BZ45S : Being an Entrepreneur

Question 1

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?

A passion for the business

Execution intelligence

Tenacity despite failure

Product/market focus

Question 2

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by:

changes in economic forces.

demographic changes.

changes in social forces.

political actions and regulatory changes.

Question 3

________ business models are ones that do 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

Normal

Unique

Incomparable

Question 4

The two primary issues to consider in organizational feasibility analysis are management prowess and:

market timeliness.

concept testing.

resource sufficiency.

target market attractiveness.

Question 5

Kellen West recently launched a firm in the fruit drink industry, and has already exported his fruit drinks to 11 different countries. One thing that Kellen's firm is doing is that it is varying the tastes of the fruit drinks it sells on a country-by-country basis to meet the demands of the local markets. Kellen's firm is pursuing a ________ strategy.

global

home

universal

multidomestic

Question 6

In a ________ corporation, the voting stock is held by a small number of individuals and is very thinly or infrequently traded.

public

private

narrow

closely-held

Question 7

Adam Miller is a general partner in a venture capital firm that just funded Gold Coast Software, a software firm in Santa Barbara, California. Gold Coast Software is incorporated, and Adam has taken a seat on the firm's board of directors. In board of directors terminology, Keith is a(n) ________ director.

subordinate

senior

distant

outside

Question 8

Katy Anderson's startup, which is in the organic fruit and vegetables industry, was launched on January 1, 2015. However, prior to its formal launch, Katy spent many hours working on her business, particularly during the feasibility analysis stage. The time and effort that entrepreneurs put into their venture, that can't be easily measured from a financial point of view, is referred to as ________ equity.

effort

intangible

sweat

worry

Question 9

Which of the following is an example of intellectual property?

DripCatch's cash reserves

The computer that you use

Nike's swoosh logo

United's fleet of planes

Question 10

A ________ strategy seeks to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency.

product line extension

product line sharpening

product line widening

market penetration