fame
C) Satisfaction
D) Financial reward
E) Self-esteem

Question 31

A savvy entrepreneur should not ________.

A) Rely mainly on making mistakes for themselves and learning from them
B) Learn from the mistakes of others
C) Appreciate the wisdom and experience of trusted advisors and mentors
D) Carefully plan and prepare to avoid mistakes
E) All of the above

Question 32

Robbery is a voluntary exchange.

Question 33

About one in five new businesses fails in the first eight years.

Question 34

The free market system is also called capitalism and is characterized by all of the following attributes except ________.

A) Individuals and companies may compete for their own economic gains
B) Private property ownership and wealth are permissible
C) Free market forces determine prices
D) Government is expected to help regulate the market
E) All of the above are attributes

Question 35

It may be against the law to use someone else's creative ideas as a basis to start your business.

Question 36

The window of opportunity is the length of time you have to get your business idea to your market.

Question 37

Entrepreneur is a French word that originally meant ________.

A) Someone who owns a business
B) Someone who undertakes any project that entails risk
C) Someone who runs a business
D) Someone who makes financial gains in business
E) Someone who owns, runs, and makes financial gains in business

Question 38

A franchise is a consensual relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group seeking to use that identification in a business.

Question 39

One attribute of capitalism is that free market forces determine prices.

Question 40

Which of the following is a "problem" that an entrepreneur can address?

A) A toy that does not meet the expectations of customers
B) Legal changes
C) A new computer processing technology
D) Renewed competition in an industry
E) All of the above

Question 41

Would you apply a product uniqueness or low cost approach for competitive advantage? How would you apply the approach?

Question 42

A new version of an existing product is considered an invention.

Question 43

Business opportunities are based solely on the external market.

Question 44

If you opened a restaurant, would you be providing a tangible product or an intangible service? Explain your answer.

Question 45

Threats are defined as all of the negatives that the entrepreneur faces, such as lack of capital or training, or failure to set up a workable accounting system. These are internal to the organization.

Question 46

A trade-off can be defined as giving up one thing to lose another.

Question 47

What would be some of the costs and benefits of becoming an entrepreneur? How would they affect your life?

Question 48

What are the two kinds of social businesses?

Question 49

Green Entrepreneurship is another form of social entrepreneurship.

Question 50

Discuss how you would create a business opportunity. What are the factors to consider, the sources of information you would value, changes to take into consideration, and so on? How is this an opportunity versus an idea?