Question 1

Business opportunities,because they exist in real time,have a relatively narrow window of opportunity to become a successful business venture.However being the first to market does not guarantee success.

Accepted Answer

While being the first to market can give a business an initial advantage, it does not guarantee long-term success. Other factors such as market demand, competition, and effective execution of the business plan all play a role in the success of a venture. Additionally, business opportunities can emerge and evolve over time, allowing for new entrants to enter the market and potentially succeed.

Question 2

A SWOT analysis is an examination of the strengths,weaknesses,opportunities,and threats to determine the business opportunity viability of an idea.

Accepted Answer

A SWOT analysis is exactly meant to examine the strengths, weaknesses, opportunities, and threats of a business idea to determine its viability.

Question 3

Mark Twain said:"Like I tell anybody,if you fail to plan,you're planning to fail."

Accepted Answer

This quote is often attributed to Benjamin Franklin, not Mark Twain.

Question 4

A SWOT analysis should consider as potential strengths or weaknesses whether there are unfilled customer needs and the extent to which intellectual property rights exist.

Accepted Answer

These are important factors to consider in a SWOT analysis as they can affect the competitiveness and success of the business. Unfilled customer needs can represent opportunities for growth and innovation, while intellectual property rights can provide a competitive advantage and protect the company's innovations and ideas.

Question 5

Best practices of high-growth,high-performance firms applied in the management practices area include "assembling a management team that is balanced in both functional area coverage and industry/market knowledge."

Accepted Answer

Assembling a balanced management team with functional area coverage and industry/market knowledge is a common best practice among high-growth and high-performance firms in the management practices area.

Question 6

Best practices of high-growth,high-performance firms applied in the financial practices area include "preparing detailed monthly financial plans for the next year and annual financial plans for the next five years.

Accepted Answer

High-growth, high-performance firms typically have a focus on long-term planning, and preparing detailed financial plans is a common practice to ensure financial stability and growth.

Question 7

A SWOT analysis focuses on strengths (S),worries (W),opportunities (O),and treats (T).

Accepted Answer

The answer of A SWOT analysis focuses on strengths (S),worries...

Question 8

For ventures that first get to market or create intellectual property rights,it's common to price new products or services at high markups or profit margins.

Accepted Answer

This is often called the "first-mover advantage," where companies can charge higher prices for innovative new products or services before competitors enter the market. As more competitors enter, prices tend to become more competitive and profit margins may decrease.

Question 9

"Entrepreneurial ventures" are firms that allow owners to pursue specific lifestyles while being paid for doing what they like to do.

Accepted Answer

The answer of "Entrepreneurial ventures" are firms that allow owners...

Question 10

Best practices of high-growth,high-performance firms applied in the marketing practices area include "developing new products or services that are considered to be the best."

Accepted Answer

High-growth, high-performance firms strive to develop new products or services that are considered to be the best in order to stay ahead of their competitors and continue their growth trajectory. This is a key strategy in their marketing practices.

Question 11

An entrepreneur may start a number of different types of businesses,including salary-replacement firms,lifestyle firms,and entrepreneurial firms or ventures.

Accepted Answer

An entrepreneur can choose to start any type of business, but these three types are common options. Salary-replacement firms aim to replace the entrepreneur's previous income, lifestyle firms prioritize the entrepreneur's lifestyle and personal interests, and entrepreneurial ventures focus on growth and innovation.

Question 12

"Salary-replacement" firms provide their owners with income levels comparable to what they could have earned working for much larger firms.

Accepted Answer

Salary-replacement firms aim to provide their owners with income levels comparable to what they could have earned working for much larger firms.

Question 13

A "venture opportunity screening" is the same thing as preparing a business plan.

Accepted Answer

A venture opportunity screening is a preliminary process of evaluating a potential business opportunity to determine if it is worth pursuing further. It is not the same as preparing a full business plan, which comes later in the process if the opportunity is deemed viable.

Question 14

A sound business model is a plan to generate investor interest,make profits,and grow asset investments.

Accepted Answer

The answer of A sound business model is a plan...

Question 15

A sound business model should provide a plan to generate revenues,make profits,and produce free cash flows.

Accepted Answer

A sound business model should not only focus on generating revenues, but also on making profits and producing free cash flows. All three components are important for the long-term success and sustainability of a business.

Question 16

Best practices of high-growth,high-performance firms applied in the marketing practices area include "preparing detailed monthly financial plans for the next year and annual financial plans for the next five years.

Accepted Answer

The statement does not relate to the best practices of high-growth, high-performance firms in marketing practices. While financial planning is important for overall business success, it is not directly related to marketing practices.

Question 17

Once conceptualized,a new idea should be examined for its business feasibility.

Accepted Answer

Before investing time and resources into developing a new idea, it is important to assess its potential for success in the marketplace. This includes examining factors such as the target market, competition, and financial feasibility.

Question 18

Ideas that are said to be "ahead of their time" are too early to become viable business opportunities for the inventor or innovator.

Accepted Answer

Ideas that are ahead of their time may be innovative and visionary, but they often require a cultural or technological shift before they can be accepted by the mainstream market. As a result, the inventor or innovator may struggle to find investors or customers willing to support their idea, making it difficult to turn the concept into a successful business.

Question 19

Entrepreneurial ventures emphasize survival and providing an acceptable living for their owners with growth being a secondary goal.

Accepted Answer

Entrepreneurial ventures typically focus on growth as a primary goal, with survival and providing a living being secondary.

Question 20

Lifestyle firms are growth-driven in terms of revenues,profits,and cash flows and also performance-oriented as reflected in rapid value creation over time.

Accepted Answer

Lifestyle firms are typically focused on providing a good quality of life for their owners and are not primarily driven by rapid growth, significant increases in revenues, profits, and cash flows, or quick value creation. They often prioritize work-life balance, personal interests, and sustainability over aggressive expansion.

Quiz 2: From the Idea to the Business Plan