Questions and Answers of Entrepreneurship

According to some research on entrepreneurs, what is/are the most significant bias(es)?A. Small numbers allow for niche marketsB. Entrepreneurs prefer taking action rather than planningC.
What biases might an entrepreneur encounter in starting the venture?
The law of small numbers refers to:A. An inability to attract a large target marketB. A target market that is too small to lead to successC. A target market that aligns with key stakeholdersD. Both a
What actions can the entrepreneur take to avoid these biases?
Why is it important to keep track of your assumptions?A. Knowing the assumptions provides background information related to the projected outcomes or numerical projections.B. Knowing the assumptions
What can be done to avoid personnel problems that occur after the venture has opened?
The Nominal Group technique ________.A. Is only used in complex decisionsB. Has multiple uses for gaining feedback from participantsC. Can be used with only one participantD. Restricts participant
How can brainstorming and creating a mindmap improve problem recognition and follow through actions?
What are three methods you could use to find support for your new venture?
The Delphi technique ________.A. Requires participants to be in one locationB. Requires participants to come prepared to the activity by researching the problemC. Requires time and commitmentD.
Acting as a mentor provides ________.A. Expert assistance to the venture startup team and self-growth for the mentorB. Opportunities to diminish relationshipsC. The mentor with professional
Why is it important to analyze and discuss decisions?
A serial entrepreneur is someone who ________.A. Wants to retireB. Creates a pattern of starting multiple venturesC. Plans for a low stress futureD. Plans to start the first venture
Why is it important to feel comfortable with a decision?
Benefits of a reflection journal include which of the following?A. Identifying patterns, biases, habits and discovering new insightsB. Assigning new work responsibilitiesC. Identifying wasted timeD.
What are the benefits in becoming a mentor, consultant or champion?
Reflection journal is similar to ________.A. A post mortemB. A time log of your activitiesC. A scrapbook of picturesD. A record of assumptions
What are the risks or drawbacks in becoming a mentor, consultant or champion?
According to Dr. Grant, creatives are people who ________.A. Are procrastinatorsB. Act on multiple ideasC. Plan out each detailD. Are highly confident with no doubts about their success
How does a philanthropic desire align with entrepreneurship?
What can you do to avoid the challenges presented through Gino and Staats’ research?
What can you do to role model behavior that reflects your learning of the material?
In this section of the chapter, there is an example of a customer data breach via computer hacking. Discuss the biggest risks of storing customer or company information online. What are some of the
In previous decades, a term for a related phenomenon was “Keeping up with the Joneses.” This refers to a sense that if we are not living our best life, having the most fun, enjoying the best
What is a charitable organization?
What percentage of US businesses are minority owned?
Discuss how a lean plan allows you the flexibility to change course if something is not working for your business.
What is a lean plan and what are its components?
Discuss the differences between making changes to a product for growth and creating a new product from scratch.
What are some of the items or sections that do not have to be included in a lean plan?
What kind of lifecycles do businesses go through? Why?
How does each phase affect business decisions?
According to Ash Maurya’s typology, Airbnb is an example of what type of business model?A. DirectB. MultisidedC. OpenD. Marketplace
What role do customers play in innovation? Is innovation possible without customer support?
The National Association of Broadcasters launched its PILOT Innovation Challenge in 2016. The challenge is centered around a specific challenge question aimed at helping the association’s primary
Which startup grew from a failed podcasting company called Odeo?A. InstagramB. TwitterC. StubHubD. Groupon
Do you believe that teamwork is important to entrepreneurship? Or do you prefer solopreneurship? Is one approach “better” than the other? Why or why not?
The Guidewell Innovation Center at Lake Nona Medical Center on the outskirts of Orlando, Florida, is a 92,000-square-foot facility aimed at accelerating innovation within the healthcare industries.
What is the job to be done of a milkshake according to Christensen’s team’s customer observation researchin the Link to Learning video:
What are the advantages of using a canvas to plan your business?
As youth programs face severe budget cuts, many youth sports organizations respond by raising their fees, which shifts the costs to families. Good Sports was founded in 2003, to tackle this problem
What is a change, typically minor, of the current business model in an attempt to capitalize on a closely related market opportunity?A. InnovationB. DisruptionC. IterationD. Increment
What types of businesses fit best with each respective canvas type?
DoSomething.Org is a “global movement for good” among 6 million young people, transforming their communities across the United States and in 131 countries worldwide. This nonprofit organization
A tool to identify your idealized target customer and develop a better understanding of his or her environment, behavior, concerns, and aspirations.A. Jobs to be doneB. Business planC. Business model
Why would impact measures be important in social entrepreneurship ventures?
In recent years, the entrepreneurial educator and author Steve Blank began applying lean startup principles to various US governmental agencies. Through a Hacking for Diplomacy course, students at
A ________ is a formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and
How do the arts relate to the business model creation process?
Incorporated in 2003, Tesla declared in its mission statement that its goal is “to accelerate the world’s transition to sustainable transport,” and it has proven itself a leader in green
Select the item that does not belong to the business model canvas.A. Market sizeB. Revenue streamsC. Value propositionD. Customer segments
What are the advantages of using a lean model canvas compared to the traditional business model canvas?
In the mid-1990s, at least one newspaper company, the now-defunct Knight-Ridder chain, created the prototype for a tablet newspaper that very much resembles the present-day iPad. A 1994 video titled
The finished story benefit formula of [end customer wants] + [specific period of time] + [address objections] is designed for what component of the lean model canvas?A. Unfair advantageB. Unique
What components are in the breakeven analysis? How would you calculate your breakeven point?
Founded in 2013 primarily as a coding boot camp, Tech Talent South offers both part-time and full-time courses on topics like Ruby on Rails and Big Data Analytics. Most of the camp’s programs are
How does the social business model canvas differ from the business model canvas and lean model canvas?A. Is only used by nonprofit companyB. Doesn’t have customer block and investment blockC. Has
Why is feasibility analysis important?
You were introduced to The Cut Buddy, a plastic hair and beard grooming tool that began selling on Amazon in 2016, in The Business Plan. Following funding from the Shark Tank investor Daymond John,
Which of the following has the purpose of evaluating the team, the market for the concept, the financial viability, and possible pitfalls?A. Feasibility analysisB. Market analysisC. Financial
Pretty Young Professional, discussed in The Business Plan, failed because of disagreements among its four founders that emerged shortly after launch.A. If you were to launch the venture today,
Which of the following has the purpose of forecasting revenue and expenses, projecting a financial narrative, estimating project cost, and projecting cash flow?A. Feasibility analysisB. Market
Explain the purpose and importance of business plan.
Which of the following identifies competitors and quantifies target customers and/or users in a specific industry?A. Feasibility analysisB. Market analysisC. Financial analysisD. Management analysis
What assesses the prowess of the management and sufficiency of resources to bring the product or idea to market?A. Management analysisB. Operational feasibility analysisC. Financial analysisD. Cash
What are expenses that do not vary with the level of sales, such as rent, salaries, utilities, insurance and other operating expenses?A. Fixed costsB. Variable costsC. Balance sheetD. Cash flow
Which of the following is a formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term
Which of these is not the purpose of a business plan?A. Thoroughly explain a business idea and how it will be carried outB. Planning tool and working plan over the course of several yearsC.
Which of these components are not in a business plan?A. Business descriptionB. Industry and market analysisC. Financial analysisD. None of these options is correct
Estimated profits and expenses of the business is included in which of the following?A. Financial analysisB. Industry and market analysisC. Operation planD. Marketing plan
Who is best suited to write a business plan?A. InvestorB. Founder(s)C. ConsultantD. Chief financial officer
What is “networking”?
How are social connections made in early life the same as those made on the college campus? How are they different?
Smart phones are everywhere today. You probably have one nearby right now. However, access to landline phone service has not been complete for very long, and wireless service is not as widespread as
What types of networks are created in a business relationship?
What are some benefits of professional associations that are not available from government agencies or departments?
The Internet Association (IA, https://internetassociation.org/) was founded in 2012 as a trade association devoted to Internet-based companies. Founding companies included Google, Amazon, eBay, and
What types of organizations on college campuses can provide opportunities for building social networks?
How is the role of government agencies with regard to entrepreneurship different from the roles of industry and trade associations?
In 1989, the new NFL owner of the Dallas Cowboys, Jerry Jones, fired the legendary coach Tom Landry and hired one of his former college football teammates, Jimmy Johnson, as the new head coach.
What are some opportunities for you to develop the skills you need to establish personal relationships with people that you do not know?
How does the SBA help aspiring entrepreneurs?
Every four years, the United States elects a president. Although the incumbent might be reelected, the United States is guaranteed to have a new president at least every eight years. On winning the
What is most likely the largest social group connected with a university? Why is being a member of this group valuable?
Why is it important for government programs to offer grants to organizations, both public and private, to educate and assist entrepreneurs at no charge?
Narciso Gómez has worked in the service department at an auto dealership for about twenty-five years and has served as the service manager for the past seven years. He is qualified for retirement
How do government agencies at all levels support entrepreneurship?
What are some risks associated with surrounding yourself with others who are similar to you in background? Industry experience? Education? Age? Personality? Ability to process information?
Han Jia-ying was an office manager for a construction company until she decided to be a stay-at-home mother with her kids. Her former employer has called her to take over some administrative work at
Who selects the entrepreneur’s team? Why is this important?
If the figures on a pro forma are hypothetical, then why go through the exercise of creating a document with fake numbers?
Why is selecting an accountant a critical decision?
What are some disadvantages of having licensed professionals such as accountants and attorneys offering advice to an entrepreneur?
For the startup entrepreneur, what finances are considered relevant?
A young, very creative, artistic woman wants to start her own graphic design business. If she is out of the office looking for new clients, she is not producing any work that generates income. What
What are some differences between large banks and small banks as they relate to an entrepreneurial startup business?
What can happen if a new business does not have any kind of business plan? What if the business plan that was originally written is not effective after the business starts?
What resources do insurance agents have to gain industry specific information, especially about liability, operations, and challenges?
Why are schedules important? If the new business owner keeps a schedule only in their head and does not write it down, what might be some weaknesses of that idea?
What relationships are possible for sales reps and small, startup businesses? What are the benefits to each?

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