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KÍ TỰ ĐẦU VÀ ĐẶC BIỆT: 10 11 12 13 14 15 16 17 18 19 20 21 22 23 "Organize all the world's information and make it universally accessible and useful" is Google's: => mission statement are anything rare and valuable that a firm owns => Strategic assets are individuals who invest their personal capital directly in start-ups => Business angels are(is) generated when increasing production lowers the average cost of each unit produced => Economies of scale business models are ones that not fit the profile of standard business models, and are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry => Disruptive business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders => Standard costs are costs that a company incurs whether it sells something or not costs are the costs a company incurs as it generates sales => Fixed; Variable costs are costs that a company incurs whether it sells something or not => Fixed costs are costs that remain the same despite the volume of goods or services produced. costs vary proportionally with the volume of goods or services provided => Fixed; Variable costs are the costs a company incurs as it makes sales => Variable feasibility analysis is an assessment of the overall appeal of the industry and market for the product or service being proposed => Industry/target market feasibility is an assessment of the overall appeal of the product or service being proposed => Product/service involves a firm's relationship with its suppliers and involves all the activities of receiving, storing, and shipping component parts to the place where they will be added to the final product => Inbound logistics involves all the activities required to manufacture a product => Operations is (are) used to generate a number of ideas quickly => Brainstorming is a financial transaction whereby a business sells its accounts receivable to a third party at a discount in exchange for cash => Factoring is a quick financial assessment of the viability of a business idea => Financial feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business => Organizational feasibility analysis is the process of adapting a firm's core competencies to exploit new opportunities => Resource leverage
 is the process of creating something new, which is central to the entrepreneurial process => Innovation is the process of determining whether a business idea is viable => Feasibility analysis is the process of generating a novel or useful idea => Creativity marks are similar to ordinary trademarks, but they are used to identify the services or intangible activities of a business rather than a business's physical product => Service 24 25 26 27 28 29 30 31 32 33 marks are trademarks or service marks used by the members of a cooperative, association, or other collective group, including marks indicating membership in a union or similar organization => Collective means that as a firm grows and adds personnel, the new hires typically not have the same ownership incentives as the original founders, so the new hires may not be as motivated as the founders to put in long hours or may even try to avoid hard work => Moral hazard means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision => Adverse selection means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision => Adverse selection patents are the most common type of patent and cover what we generally think of as new inventions => Utility patents are the second most common type of patent and cover the invention of new, original, and ornamental designs for manufactured products => Design refers to the number of subscribers that a subscription-based business loses each month => Churn relationships are characterized by frequent interactions that form between coworkers, friends, and spouses => Strong-tie , a relatively new approach to partnering, takes place when a service provided comes inside a partner's facilities and helps the partner design and manage its supply chain => Insourcing are limited partnerships of money managers who raise money in "funds" to invest in startups and growing firms => Venture capital firms A A survey is an instrument that is used to gauge customer interest in a product or service => Buying intentions A involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent => concept test A is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders => business model A is a group of organizations with similar needs that band together to create a new entity to address those needs => consortia A is a resource or capability that serves as a source of a firm's competitive advantage over its rivals => core competency A is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace => trade secret A is any word, name, symbol, or device used to identify the source of origin of products or services and to distinguish those products or services from others => trademark A market is a place within a larger market segment that represents a narrower group of 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 customers with similar needs => target A brief, carefully constructed statement that outlines the merits of a business opportunity is called a(n) speech => elevator A business model is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders => TRUE A business plan can usually be completed in one to three days => FALSE A business plan is a firm's plan or diagram for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the profits it earns => FALSE A business plan is important as it forces the founding team to systematically think through every aspect of their new venture and => it communicates the merits of a new venture to outsiders, such as investors and bankers A business's early growth stage is generally characterized by increasing sales and heightened complexity => TRUE A business's mission or mission statement describes why it exists and what its business model is supposed to accomplish => TRUE A business's describes why it exists and what its business model is supposed to accomplish => mission statement A buying intentions survey is typically administered as part of feasibility analysis => Product/service A buying intentions survey is used to gauge customer interest in a product or service => TRUE A clearly articulated business model articulates a company's core logic to all stakeholders, including the firm's employees => TRUE A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it => FALSE A common way that gaps in the marketplace are recognized is => when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way A company's defines the products and markets on which it will concentrate => product/market scope A company's channels describe how it delivers its product or service to its customers => TRUE A company's customer list is most commonly protected under regulations => trade secret A company's industry analysis and target market analysis are usually included in the same section of its business plan => FALSE A company's mission statement should be placed in the section of its business plan => company description A company's product/market scope defines the products and markets on which it will concentrate => TRUE A company's target market is a place within a larger market segment that represents a narrower group of customers with similar interests => TRUE A company's scope defines the products and markets on which it will concentrate => product/market A competitor analysis should be included in the section of a business plan => market analysis 31 A competitor analysis, which is a detailed analysis of a firm's competitors, should be included in the market analysis section of its business plan => TRUE 32 A computer-generated image of an invention that displays the invention as a 3D model that can be viewed from all sides and rotated 360 degrees is called a(n): => virtual prototype 33 A concept statement should be two-three pages long => FALSE 34 A core competency is a resource or capability that serves as a source of a firm's competitive advantage over its rivals => TRUE 35 A firm's describes why it exists and what its business model is supposed to accomplish => mission statement 36 A firm's is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates => business model 37 A firm's is the limited group of individuals or businesses that it goes after or tries to appeal to => target market 38 A firm's business model is inherently dependent on the collection of resources it controls and the capabilities it possesses => It is dangerous for a company to assume that it can be successful by simply copying the business model of another firm 39 A firm's business model resides within its own boundaries => FALSE 40 A firm's core strategy is largely determined by its core competencies, or what it does particularly well => TRUE 41 A firm's operating leverage is an analysis of its debt versus its equity => FALSE 42 A firm's pace of growth is the rate at which it is growing compared to its main competitors => FALSE 43 A firm's pace of growth is the rate it is growing => on an annual basis 44 A firm's revenue streams describe the ways in which it makes money => FALSE 45 A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to => TRUE 46 A firm's describe(s) the ways in which it makes money => revenue streams 47 A firm's market is a place within a larger market segment that represents a narrower group of customers with similar interests => target 48 A form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work is referred to as a(n) => copyright 49 A grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for a specific period of time is referred to as a(n) => patent 50 A hub and wheel configuration with a local firm at the hub organizing the interdependencies of a complex array of firms is referred to as a: => network 51 A liquidity event accomplishes which of the following purposes? => Converts some or all of a company's stock to cash 52 A network entrepreneur is an individual who identifies his or her business idea => through social contacts 53 A network is a hub-and-wheel configuration with a local firm at the hub organizing the interdependencies of a complex array of firms => TRUE 54 A new venture team is the group of founders, key employees, and advisers that either manageor help manage a new business in its start-up years => TRUE 55 A patent is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the trademark => TRUE 56 A prototype is => the first physical depiction of a new product 57 A resource chain is the network of all the companies that participate in the production of a product, from the acquisition of raw materials to the final sale => FALSE 58 A solo entrepreneur is an individual who identified his or her business idea A network entrepreneur is an individual who identified his or her business idea .
=> on their own; through social contacts 59 A sources and uses of funds statement is a document that lays out specifically how much money a firm needs, where the money will come from, and what the money will be used for => TRUE 60 A strategic alliance is an entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization => TRUE 61 A supplier is a company that: => provides parts or services to another company 62 A tagline is a phrase that a business uses to reinforce its position in the marketplace => TRUE 63 A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace => TRUE 64 A trademark is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work => FALSE 65 A trademark is a word, name, symbol, or device used to identify the source or origin of products or services and to distinguish those products or services from others => TRUE 66 A trademark is registered with the => U.S Patent and Trademark Office 67 A utility patent can be obtained for a new product or process or the "idea" for a new product or process => FALSE 68 A utility patent is good for years from the date of the original application, a design patent is good for years from the date the patent is granted, and a plant patent is good for years from the date of the original application => 20; 14; 20 69 A(n) bank is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engaged in an initial public offering => investment 70 A(n) business plan, which is intended to be a blueprint for a company’s operations, is 40-100 pages long and is meant primarily for an internal audience => operational 71 A(n) business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing => full 72 A(n) describes why a company exists and what it aspires to become => mission statement 73 A(n) industry is an industry that is experiencing significant international sales => global 74 A(n) industry is an industry that is experiencing slow or no increase in demand => mature 75 A(n) industry is one that is characterized by a large number of firms of approximately equal size => fragmented 76 A(n) involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent => Concept test 77 A(n) is a favorable set of circumstances that creates a need for a new product, service, or business => opportunity 78 A(n) is a favorable set of circumstances that creates the need for a new product, service, or business A(n) is a thought, an impression or a notion => opportunity, idea 79 A(n) is a graphic representation of how authority and responsibility are distributed within a company => organizational chart 80 A(n) is a group of firms producing a similar product or service A firm's is the limited portion of the industry that it goes after or to which it wants to appeal => industry, target market 81 A(n) is a group of firms producing a similar product or service, such as computers, cars, or airplanes => industry 82 A(n) is a group of firms producing a similar product or service, such as electronic games, smartphones, or computers => Industry 83 A(n) is a group of firms producing a similar product or service A firm's is the limited portion of the industry that it goes after or to which it wants to appeal => Industry, target market 84 A(n) is a group of firms producing a similar product or service, such as soft drinks, airlines, or smartphone apps => industry 85 A(n) is a written agreement in which the owner of a piece of property allows an individual or business to use the property for a specified period of time in exchange for payments => lease 86 A(n) is a written document that describes all the aspects of a business venture in a concise manner => business plan 87 A(n) is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years => New venture team 88 A(n) statement describes why a company exists and what it aspires to become => mission 89 A(n) , in a business plan context, is a noteworthy event in the past or future development of a business => milestone 90 A(n) , which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience => operational business plan 91 A(n) , which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing => full business plan 92 According to a recent Gallop survey, about percent of kids in grades 5-12 say they plan to start their own business => 40 93 According to a Wells Fargo/Gallup Small Business Study cited in the book, a large percentage of entrepreneurs write business plans for their ventures => FALSE 94 According to Chapter 1, a sentiment that venture capitalists often express is that => they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea with a mediocre entrepreneur 95 According to Chapter 1, investors often cite the as their most important criterion in the decision to fund new ventures => strength of the entrepreneur 96 According to current regulations, any copyrightable work created on or after January 1, 1978, is protected by copyright law for the life of the author plus years => 70 97 According to our textbook, the seed money that gets a company off the ground typically comes from => the founders of the firm 98 According to Penrose, services generate new market, product and service ideas, while services administer the routine functions of the firm and facilitate the profitable execution of new opportunities => entrepreneurial; managerial 99 According to Penrose, entrepreneurial services generate new market, product, and service ideas => TRUE 100 According to Penrose, managerial services generate new market, product, and service ideas, while entrepreneurial services administer the routine functions of the firm and facilitate the proper execution of new opportunities => FALSE 101 According to reliable statistics, out of 10 businesses fail in their first few years of existence => FALSE 102 According to research in this area, it is more likely that an entrepreneur will get a new business idea through a -tie relationship than the alternatives.
=> weak 103 According to studies citied in the book, a large percentage of entrepreneurs write business plans for their ventures => FALSE 104 According to the basic model of firm growth articulated in Chapter 13, the ability to increase managerial services to facilitate growth is not friction free but is constrained and limited Which of the following selections is not one of the factors that constrains or limits a firm's ability to increase its managerial services? => Benchmarking 105 According to the consensus of the research, some people are genetically predisposed to be entrepreneurs => FALSE 106 According to the example provided in Chapter 5, www.1800contacts.com possesses a nontraditional barrier to entry referred to as => Internet domain name 107 According to the feature, Joost's most critical mistake dealt with subtle aspects of its business model In particular, its: => core strategy wasn't focused
 108 According to the Global Entrepreneurship Monitor (GEM) 2013 study, the majority of people in high-income countries are drawn to entrepreneurship => to take advantage of an attractive opportunity 109 According to the Global Entrepreneurship Monitor (GEM) 2013 survey, about percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 1/2 years => 12.7 110 According to the opening feature on Pure Fix Cycles, one of the biggest challenges the startup now faces is an increasingly competitive marketplace => TRUE 111 According to the results of the GEM 2013 survey, about out of every American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 1/2 years old => TRUE 112 According to the textbook, a 2010-2012 study of 350 entrepreneurs found that of those that had successful exist, only about started with a business plan => 30 percent 113 According to the textbook, a business plan is best described as a(n) => narrative description of a new business 114 According to the textbook, a focus group is a gathering of to 10 people who are selected because .
=> of their relationship to the issue being discussed
 115 According to the textbook, a well-managed business that finds its products and services are mature often => looks for partnering or acquisition opportunities to breathe new life into the firm 116 According to the textbook, beyond their own funds, the second source of funds for many new ventures is => friends and family 117 According to the textbook, by studying a product's or service's value chain an organization can: => identify ways to create additional value and assess whether it has the means to so
 118 According to the textbook, Chipotle Mexican Grill in fast−casual restaurants and 1−800−GOT_JUNK? in junk removal are examples of entrepreneurial firms who are exploiting opportunities in industries => fragmented 119 According to the textbook, Dropbox, Facebook, and LinkedIn are examples of firms => entrepreneurial 120 According to the textbook, entrepreneurs are => moderate risk takers 121 According to the textbook, entrepreneurship has historically had => a major impact on both the economy and society 122 According to the textbook, how well−managed firms respond to the five forces that determine industry profitability? => They try to position their firms in a way that avoids or diminishes the forces 123 According to the textbook, in many instances an investor will first ask for a copy of a firm's and will request a copy of the full business plan only if that portion of the plan is sufficiently convincing => executive summary 124 According to the textbook, it is => not inevitable that a business enter the decline stage of the organizational life cycle 125 According to the textbook, Justin's in peanut butter, Pure Fix Cycles in bicycles, and Flings Bins in trash bags are examples of entrepreneurial firms who are exploiting opportunities in industries => mature 126 According to the textbook, many entrepreneurs go about the task of raising capital haphazardly because they => lack experience in this area and because they don't know much about their choices 127 According to the textbook, many investors and others who read business plans look first at the executive summary and then go directly to the section of the business plan to make their preliminary assessment => management team and company structure 128 According to the textbook, most entrepreneurial firms => want to grow 129 According to the textbook, Nucor in steel, JetBlue in airlines, and Cirque du Soleil in circuses are examples of entrepreneurial firms who are exploiting opportunities in industries => declining 130 According to the textbook, only of the 600 entrepreneurs that participated in a recent Wells Fargo/Gallup Small Business Study indicated that they had started their venture with a business plan => 31 percent 131 According to the textbook, opportunities are .
=> tough to spot 132 According to the textbook, research results over time consistently suggest that somewhere between percent of those who start businesses got their ideas through social contacts => 40 and 50 133 According to the textbook, Southwest Airlines introduced a new market disruption type of disruptive business model => FALSE 134 According to the textbook, the are the heart of the financial section of a business plan => pro forma financial statements 135 According to the textbook, the best approach to utilizing a library for entrepreneurship- related research is to .
=> discuss your general area of interest with a reference librarian 136 According to the textbook, the businesses that have the potential to grow the fastest over a sustained period of time are ones that => solve a significant problem or have a major impact on their customers' productivity or lives 137 According to the textbook, the executive summary is arguably the most important section of the business plan => TRUE 138 According to the textbook, the first rule in making an oral presentation is to => follow instructions 139 According to the textbook, the first step in a competitor analysis is to => determine who the competition is 140 According to the textbook, the five competitive forces included in the Five Forces model determine the average => rate of return for the firms in an industry 141 According to the textbook, the four characteristics of successful entrepreneurs are => passion for the business, tenacity despite failure, product/customer focus, and execution intelligence 142 According to the textbook, the number one reason that people become entrepreneurs is to => be their own boss 143 According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will => positively influence people's lives 144 According to the textbook, the three different types of competitors a business will face are => direct, indirect, and future 145 According to the textbook, the three important things that a business can to prepare for growth are => appreciate the nature of business growth, stay committed to a core strategy, and plan for growth 146 According to the textbook, the toughest decisions regarding business growth are made in the stage of the organizational life cycle => continuous growth 147 According to the textbook, the unique value provided by business angels is they => are willing to make relatively small investments 148 According to the textbook, there are three categories of costs to consider when completing the "financing/funding" section of the Barringer/Ireland Business Model Template These are => operating costs, capital costs, and costs associated with setting up the firm 149 According to the textbook, there are three issues about business growth that entrepreneurs should appreciate These issues are => not all businesses have the potential to be aggressive growth firms, a business can grow too fast, and business success doesn't always scale 150 According to the textbook, there are three types of startup firms: => lifestyle firms, salary-substitute firms, and entrepreneurial firms 151 According to the textbook, trade secret disputes arise most frequently when => an employee leaves a firm to join a competitor and is accused of taking confidential information with him or her 152 According to the textbook, two of the most important factors to consider regarding "management prowess" are: => The passion the sole entrepreneur or the management team has for the business idea and the extent to which the management team or sole entrepreneur understands the markets in which the firm will participate 153 According to the textbook, which is the proper sequence of events in developing successful business ideas? => Opportunity recognition, feasibility analysis, development of a business plan 154 Adverse selection means that as a firm grows and adds personnel, the new hires typically not have the same ownership incentives as the original founders, so the new hires may not be as motivated as the founders to put in long hours or may even try to avoid hard work => FALSE 155 Advertising, commissions, download fees, licensing, and product sale are examples of => revenue streams 156 Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends => FALSE
 157 Al Jenkins is in the process of developing an exciting new product in the smartphone industry He'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback Al should complete and distribute a(n): => Concept statement 158 Alex and Patty Webb launched a firm several years ago and have been particularly successful in introducing new products to the marketplace One thing that Alex and Patty are particularly good at is translating their thoughts, creativity, and imaginations into products that reach the marketplace The ability to make this happen is most closely related to which of the following characteristics of successful entrepreneurs? => Execution intelligence 159 Alex has a number of casual acquaintances that he interacts with infrequently The relationships that Alex has with these people are referred to as -tie relationships.
=> weak 160 All businesses have the potential to be aggressive growth firms => FALSE 161 Almost all firms partner with others to make their business models work => TRUE 162 Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing => FALSE 163 Amazon.com's one-click ordering system and Priceline.com's "name-your-price" business model are examples of patents => business method 164 Amy Clark just opened a soup and salad restaurant near Golden Gate Park in San Francisco, CA Rather than borrow money or raise funds from investors, Amy used her creativity and ingenuity and figured out how to get her business up and running without the need for external funding Amy is utilizing a technique referred to as => bootstrapping 165 Amy has just launched a firm in the sports drink industry She has decided to complete a grid to see how she stacks up against her competitors Along the horizontal axis of the grid she lists her firm along with her major competitors Along the vertical axis of the grid she lists the main competitive factors in her industry Amy is completing a => competitive analysis grid 166 An arrangement between two or more firms that establishes an exchange relationship but has no joint ownership involved is called a: => strategic alliance 167 An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a => joint venture 168 An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) => triggering event 169 An example of a valuable library resource is IBISWorld, which is a(n) => database of industry-related information 170 An idea is a favorable set of circumstances that creates a need for a new product, service, or business => FALSE 171 An idea is a thought, impression, or notion It may or may not meet the criteria of an business plan What type of business plan should Sarah write at this point? => Summary business plan Several studies have shown that prior experience in an industry helps entrepreneurs recognize business opportunities.
=> TRUE Shelly Brunner owns a sports−themed restaurant which is located in an upscale business district in Chicago One advantage that Shelly has is that she bought the lot she built her restaurant on 25 years ago when lots in the area were selling for $50,000 Shelly knows that several potential competitors have looked at bare lots near his business but haven't been willing to pay the asking prices, which are as high as $500,000 Which of the six major sources of barriers to entry is causing a disincentive for new firms to enter Shelly's industry? => Cost advantage independent of size Shelly Jones is investigating the feasibility of a new tutoring service for high school students To get a good handle on the potential demand for her service, Shelly is scrounging around for information wherever she can find it She even spent two weeks volunteering as a math tutor at a local high school to see how students responded to her methods Shelly is conducting research => gumshoe Since the first patent was granted in 1790, the USPTO has granted 8.7 million patents => TRUE Since the first patent was granted, there have been over patents granted in the United States => 8.7 million 10 Small businesses outperform their larger counterparts in terms of patent activity (issuance) => TRUE 11 Some companies set up that meet regularly to discuss needs, wants, and problems that may lead to new ideas.
=> customer advisory boards 12 Some firms feel that they can better appeal to their customers if they can advertise that they are the "Number firm" in their industry This sentiment is motivated by the reason for growth labeled => market leadership 13 Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands These industries are difficult to break into without spending heavily on advertising The barrier to entry that the firms in these types of industries have erected is referred to as => product differentiation 14 Sometimes firms are compelled to grow to accommodate the growth of a key customer => TRUE 15 Southwest Airlines is an example of a disruptive business model => low-end 16 Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacturer a new innovative food blender Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur? => Product/customer focus 17 Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders => TRUE 18 Steven and Emily Campbell are planning to open a casual dining restaurant in downtown Akron, Ohio, and need $125,000 to get started They have $50,000 of their own money, which leaves $75,000 After getting turned down by a couple of banks, they decided to turn to their relatives and acquaintances for help Fortunately, they were able to raise the money through a gift from Steven's grandfather, a loan from Emily's parents, and a small investment by Steven's best friend in college, Doug The money that an entrepreneur raises in this manner is referred to as => friends and family 19 Steven Tanner is in the process of putting together the business model for his startup and is currently working on his mission statement, product/market scope, and basis for differentiation Steven is working on the component of his business model => core strategy 20 Strategic assets are anything rare and valuable that a firm owns => TRUE 21 Stroome, the focus on the opening feature for Chapter 6, has developed a new Web-based service for editing and remixing video Stroome's initial business model is based on making money in the following two ways: => a "freemium" pricing model and white labeling its site 22 Supplier concentration, switching costs, attractiveness of substitutes, and threat of forward integration are factors that have a direct impact on => bargaining power of suppliers 23 Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur? => Candidate A: visionary, energetic, moderate risk taker 24 Susan Spector is in the process of putting together the business model for her startup and is currently working on her core competencies and strategic assets Which of the components of her business model is Susan working on? => strategic resources 25 Sustained growth is defined as growth in both revenues and profits over an extended period of time => TRUE T Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of: => Primary research TempoRun, the company profiled in the opening feature of Chapter 4, makes an iPhone app that syncs the songs on a user’s phone with his or her running pace In 2013, the founders won a business plan competition that they later characterized as Shark Tank times 10 The judges were executives and well-known entrepreneurs from companies like Google, Square, and TechStars The competition was => Student Startup Madness held at the South by Southwest Festival in Austin, Texas Terry Washington recently started a new firm in the financial services industry Prior to starting his firm, he spent considerable time doing research on the potential of the industry The research that Terry was doing is called analysis => industry Terry Wells owns a growing company that makes innovative kitchen appliances One thing that Terry has to continually work at is to keep enough cash on hand to make sure she has sufficient liquidity to meet her payroll and cover her other short-term obligations The day-to-day challenge of firm growth this example is referring to is => cash flow management The is a short overview of the entire business plan => executive summary The is the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user.
=> value chain The Program is a competitive grant program that provides over $2.5 billion per year to small businesses for early−state and development projects => SBIR The section of a business plan breaks the industry into segments and zeroes in on the specific segment (or target market) to which the firm will try to appeal => market analysis The section of the business plan addresses the basic logic of how profits are earned in the business => Economics of the Business 10 The stage of the organizational life cycle is the startup phase, where a business determines what its core strengths and capabilities are and starts selling its initial product or service => introduction 11 The , which was drafted in 1979 by a special commission, attempted to set nationwide standards for trade secret legislation => Uniform Trade Secrets Act 12 The ability to notice things without engaging in deliberate search is referred to as => entrepreneurial alertness 13 The author of the book titled The Theory of the Growth of the Firm, which is referred to in Chapter 13, is => Edith Penrose 14 The average time for the approval of a patent is approximately seven months => FALSE 15 The Barringer/Ireland Business Model Canvas consists of major category(ies) and parts => 4; 12 16 The Barringer/Ireland Business Model Template has five major categories and 14 individual parts => FALSE 17 The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the: => business plan 18 The document that lays out specifically how much money a firm needs, where the money will come from, and what the money will be used for is referred to as a(n): => sources and uses of funds statement 19 The document that lays out specifically how much money a firm needs, where the money will come from, and what the money will be used for is referred to as a(n) => sources and uses of funds statement 20 The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm => FALSE 21 The executive summary is a lengthy overview of the entire business plan => FALSE 22 The facilities and equipment that a business needs should be described in the section of its business plan => operations plan 23 The federal Economic Espionage Act, passed in 1996, criminalizes => the theft of trade secrets 24 The Financials section of the Barringer/Ireland Business Model Template consists of three boxes The boxes are titled => revenue streams, cost structure, and financing/funding 25 The first box in the Barringer/Ireland Business Model Template is => business mission 26 The first patent, which was granted for a process of making potash, an ingredient in fertilizer, was signed by => George Washington 27 The first rule in making oral presentation is to follow instructions => TRUE 28 The first sale of stock by a firm to the public is referred to as a(n) => initial public offering 29 The First Screen feasibility analysis template included in Chapter is called "First Screen" because: => Feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea 30 The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration.
=> TRUE 31 The focus in organizational feasibility analysis is on financial resources => FALSE 32 The focus in organizational feasibility analysis is on: => Nonfinancial resources 33 The four components of a firm's business model are: => core strategy, strategic resources, partnership network, and customer interface
 34 The four components of an effective business model include: core strategy, strategic resources, partnership network, and customer interface => TRUE 35 The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility => TRUE 36 The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure => TRUE 37 The four major categories in the Barringer/Ireland Business Model Template are => core strategy, resources, financials, and operations 38 The four major categories in the Barringer/Ireland Business Model Template are: core strategy, resources, financials, and operations => TRUE 39 The four types of trademarks are => trademarks, service marks, collective marks, and certification marks 40 The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online The increasing number of social networks is an important trend => social 41 The information that is gathered by a firm to learn about its competitors is referred to as => competitive intelligence 42 The main challenges for a business in the introduction stage are to make sure the initial product or service is right and to start laying the groundwork for building a larger organization => TRUE 43 The main challenges for a business in the introduction stage of the organizational life cycle is => making sure the initial product or service is right and starting to lay the groundwork for building a larger organization 44 The main difference between the SBIR and the STTR programs is that the STTR program requires the participation of => researchers working at universities or other research institutions 45 The main exclusion from copyright laws is that copyright laws cannot protect => ideas 46 The major advantage of leasing is that => it enables a company to acquire the use of assets with little or no down payment 47 The major revenue drivers, which are the ways a business earns money, should be first identified in "The Economics of the Business" section of the business plan => TRUE 48 The majority of businesses go through a discernable set of stages of growth referred to as the => organizational life cycle 49 The majority of businesses go through a discernable set of stages referred to as the business/industry life cycle => FALSE 50 The management team and company structure section of a business plan is one of the lesser read sections => FALSE 51 The mechanics for filling out a First Screen worksheet are complicated => FALSE 52 The most important issues to consider in financial feasibility analysis are: => total start-up cash needed, financial performance of similar businesses, and the overall financial attractiveness of the proposed venture 53 The most important issues to consider in financial feasibility analysis are: financial performance of similar businesses, overall financial attractiveness of the proposed venture, and: => total start-up cash needed 54 The most important issues to consider in financial feasibility analysis are: total start-up cash needed, financial performance of similar businesses, and overall financial attractiveness of the proposed venture => TRUE 55 The most important issues to consider in financial feasibility analysis are: financial performance of similar businesses, total cash needed, and: => Overall attractiveness of the proposed venture 56 The most important issues to consider in financial feasibility analysis are: => Total startup cash needed, financial performance of similar businesses, and the overall financial attractiveness of the proposed venture 57 The most notable SBA program available to small businesses is the => 7(A) Guaranty Program 58 The network of companies that participate in the production of a product, from the acquisition of raw materials to the final sale, is referred to as the: => supply chain 59 The number one characteristic shared by successful entrepreneurs is => a passion for the business 60 The number one characteristic shared by successful entrepreneurs is passion for the business => TRUE 61 The number one reason that people become entrepreneurs is to pursue financial rewards => FALSE 62 The number one rule for a brainstorming session is => no criticism is allowed 63 The opening feature focuses on DripCatch, a company that makes a device that catches water that drips off of glassware when it comes out of the dishwasher The central form of intellectual property that DripCatch is hoping to benefit from is a(n) => patent 64 The opening feature in Chapter focuses on Stroome, an exciting new Web-based service for editing and remixing video The idea for Stroome emerged in: => a graduate communications class at the University of Southern California 65 The operations quadrant in the Barringer/Ireland Business Model Template includes three sections These are => product (or service) production, channels, and key partners 66 The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners => TRUE 67 The Partnering for Success feature in Chapter focuses on start-up incubators and accelerators According to the feature, participating in a start-up incubator or accelerator is an excellent way to => gain access to mentors, partners and investors 68 The Partnering for Success feature in Chapter 10 focuses on Startup Weekend Startup Weekend is a not−for−profit organization that => creates a context in which small groups of people can start a business in 54 hours (usually over a weekend) 69 The Partnering for Success feature in Chapter 12 starts by talking about Gary Schwartzberg, who, along with a partner, developed a new type of bagel dubbed the "Begeler," which was eventually licensed to Kraft According to the feature, entrepreneurs and inventors like Gary Schwartzberg are finding that large consumer products companies are => increasingly interested in what they have to offer 70 The Partnering for Success feature in Chapter 13 focuses on Threadless, the popular communitycentered T-shirt design site According to the feature, at one point during its early growth, Threadless almost collapsed under the weight of operational problems Threadless solved the problem by => selling a minority interest to a venture capital firm, which provided Threadless operational assistance 71 The Partnering for Success feature in Chapter focuses on the task of finding the right business 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 partner According to the feature, which of the following is an incorrect rule-of-thumb in finding a business partner? => Pick a partner that is similar rather than different from you in terms of skills, abilities, and functional background The Partnering for Success feature in Chapter focused on Web-based platforms, including Odesk, Elance, and Guru, that make it easy to identify and hire experienced => freelancers The Partnering for Success feature in Chapter focuses on the types of partnerships that are common in business plans According to the feature, businesses often make partnering an essential part of their business plans because they: => have limited resources The Partnering for Success feature in Chapter focuses on three things that are important for startups to become active in to learn the ins and outs of their industries The three items focused on in the feature are => trade associations, trade shows, and trade journals The Partnering for Success feature in Chapter focuses on 99designs, an online company that features a "crowdsourcing" model for getting design work done 99designs' approach to partnering with is the essence of its disruptive business model => freelance designers
 The passion that entrepreneurs have typically stems from the ability to pursue their own ideas => FALSE The price of prescription medicine is high, partly because when someone is sick there is no real alternative to buying medicine if they want to get better Which of Porter's five forces explains how this aspect of the prescription medicine industry helps keep profitability high? => Threat of substitutes The primary activities in a firm's value chain include: inbound logistics, operations, outbound logistics, marketing and sales, and service => TRUE The primary opportunity existing for startups in emerging industries is to => capture a first−mover advantage The primary opportunity existing for startups in fragmented industries is to => consolidate the industry and establish industry leadership as a result of doing so The pro forma financial statements are the heart of the operations section of a business plan => FALSE The process of adapting a company's core competencies to exploit new opportunities is referred to as resource leverage =>TRUE The proper sequence for developing successful business ideas is to first conduct a feasibility analysis, then progress through the opportunity recognition stage, and finish with the completion of a business plan => FALSE The Resources section of the Barringer/Ireland Business Model Template consists of the and boxes => core competency; key assets The resources section of the Barringer/Ireland Business Model Template includes three parts: core competency, key assets, and revenue streams => FALSE The Savvy Entrepreneurial Firm feature for Chapter focuses on three companies: Box.net, Pixability, and Groupon The overarching point of the feature is: => the degree to which business plans pan out as their founders envisioned varies The Savvy Entrepreneurial Firm feature in Chapter focuses on Pandora, the Internet streaming music company The feature's main purpose is to illustrate the importance of as a key characteristic of the founders and employees of entrepreneurial firms => tenacity despite failure The Savvy Entrepreneurial Firm feature in Chapter 10 focuses on the manner in which biotech firms and large drug companies work together to bring pharmaceutical products to market According to 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 feature, the most compelling partnerships are those that help entrepreneurial firms focus on what they best, which is typically and that allow them to tap their partners' complementary strengths and resources => innovation The Savvy Entrepreneurial Firm feature in Chapter 12 focused on provisional patent applications The main point of the feature is to illustrate that filing a provisional patent application effectively takes => some finesse The Savvy Entrepreneurial Firm feature in Chapter 13 focuses on Salesforce.com, a company that pioneered the idea of software as a service (SaaS) The main point of the case is that rather than remaining a niche product, Salesforce.com's product, which is an online software platform for salespeople, has and appeals to mainstream customers => crossed the chasm The Savvy Entrepreneurial Firm feature in Chapter features three firms: Swipe Out Hunger, Soko, and Drive for Change All three are examples of .
=> social ventures The Savvy Entrepreneurial Firm feature in Chapter focuses on Bill Gross, and how a company he was leading, Knowledge Adventure, made a 180-degree turn on the positioning of a product According to the feature, Gross and his team made the change as a result of: => Observing how customers acted when buying their product The Savvy Entrepreneurial Firm feature in Chapter focuses on the importance of a business's location The main point made by the feature is: => the importance of location varies in importance depending on the type of business The Savvy Entrepreneurial Firm feature in Chapter focuses on the ways in which Quirky creates, delivers and captures value for its stakeholders According to the feature, Quirky would be a business that would be difficult to copy According to the feature, it would be difficult to copy because => it has raised over $91 million and has over 550,000 people in its network The Savvy Entrepreneurial Firm feature in Chapter focuses on three firms that are doing well in crowded industries as => they create meaningful value for customers at a fair price and have differentiated themselves from their competitors The Savvy Entrepreneurial Firm feature in Chapter focuses on three business model innovators: Warby Parker, Shopkick, and SunRun What is Shopkick's business model innovation? => rewarding shoppers by simply walking into a retail store
 The SBIR is a −phase program, meaning that firms that qualify have the potential to receive more than one grant to fund a particular proposal => three The sole entity responsible for granting patents in the United States is the => U.S Patent and Trademark Office The template for completing a feasibility analysis included in Appendix 3.1 of the book is called the analysis => First Screen The temptation to show a concept statement to friends and family members should be avoided because they are predisposed to give positive feedback => TRUE The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically raise money => FALSE The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can => realistically enter a new market The term refers to initiatives, such as Netflix in movie rentals and Zipcar in car sharing, which revolutionize how products are sold in an industry => business model innovation The term of a utility patent is years from the date of the => 20; initial application 105 The three most common forms of equity funding are => initial public offerings, business angels, venture capitalists 106 The three primary reasons startups need funding are => cash flow challenges, capital investments, and lengthy product development cycles 107 The three primary reasons that people become entrepreneurs and start their own firms are to => be their own boss, pursue their own ideas, and realize financial rewards 108 The three types of business plans are => summary business plan, full business plan, operational business plan 109 The three ways to identify an opportunity include .
=> observing trends, solving a problem, and finding gaps in the marketplace 110 The three ways to identify an opportunity include observing trends, solving a problem, and finding gaps in the marketplace.
=> TRUE 111 The two components of industry/target market feasibility analysis are: => Industry attractiveness and target market attractiveness 112 The two components of product/service feasibility analysis are: => product/service desirability and product/service demand 113 The two general categories of business models are and => standard; disruptive 114 The two major advantages of getting a loan versus investment capital are => no ownership in the firm is surrendered and interest payments are tax deductible 115 The two most common strategies pursued by firms in global industries are the strategy and the strategy => multidomestic, global 116 The two primary audiences for a business plan are investors and other external stakeholders and => a firm’s employees 117 The two primary audiences for a business plan are and => a firm’s employees and investors; other external stakeholders 118 The two primary issues to consider in organizational feasibility analysis are: => Management prowess and resource sufficiency 119 The two types of crowdfunding sites are −based and −based => rewards; equity 120 The What Went Wrong feature in Chapter 13 focuses on Wesabe, a Web-based company that was launched in 2006 to help people manage their personal finances According to Marc Hedlund, one of Wesabe's cofounders, the company failed for two primary reasons First, it didn't allow a partner to provide it with an essential service that it decided to build on its own Second, it => misunderstood its users 121 The What Went Wrong features in Chapter is titled "eBay Drop-Off Stores: How Feasible Were They?" What was it about the potential feasibility of eBay Drop-Off stores that worried skeptics from the beginning? => That the stores would not have enough "quality" merchandise to sell on eBay and that the variety of items the stores would be asked to sell would be too broad 122 The What Went Wrong? feature in Chapter focuses on Prim, a failed startup in the laundry industry According to the feature, Prim failed largely as a result of => a lack of passion and resolve 123 The What Went Wrong? feature in Chapter 10 focuses on DrawQuest DrawQuest captured the attention of venture capitalists, gained 25,000 users, and still failed According to the feature, the main reason DrawQuest failed is that the founders => never figured out the business 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 side of the venture The What Went Wrong? feature in Chapter 12 focuses on a dispute between GoldieBlox, a toy company, and the Beastie Boys, a musical group The dispute centered on GoldieBlox's use of a Beastie Boys song in a commercial without the Beastie Boy's permission To justify their actions, GoldieBlox argued that their use of the song was justified based on the legal principle of use => fair The What Went Wrong? feature in Chapter focused on Digg, a Web site that was once one of the hottest sites on the Internet but eventually failed According to the feature, through a series of missteps Digg => lost its way and its place in its industry The What Wrong feature in Chapter focuses on Everpix, a company that enabled users to organize and store photos online in an innovative manner Regrettably, Everpix failed According to the feature, Everpix's failure resulted from that fact that it's founders spent too much time => and energy perfecting their service at the expense of building a business There are three basic requirements for a patent to be granted The subject of the patent application must be => useful, novel in relation to prior arts in the field, and not obvious to a person of ordinary skill in the field There are two components to product/service feasibility analysis: product/service desirability and total startup funds needed => FALSE There are two primary areas to consider in organizational feasibility analysis: management prowess and resource sufficiency => TRUE There are two primary audiences for a firm's business plan: a firm's employees and investors and other external stakeholders => TRUE There are two primary reasons to conduct an intellectual property audit First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected The second reason for a company to conduct an intellectual property audit is to => remain prepared to justify its value in the event of a merger or acquisition There are two primary rules of thumb for deciding if intellectual property protection should be pursued for a particular intellectual asset First, a firm should determine if the intellectual property has value in the marketplace Second, a firm should determine if its intellectual property => is directly related to its competitive advantage There are two types of disruptive business models and => new-market; lowend There has been in the number of minority entrepreneurs in the United States over the past several years => a substantial increase There is no standard business model that dictates how firms in a particular industry should compete => TRUE Think Gum, the company profiled in the opening feature for Chapter 3, produces gum The idea behind Think Gum is to produce a gum that includes ingredients that improve concentration and memory Think Gum initial target market was: => college students Tim Hughes is distributing an instrument, which includes a concept statement with a short survey attached, to try to gauge customer interest in a product he is developing Tim is distributing a: => buying intentions survey Tim Rutherford is thinking about starting a firm in the medical equipment industry In the industry analysis Tim has been conducting, one thing he has noticed is that the medical equipment industry is characterized by buyer group concentration This factor concerns Tim because it tells him that 139 140 141 142 143 144 145 146 147 148 149 150 151 the profitability of the medical equipment industry is potentially suppressed by the => bargaining power of buyers Tish Cirovolo realized that there were no guitars on the market made specifically for women As a result, she started Daisy Rock Guitars, a company that makes guitars just for women Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build The best way to describe how Cirovolo's business idea was recognized is => finding a gap in the marketplace To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers This technique for generating new business ideas is called .
=> day-in-the-life research To make the best impression, a business plan should follow a => conventional structure for manufacturing firms and a nonconventional structure for service firms To make the best impression, a business plan should follow a conventional structure => TRUE To test resource sufficiency, a firm should list the most critical non-financial resources that it will need to move its business idea forward and determine if those resources are available => to 12 Trade journals, industry-related publications, government statistics, and competitors' Web sites are examples of: => Secondary research Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone => FALSE Trademark law falls under the Lanham Act, which passed in 1946 => TRUE Trevor Kimble owns a firm that sells products to the publishing industry Trevor is currently evaluating a set of opportunities that he feels his firm is capable of pursuing According to the textbook, Trevor is evaluating his firm's => productive opportunity set Two fatal flaws can render a business model untenable from the beginning These are: => a complete misread of the customer and utterly unsound economics
 Two fatal flaws can render a business model untenable from the beginning These are utterly unsound economics and: => a complete misread of the customer
 Two fatal flaws can render a business model untenable from the beginning: a complete misread of the customer and underutilization of the Internet => FALSE Tyler Smith founded a firm that has a subscription-based business model Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month The number of subscribers that Tyler loses each month is referred to as => churn U Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States => FALSE V Value-driven businesses focus on minimizing costs wherever possible => FALSE Venture capital firms are of money managers who raise money in "funds" to invest in => limited partnerships W Weak-tie relationships are characterized by infrequent interaction and ties between casual acquaintances.
=> TRUE What is a business plan? => A business plan is a written narrative, typically 25 to 35 pages long, that describes what a new business plans to accomplish and how it plans to accomplish it What section of the business plan deals with the day-to-day operations of a company? => operations plan When a firm's managerial resources are insufficient to take advantage of its new product and service opportunities, the subsequent bottleneck is referred to as the problem => managerial capacity When competing the basis for differentiation portion of the Barringer/Ireland Business Model template, it is important to emphasize as many points of differentiation as possible => FALSE When completing the basis of differentiation box in the Barringer/Ireland Business Model Template, it is best to limit the description to => two to three points Which "phase" of the SBIR Program is a six−month feasibility study in which the recipient must demonstrate the technical feasibility of the proposed innovation? => Phase I Which form of intellectual property protection is the only one expressly mentioned in the original articles of the U.S Constitution? => Patents Which of Porter's five forces is most closely associated with the concept "barrier to entry"? => Threat of new entrants 10 Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs? => Rivalry among existing firms 11 Which of the following are the four key forms of intellectual property protection? => Patents, copyrights, trademarks, and trade secrets 12 Which of the following are the primary elements of a startup's core strategy? => mission statement, product/market scope, basis for differentiation 13 Which of the following business plans matches with its appropriate length? => Full business plan – 25-35 pages 14 Which of the following business plans matches with its appropriate emphasis? => Summary business plan – works best for companies in the early stages of development that want to “test the waters” to see if investors are interested in their idea 15 Which of the following factors is a negative as it pertains to the financial feasibility of a business venture? => Inability to forecast income and expenses with a reasonable degree of accuracy 16 Which of the following factors is a positive as it pertains to the financial feasibility of a business venture? => High percentage of recurring revenue 17 Which of the following firms has a peer-to-peer business model? => Airbnb 18 Which of the following firms introduced a disruptive business model? => Salesforce.com 19 Which of the following is a "primary" activity in the value chain? => outbound logistics 20 Which of the following is a "support" activity in the value chain? => resource procurement 21 Which of the following is an accurate characterization of interest in entrepreneurship? => There is tremendous interest in entrepreneurship across the world 22 Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis? => Financial resources 23 Which of the following is an example of intellectual property? => Nike's swoosh logo 24 Which of the following is an incorrect approach to administering a concept test? => The best candidates to distribute a concept statement to are family and friends 25 Which of the following is correct regarding opportunities and ideas? => It's important to discern whether a particular idea meets the criteria for an opportunity 26 Which of the following is incorrect regarding the "total startup cash needed" component of financial feasibility analysis? => it’s not necessary to complete an actual budget of startup expenses 27 Which of the following is not a "primary" activity in the value chain? => technology development 28 Which of the following is not a part of assessing the product/service feasibility of a business idea? => assessment of total start-up cash needed 29 Which of the following is not a part of assessing the product/service feasibility of a business idea? => Analyzing industry attractiveness 30 Which of the following is not a personality trait or characteristic common among entrepreneurs? => Short attention span 31 Which of the following is not a recommended guideline for writing a business plan? => To make the best impression, a business plan should follow an unconventional structure and stand out in some dramatic way 32 Which of the following is not a source of equity funding? => Government grants 33 Which of the following is not a type of trademark? => Documentation mark 34 Which of the following is not an appropriate reason for firm growth? => Increasing the compensation of the top managers of the firm 35 Which of the following is not an attribute of an attractive industry? => is fairly old rather than young and less mature 36 Which of the following is not an attribute of an attractive industry? => Is late rather than early in its life cycle 37 Which of the following is NOT an example of a social force? => Changes in interest rates 38 Which of the following is not an example of intellectual property? => A computer monitor 39 Which of the following is not an individual, group or institution that normally reads a company's business plan? => state and local government officials 40 Which of the following is not generally eligible for trademark protection? => Surnames 41 Which of the following is not one of the "red flags" listed in the textbook that raises questions about one of more aspects of a company's business plan? => defining the market size too narrowly 42 Which of the following is not one of the 10 warning signs that a business is growing too fast? => Comfortable operating margins 43 Which of the following is not one of the five common myths about entrepreneurs? => Entrepreneurs are tenacious 44 Which of the following is not one of the five stages in the organizational life cycle? => Scale 45 Which of the following is not one of the four areas of feasibility analysis discussed in the textbook? => institutional feasibility 46 Which of the following is not one of the four areas of feasibility analysis discussed in the textbook? => Societal feasibility 47 Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template? => Key assets 48 Which of the following is not one of the four key forms of intellectual property protection? => Innovations 49 Which of the following is not one of the four major categories in the Barringer/Ireland Business Model Template? => Channels 50 Which of the following is not one of the four steps of the entrepreneurial process? => Determining how to seize the spotlight 51 Which of the following is not one of the major sources of barriers to entry? => Buyer group concentration 52 Which of the following is not one of the purposes of a business model? => serves as an ongoing extension of feasibility analysis
 53 Which of the following is NOT one of the rules for a formal brainstorming session? => The session is used for decision making.
 54 Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan? => defining the market size too broadly 55 Which of the following is the correct sequence for the four steps in the entrepreneurial process? => Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm 56 Which of the following is the main purpose for writing a business plan? => Both A and B are equally important 57 Which of the following is the proper sequence for when a firm should develop a business model? => Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm 58 Which of the following issues should be considered in industry/target market feasibility analysis? => Industry attractiveness 59 Which of the following items is typically not included in a concept statement? => A description of how much money the new venture needs 60 Which of the following items would typically be protected by a form of intellectual property protection other than trade secret statutes? => A company's logo 61 Which of the following options was not identified in the textbook as an appropriate reason for growth? => Maintain the appearance that the firm is successful 62 Which of the following represents the correct order of the five stages of the creative process? => Preparation, incubation, insight, evaluation, elaboration 63 Which of the following selections correctly identifies the three types of patents? => Utility; design; plant 64 Which of the following set of characteristics places a startup in the strongest position to apply for equity funding? => Unique business idea, high growth, niche market, proven management 65 Which of the following statement is incorrect about business plans? => The business plan should be written while the feasibility analysis is being completed 66 Which of the following statement is incorrect regarding the First Screen? => It covers three of the four areas of feasibility analysis described in the textbook 67 Which of the following statements about business models is incorrect? => A firm's business model is confined to its own boundaries 68 Which of the following statements about copyrights is incorrect? => Copyrightable material may be in tangible or intangible form 69 Which of the following statements about target markets is incorrect? => it’s generally easier to find good information about a target market than an industry as a whole 70 Which of the following statements is correct regarding entrepreneurial activity and age ranges? => The highest percentage of entrepreneurs falls in the 30 to 39 age range 71 Which of the following statements is incorrect about grant programs? => Granting agencies are very visible and well−known, so it's normally not hard to find one 72 Which of the following statements is incorrect in regard to entrepreneurial alertness?
=> The research findings on entrepreneurial alertness are conclusive 73 Which of the following statements is incorrect regarding business plans? => To make the best impression, a business plan should follow an unconventional structure, so it will stand out 74 Which of the following statements is incorrect regarding entrepreneurial activity and age range? => The majority of business founders have no prior work experience 75 Which of the following statements is incorrect regarding equity funding? => Equity investors fund the majority of the plans they consider 76 Which of the following statements is incorrect regarding the "core strategy" component of a firm's business model? => The product a firm chooses has little impact on its core strategy and business model 77 Which of the following statements is incorrect regarding the executive summary of a business plan? => The executive summary is the first thing that should be written in preparing a business plan 78 Which of the following statements is incorrect regarding the industry analysis portion of a firm's business plan? => It is important to focus simultaneously on a business's industry and its target market 79 Which of the following statements is incorrect regarding the marketing plan section of a business plan? => The best way to describe a company's marketing plan is to begin by talking about its competitors 80 Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs? => Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry 81 Which of the following statements is not correct regarding business angels? => The number of angel investors has decreased dramatically over the past decade 82 Which of the following statements is not true about women-owned businesses in the United States? => The number of women-owned businesses is decreasing 83 Which of the following statements is not true regarding the day-to-day challenges of growing a firm? => As a firm grows, it requires a decreasing amount of cash to service its customers 84 Which of the following statements regarding firm growth is incorrect? => Growth in sales revenue is a poor indicator of an entrepreneurial firm's potential to survive today and be successful tomorrow 85 Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct? => As high as 50 percent after four years 86 Which of the following symbols is the copyright bug? => © 87 Which of the following was not given in the textbook as a reason for the increase in the number of senior entrepreneurs? => Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs 88 Which of the following was not identified in the textbook as a nontraditional barrier to entry? => Product differentiation 89 Which of the following was not identified in the textbook as one of the five primary reasons passion is important for the launch of a successful entrepreneurial organization? => The ability to stick to a plan even when faced with evidence that changes are needed 90 Which of the following was not identified in the textbook as one of the common traits and characteristics of entrepreneurs? => Pessimistic disposition 91 Which of the following was not identified in the textbook as one of the day-to-day challenges involved with growing a firm? => Channel conflict 92 Which of the following was not identified in the textbook as one of the common mistakes that entrepreneurs make regarding intellectual property? => Not properly registering their Internet domain names 93 Which section of the Barringer/Ireland Business Model Template is the only section that describes how it makes money? => Financials 94 While stealing trade secrets is widely considered to be unethical, it is not a criminal offense => FALSE 95 Wiivv, the company profiled in the opening feature of Chapter 2, is in the 3D printing business of footwear insoles To manufacture the insoles, the company uses a process called manufacturing.
=> adaptive Z Zachery Mays is in the very early stages of putting together a business startup, and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan What type of business plan should Zachery write at this point? => summary business plan Zack Shields leases a manufacturing facility that produces computer monitors Zack tries to keep production high, because his lease payments are $10,500 a month, regardless of whether he produces one computer monitor a month or 10,000 Zach's lease payment is a cost => marginal Zappo's competence in customer service, Apple's competence in designing consumer products, and Netflix's competence in supply chain management are examples of , which serve as each of these respective firms' competitive advantage of their rivals => core competencies