Question 1

Emily is calculating her annual revenues, balance sheets, and breakeven points so she can write the ________ section of her business plan.

Accepted Answer

Emily is calculating financial data and projections, which are necessary for the financial section of a business plan.

Question 2

Organizing an entrepreneurial venture involves, among other activities, choosing a legal form of business organization.

Accepted Answer

Organizing an entrepreneurial venture does require choosing a legal form of business organization, as this will determine the liabilities, taxes, and other legal aspects of the company.

Question 3

In 1938 Dr. Roy Plunkett discovered that a certain material became very slippery when frozen, and PTFE was invented. Under the brand Teflon, PTFE coatings were applied to a wide variety of items from spacecraft to frying pans. DuPont was able to capitalize on ________.

Accepted Answer

The answer of In 1938 Dr. Roy Plunkett discovered that...

Question 4

Decades ago only former military personnel and hoodlums sported tattoos. Today tattoos are considered an art form, giving rise to a plethora of tattoo shops. These body artists have taken advantage of changes in ________.

Accepted Answer

The correct answer is C) perception, as the statement highlights the shift in societal views towards tattoos, from being associated with specific groups to being recognized as a form of art. This change in perception has led to the proliferation of tattoo shops.

Question 5

After the venture is launched, the entrepreneur continues with the same activities as before the launch.

Accepted Answer

After the launch of a venture, the entrepreneur's activities typically shift to focus on managing and growing the business, rather than solely on developing and preparing for launch.

Question 6

Which one of the following items is found in the financial data section of the business plan?

Accepted Answer

The pro forma cash flow analysis is a part of the financial data section of the business plan. It includes projected cash inflows and outflows, and helps to determine the financial feasibility and sustainability of the business. A) pricing is usually found in the marketing section, B) economic analysis is often part of the industry analysis section, and C) sales tactics are usually discussed in the sales and marketing section of the business plan.

Question 7

Dharma is examining her financial position, the market for her proposed new product, the types of ownership available to her, and the tax laws for her area to determine whether she should go forward with her new business. Dharma is conducting a ________

Accepted Answer

Dharma is conducting a feasibility study which takes into consideration all the factors mentioned such as financial position, market analysis, types of ownership, and tax laws to determine the practicality and feasibility of starting a new business.

Question 8

Arthur Fry thought his glue was a failure because it didn't stick permanently, but when applied to small squares of paper, it became the popular Post-It ® note. Arthur Fry took advantage of ________.

Accepted Answer

Arthur Fry took advantage of the unexpected outcome of his failed glue by realizing its potential as a sticky note.

Question 9

An important difference between entrepreneurs and the rest of us is that entrepreneurs can see opportunities the rest of us miss.

Accepted Answer

This statement is true, as entrepreneurs are often able to identify and create new business ventures or solutions where others do not see them.

Question 10

Before Henry Ford and Frederick W. Taylor collaborated, automobiles were built by craftsmen, one at a time. After the establishment of the assembly line, Ford was able to produce automobiles faster than his competitors. but with equivalent quality. and sell them for a fraction of the cost. Ford saw opportunity in ________.

Accepted Answer

The establishment of the assembly line was a significant change in the structure of the automobile manufacturing industry, allowing for faster and more efficient production. Ford saw the opportunity to capitalize on this new method of production and become a leader in the industry.

Question 11

The marketing plan becomes a part of the ________ section of the business plan.

Accepted Answer

The marketing plan is a detailed outline of the strategies and tactics that will be used to reach the target market and achieve organizational goals. It is a part of the description of the business section of the business plan, as it provides information about the products and services being offered, the competitive landscape, and the target customers.

Question 12

Explain the differences between an entrepreneurial venture and a small business.

Accepted Answer

The answer of Explain the differences between an entrepreneurial venture...

Question 13

Before launching his new venture, Doyle is studying the potential competitors for his new product. He will want to find an answer to which one of the following questions?

Accepted Answer

To gauge the potential success of his new product, Doyle will want to understand the strengths and competitive advantage of his potential competitors. This will help him fine-tune his product and strategy to differentiate from the competitors and provide value to the customers. The other options (financing, location, and employees) may be important factors to consider, but they are not as essential as evaluating the competitive advantage of the competitors.

Question 14

Among the more important pre-launch activities the entrepreneur must perform is the creation of a business plan.

Accepted Answer

A business plan is a crucial document for any entrepreneur to create pre-launch as it lays out the strategy, goals, and financial projections for the business.

Question 15

"Put a motor on a bicycle? You must be crazy!" Yet that is exactly what William Harley and Walter Davidson did. These two founders of the best-known American motorcycle company saw opportunity in ________.

Accepted Answer

The answer of "Put a motor on a bicycle? You...

Question 16

In the days before sterile adhesives, bandages were tied onto the patient. Next came adhesive tape with small squares of gauze attached, but making these in the doctors' office was tedious and time consuming. Finally Earle Dickson invented the Band-Aid for his wife, who needed a bandage she could apply to herself for small kitchen burns. Dickson saw ________.

Accepted Answer

Dickson saw a need for a more convenient process for applying bandages, which resulted in the invention of the Band-Aid.

Question 17

Farrah has created a computer-generated mockup of her new product for inclusion in the ________ section of her business plan.

Accepted Answer

The supporting documentation section of a business plan typically includes visual aids such as mockups or prototypes.

Question 18

Compare and contrast self-employment and entrepreneurship.

Accepted Answer

The answer of Compare and contrast self-employment and entrepreneurship....

Question 19

Which one of the following would most likely be a source for ideas for the would-be entrepreneur?

Accepted Answer

Personal interests and hobbies are often the starting point for entrepreneurs as it allows them to pursue something they are passionate about and find a unique angle or opportunity within that field. While manufacturing exhibitions and trade publications can offer information about a specific industry, they may not necessarily inspire an entrepreneur to start a new venture. Pure research can be helpful in identifying market trends and opportunities, but it may not provide the same personal connection and passion that comes from pursuing a hobby or interest.

Question 20

Recognizing the increase in birth rates since 1946, and disliking the task of changing his grandchildren's diapers, Victor Mills began developing a disposable diaper. Pampers were introduced to consumers in 1961. Mills saw opportunity in ________.

Accepted Answer

Victor Mills recognized the increase in birth rates since 1946, which is a change in demographics.

Quiz 10: Entrepreneurial Ventures