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| Which statement is true about entrepreneurial discovery? | It is an ongonig process that facilitates the success rate of a business. |
| The entrepreneurial discovery process requires knowledge and the recognition of which situation? | Market need |
| When using mind mapping to generate product ideas, it is best to begin by writing down the main problem or which other component? | Market opportunity |
| For a prospective entrepreneur, what is necessary to determine the existence of goods and services? | entrepreneurial discovery |
| After a Korean auto manufacturer built a plant in Iowa, Kwan noticed a growth of Korean residence in the area that relocated for work. Kwan decided to import Korean goods and sell them in a Korean specialty store. This is an example of a product opportunity resulting from what? | Shifts in popularity ethnicity |
| Which statement is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process? | Group members most often generate new ideas by altering or building upon another idea |
| Which is an example of a demographic trend that has encouraged entrepreneurial discovery? | increased cultural diversity |
| Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal? | satisfy an unmet demand |
| Identify new product opportunities usually requires a person to possess which characteristics? | awareness |
| Which example illustrates how environmental factors are interrelated? | the economy affects what competitors are doing |
| When conducting an environmental scan, which is an economic factor that a business should consider? | consumer spending habits |
| Which statement is true about a business environment | it is always changing |
| Which is an example of a demographic trend? | The aging of the population |
| Which is a global trend that might encourage an entrepreneur to consider international business opportunities? | lower tariffs |
| When determining venture-creation opportunities, entrepreneurs must FIRST perform which action? | conduct research |
| Jessica's hobby is making jewelry. There is a potential to sell bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering which factors? | Personal experiences |
| One factor that an entrepreneur should consider while assessing a venture opportunity is whether it will encounter which situation? | lead to more opportunities |
| The brainstorming process is used to accomplish which primary goal? | Come up with as many ideas as possible. |
| The primary responsibility of the facilitator of a product idea brainstorming session are to compile all of the ideas and perform which other action? | Keep the group on task |
| When generating new ideas for new businesses, entrepreneurs often look for ways to perform which action? | solve problems |
| Which process whelps aspiring entrepreneurs generate venture ideas? | Creative thinking |
| A business might take an existing product and alter it to fulfill a specific need which different benefactor? | Target market |
| A business that identifies products to sell that fill needs in making which decision? | product mix |
| Which is a way that a business can determine if a product will fulfill the needs of a target market | ask the customer |
| Which is the FIRST factor that a business should consider when it is deciding if it should sell a product | market demand |
| When planning for her new business, Janine allocates 2% of the estimated annual sales fo her company to web and newspaper ads. Janine is developing which document? | promotional budget |
| Which is a tool that an entrepreneur develops to project sales for a new business venture? | sales forecast |
| Which is an operational issue that entrepreneurs must consider when planning their businesses | production process |
| An entrepreneur considers the location and financial needs of a business venture during which process | planning |
| Variable expenses increase in direct proportion to the rate of which factor? | production |
| The cost of operating a business are often called which expenses? | overhead |
| In order for a business to generate a profit, its operating costs must be identified as which status to the gross margin | less |
| Many entrepreneurs encounter which situations of emotional risks | marital tensions and family problems |
| One-time, start-up costs often include which fees? | incorporation |
| Costs of sales for a new manufacturing venture typically include which factors? | raw materials, equipment, and product inventory |
| Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which risk is Regan assessing? | Career |
| Which statement is true about business start-up requirements? | the financial needs to start a new business depend on the nature of the venture |
| Which is a characteristic of a well-conducted feasibility study? | complete |
| Ben is conducting a feasibility study for a new venture idea. Which question should Ben answer in terms of the financial considerations for the venture? | How will the business obtain the money it needs? |
| The primary purpose of a feasibility study is to answer which question? | Should we proceed with this project? |
