Question 1

The process which helps an entrepreneur answer the question,"Is this idea for a new business really viable?" is called

Accepted Answer

Feasibility analysis is the process of determining whether a business idea is viable or not. It involves analyzing various factors such as market demand, competition, financial resources, and technical feasibility to assess the likelihood of success for a new business venture. The other options - service analysis, pet fountain analysis, prototype analysis, and concept analysis - do not accurately describe the process of evaluating the viability of a business idea.

Question 2

A tool,or process,used to help understand how a customers sees and evaluates a product is known as

Accepted Answer

A perceptual map is a tool used to understand how a customer perceives and evaluates a product relative to competitors. It allows companies to identify areas where they may have a competitive advantage or disadvantage and develop targeted marketing strategies.

Question 3

Say that you have an idea for a new product. Before you start a business to produce it,you want to see if people might actually buy it. You build a prototype of the product and show it to people. By doing this,you are conducting a

Accepted Answer

By building a prototype and showing it to people to see if they would actually buy it, you are conducting a concept test. A concept test is a type of market research that helps you evaluate the potential of a new product, service or idea before you launch it. It allows you to gather feedback from your target audience and make informed decisions about your product's features, pricing, positioning, and marketing strategy.

Question 4

A person wants to start a business to capitalize on an idea she has. She begins to gather information about possible customers,existing competitors,government regulations,etc.because she wants to see if her idea for a business makes sense. This is known as

Accepted Answer

Feasibility analysis involves gathering information about various aspects of a business idea to determine its viability, including researching potential customers and competitors, and evaluating government regulations that may impact the business. This analysis helps the entrepreneur determine if their idea is viable and can potentially lead to a successful business venture.

Question 5

Which of the following would be a factor that can badly distort the interpretation of information?

Accepted Answer

All of the above factors can badly distort the interpretation of information. The tendency to accept early favorites can lead to confirmation bias and failure to consider alternative hypotheses. Group polarization can lead to extreme positions being taken and a lack of consideration for opposing viewpoints. Groupthink can lead to a lack of critical thinking and conformity to the group's dominant viewpoint. Tendency to ignore unshared information can result in overlooking important information that may challenge or contradict established beliefs.

Question 6

An entrepreneur developed a service for which he believed there was a fairly small,but clearly defined,group of potential customers. He believed that he could design the service to fit those customers very well. This type of customer group is called a

Accepted Answer

A niche market is a small, specialized segment of the overall market that has unique needs or preferences. This entrepreneur has identified a specific group of potential customers that he believes he can serve very well, which is indicative of a niche market.

Question 7

When making a decision in a group,sometimes the members of the group will shift toward views that are more extreme than the ones with which they began. This is known as

Accepted Answer

Group polarization is when individuals in a group shift to more extreme views than they originally held. This occurs because when people discuss a topic in a group, they are exposed to a wider range of arguments and perspectives, leading them to become more certain of their original beliefs and potentially even adopt more extreme positions.

Question 8

Assume that you are part of a student group that must write a paper for a class. The first part of the project is to state a conclusion about a situation. Several group members have done that,and they have stated their conclusion strongly. You believe just as strongly that the conclusion is in error. However,since most of the other group members have stated their conclusion strongly,you don't want to risk "tearing the group apart." Also,you are now starting to question if you might be "wrong." (In reality,the conclusion stated by the group is in error.) This situation demonstrates

Accepted Answer

This situation demonstrates groupthink, which occurs when group members prioritize group cohesion and conformity over critical thinking and individual opinions. In this case, the group members who stated their conclusion strongly may have influenced others in the group to conform to their belief, causing the dissenting member to question their own opinion and avoid disagreement for fear of disrupting group harmony. The fact that the conclusion is in error highlights the dangers of groupthink and the importance of encouraging diverse perspectives and critical thinking within group dynamics.

Question 9

Which of the following questions could be asked by a potential employer without violating government regulations and laws protecting employees from discrimination?

Accepted Answer

All the questions listed could potentially violate anti-discrimination laws, as they pertain to personal information that is protected under various employment laws.

Question 10

List and describe four factors that can badly distort the interpretation of information when making decisions in a group.

Accepted Answer

The answer of List and describe four factors that can...

Question 11

A group is discussing options so that it can make a decision. One group member has been assigned the role of questioning each option;that is to raise questions about everything that is suggested. This situation demonstrates the use of

Accepted Answer

The situation described involves the use of a devil's advocate, where one group member is assigned the role of challenging and questioning each option suggested. This technique is often used to prevent groupthink and encourage creative thinking and thorough analysis of options. Confirmation bias, perceptual mapping, and repertory grid analysis are not directly relevant to this scenario.

Question 12

If someone lodges a complaint against a company with the Equal Employment Opportunity Commission,the burden of proof

Accepted Answer

The burden of proof falls largely on the employer. The employee only needs to show evidence of discrimination or harassment, while the burden is on the employer to provide a legitimate non-discriminatory reason for their actions. The EEOC will then evaluate the evidence from both parties to determine if discrimination occurred.

Question 13

Usually new ventures that directly target a specific market or specific geographic area are more successful than ones that do not focus their efforts and products in this way. Explain why that tends to be true.

Accepted Answer

The answer of Usually new ventures that directly target a...

Question 14

Discuss several government organizations designed to assist entrepreneurs. What is the goal of each?.

Accepted Answer

The answer of Discuss several government organizations designed to assist...

Question 15

In the past,airlines in the United States tended to hire only women,and only if they fit within a range of height and weight. These requirements tended to rule out men and women who did not fit the height and weight limits. Therefore,these hiring requirements resulted in

Accepted Answer

The hiring requirements of only hiring women and those who fit within a specific range of height and weight would likely result in adverse impact, which is when a seemingly neutral employment practice disproportionately affects a protected group. Men and individuals who do not fit the height and weight limits would likely be negatively impacted and might be less likely to be hired or considered for a job.

Question 16

Explain the "discovery test."

Accepted Answer

The answer of Explain the "discovery test."...

Question 17

The goal of the HubZone program is to

Accepted Answer

The HubZone program's goal is to boost economic development in historically underutilized business zones (HUBZones), which are typically located in economically disadvantaged areas. The program aims to create jobs and stimulate business growth in these areas by giving preference to companies located there in federal contracting opportunities.

Question 18

I am thinking about starting a new business to sell a product that I have developed. Part of what I am thinking about is how the potential customers will use the product. However,since I am quite familiar with the needs that this product will satisfy,I believe that the potential customers will use it the same way that I do. This form of thinking represents the (a)

Accepted Answer

This form of thinking represents confirmation bias, as the individual is assuming that their own experiences and perspectives are representative of the entire potential customer base, without seeking out external perspectives or data.

Question 19

Why is it important for entrepreneurs to gather marketing information before starting a new venture and what are some ways of gathering information?

Accepted Answer

The answer of Why is it important for entrepreneurs to...

Quiz 4: What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government