Question 1

This type of business plan is a step down from the most complete type of business plan.

Accepted Answer

A summary business plan is a condensed version of a full business plan that includes the essential information but not the detailed analysis and research of a full plan. It is less comprehensive and less time-consuming to create, making it a step down in terms of complexity from a full plan. The other options listed, executive summary and synopsis-type plan, are typically components of a full business plan rather than standalone types of plans.

Question 2

One key difference between an entrepreneurial venture and a small business is that the entrepreneurial venture focuses on ________.

Accepted Answer

An entrepreneurial venture focuses on innovation, which involves creating new products, services, or ways of doing things that disrupt existing markets or create new ones. This is different from a small business, which may focus more on productivity, efficiency, or providing a consistent level of quality for an existing product or service.

Question 3

During the organizing phase of an entrepreneurial venture, an entrepreneur ________.

Accepted Answer

During the organizing phase of an entrepreneurial venture, an entrepreneur selects a legal business organization form.

Question 4

Uncovering business ideas, looking at competitors, and exploring financing options are part of this phase of the entrepreneurial process.

Accepted Answer

This phase of the entrepreneurial process is the researching and analyzing stage where feasibility of the venture is studied, competition is identified, and financing options are explored. Therefore, option C "researching the venture's feasibility" is the best choice.

Question 5

Survival rates of entrepreneurial ventures that started in a recession are ________ those that started in an expansion.

Accepted Answer

The answer of Survival rates of entrepreneurial ventures that started...

Question 6

In the wake of high unemployment, statistics show that entrepreneurship is ________.

Accepted Answer

High unemployment often motivates individuals to start their own businesses as a means of creating their own jobs. Therefore, entrepreneurship tends to be high during times of high unemployment.

Question 7

Besides being innovative in some way, a second defining characteristic of an entrepreneurial venture is that it is ________.

Accepted Answer

Being focused on growth is a common characteristic of entrepreneurial ventures. While they may start small, the goal is usually to achieve scalability and expand the business over time. Dedication to quality and originality are also important, but not defining characteristics of an entrepreneurial venture. Being small in size is not necessarily true, as some ventures may start with a large team or investment.

Question 8

This type of business plan is a step up from the simplest type of business plan.

Accepted Answer

The answer of This type of business plan is a...

Question 9

This is an important part of researching a firm's feasibility.

Accepted Answer

The answer of This is an important part of researching...

Question 10

After four years, ________ business.

Accepted Answer

Statistics show that approximately 56 percent of entrepreneurial ventures fail within the first four years, meaning they are out of business.

Question 11

Once an entrepreneurial venture is actually up and running, the entrepreneur switches to a ________ role.

Accepted Answer

Once an entrepreneurial venture is up and running, the entrepreneur needs to take on a managerial role to ensure that the day-to-day operations run smoothly and efficiently. This includes overseeing employees, managing finances, and making strategic decisions to maintain and grow the business.

Question 12

An entrepreneurial venture and a small business ________.

Accepted Answer

An entrepreneurial venture and a small business share many similarities, such as the need to identify a market need, develop a business plan, obtain financing, and manage operations. However, entrepreneurial ventures tend to be more innovative and growth-oriented, while small businesses may focus on stability and long-term success.

Question 13

An "accidental entrepreneur" is someone who became an entrepreneur because he or she ________.

Accepted Answer

An accidental entrepreneur becomes an entrepreneur unintentionally or unexpectedly, often as a result of losing their job or being unable to find employment elsewhere. They may start their own business as a means of survival or out of necessity, rather than as a result of a pre-existing entrepreneurial dream or opportunity.

Question 14

During the first step of the planning phase of an entrepreneurial venture, this is accomplished.

Accepted Answer

During the first step of the planning phase, stating a mission is typically the best choice. This involves defining the purpose of the entrepreneurial venture and what it hopes to achieve. This will guide decision-making and inform other aspects of the planning process. While selecting a legal business organization form and selecting an organizational design are important, they typically come later in the planning process. Performing a copyright search may be necessary for certain types of businesses, but it is not a necessary first step.

Question 15

Which of the following is typically involved in exploring the entrepreneurial context of a new venture?

Accepted Answer

The answer of Which of the following is typically involved...

Question 16

During the launching of a venture, which of the following is accomplished?

Accepted Answer

The answer of During the launching of a venture, which...

Question 17

When it was first starting out, the Viking Range company qualified as an entrepreneurial organization because its products were ________.

Accepted Answer

The fact that Viking Range's products were innovative and different indicates that the company was trying to introduce something new in the market. This is a key characteristic of an entrepreneurial organization.

Question 18

This is the simplest and briefest type of business plan.

Accepted Answer

The executive summary is the simplest and briefest type of business plan, providing a concise overview of the key elements of a full business plan. It is typically one to two pages in length and highlights the main points of the plan.

Question 19

In most cases, the first step in the initial (pre-planning)phase of the entrepreneurial process is this.

Accepted Answer

The first step in the initial (pre-planning) phase of the entrepreneurial process is typically to identify potential opportunities. This involves exploring the market and identifying customer needs or gaps in the market that could be filled by a new venture. Once potential opportunities have been identified, the entrepreneur can move on to researching the feasibility of the venture, exploring finance options, and planning the venture.

Question 20

After the startup has been planned and organized, the next step is ________.

Accepted Answer

The answer of After the startup has been planned and...

Quiz 16 : History Module