04 Feb Small Businesses

MBA6710 Entrepreneurial Organizations & Small Businesses Week 1 Knowledge Check Question 1 Being creative seems to be a major characteristic that entrepreneurs have in common. Question 1 options: True False Question 2 A true entrepreneur thinks outside the box and often has started their dreams as home-based businesses. Question 2 options: True False Question 3 Many entrepreneurs who are naturally creative chose not to pursue higher education. Question 3 options: True False Question 4 In most cases, entrepreneurs are not looking for status; they just have a vision or a dream that they want to pursue. Question 4 options: True False Question 5 Most entrepreneurs don’t know why or how to write a business plan. Question 5 options: True False MBA6710 Entrepreneurial Organizations & Small Businesses Week 2 Knowledge Check Question 1 Just saying “I want to make a lot of money” is really not a good purpose for starting a specific business. Question 1 options: True False Question 2 Being the first to offer a particular product or service assures business success. Question 2 options: True False Question 3 In the late 1970s, K-Mart tried to offer food in its retail store locations, but at that time, the results suggested consumers were not ready to buy everything in one store. Question 3 options: True False Question 4 There are many ways to acquire information about the desires and likes of a consumer. Question 4 options: True False Question 5 Small businesses and entrepreneurs both search for a competitive advantage as they create and offer a product or service. Question 5 options: True False MBA6710 Entrepreneurial Organizations & Small Businesses Week 3 Knowledge Check Question 1 (1 point) When you start a business, you need to create a written document that will guide you in the development of the new venture. Question 1 options: True False Question 2 (1 point) All small business owners and entrepreneurs start their businesses with a business plan. Question 2 options: True False Question 3 (1 point) A business plan is a “living” document, which means it will not need to be revised in the future. Question 3 options: True False Question 4 (1 point) It is best to work purchase a standardized, prewritten plan rather than to write your own business plan. Question 4 options: True False Question 5 (1 point) It is important to remember that a business plan should not be so long that people lose interest in reading it. Question 5 options: True False MBA6710 Entrepreneurial Organizations & Small Businesses Week 4 Knowledge Check Question 1 (1 point) Marketing is the intentional and thorough process of finding out what customers want. Question 1 options: True False Question 2 (1 point) When analyzing issues such as market segmentation, branding, intellectual property, and franchising, one of the MOST important is the research and analysis required to define a target market for your product/service. Question 2 options: True False Question 3 (1 point) Submitting noteworthy events (e.g., a new acquisition, employee promotion, or a new product or location) to local newspapers can be an inexpensive way to promote an organization. Question 3 options: True False Question 4 (1 point) The main function of coupons is to encourage consumers to choose a particular product over another or to encourage new consumers to try the product. Question 4 options: True False Question 5 (1 point) Human capital is critical to the success of any organization whether larger or small. Question 5 options: True False MBA6710 Entrepreneurial Organizations & Small Businesses Week 5 Knowledge Check Question 1 (1 point) Cash flow reflects the relative movement of money into or out of the business. Question 1 options: True False Question 2 (1 point) A pro forma financial statement is a document used by a start-up organization to provide a realistic idea of its financial condition as it seeks funding. Question 2 options: True False Question 3 (1 point) From the balance sheet and the income statement, it is possible to analyze ratios. Question 3 options: True False Question 4 (1 point) The industry standards that categorize comparative ratios for different businesses are a decisive way for investors to analyze the health of a business. Question 4 options: True False Question 5 (1 point) At the breakeven point, the sales equal the total costs of an organization. Question 5 options: True False

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