21.. is when problems and needs are broadcast to a large and diverse audience in the form of an "open call" for solutions. O Radical innovation Facebooking Writing a business plan Crowdsourcing 22. If you can enter the market and build your data-base before anyone else, you achieve 19- _in which it becomes harder and harder for competitors to get into the market and convince your customers to switch. O first-movers advantage O mining the long tail O data mining O non-compete stipulation 23. accounting does not recognize that cash may have been required to purchase materials, labor, and other resources in advance of the sale. O Accural O Cash 24. are reasons the customer segment(s) will use your products or services instead of those from a competitor. O key partnerships O Value propositions O Channels O Communication 25. If the IRR of a potential investment is lesser than the required rate of return, the investment should be undertaken. True O False is the way a company applies knowledge to capture value. 26. A O business model O value proposition O channel O revenue stream 27. can breach various securities laws, because soliciting investments from the general public can be deemed illegal, unless the opportunity has been filed with an appropriate securities regulatory authority. Hybrid based funding O Credit or Loan based O Reward based O Equity investment 28. Members of the public submit solutions, which are then usually, but not always, owned by the Opublic O originating entity O crowdfunders O crowd members 29. are estimates of values that might be attained in a strategic acquisition are usually calculated on the basis of comparison with other purchases that have taken place recently in the same industry sector. O comps O Positions O Milestone methods O Valuation models is a small segment of a large market ignored by other companies. 30. A(n) O position O geographic area O niche market O one to one marketing 31. The main purpose of writing a business plan is to: o provide a historical perspective of the venture. O avoid competition. O test the viability of the business idea and set a path for the entrepreneur to follow develop new applications O 32. All of the following are pros of choosing a cooperative model except: O Easier to sustain over long time Founders significantly benefit financially O Members can extract profits O Low or zero tax payments O 33. In a selling memorandum, financial projections should be prepared for the next: 0 1 Year O 10-15 years O 20 years O 3-5 years 34. All of the following are advantages of a C-corporation except: O Directors held Accountable Limited Liability of the Stockholders o Ability to Attract Capital Skills, Expertise, Knowledge 35. is the process of establishing and maintaining a distinctive place in the market for the start-up and/or its products offerings. O Positioning Trade shows Inbound marketing O Contribution 36. Entrepreneurs usually engage in marketing research for two reasons: (1) to identify the need and opportunity for the venture and (2) to understand marketing and customer issues that relate to the product or service. O False O True 37. In regards to exit strategies, MBO stands for: o Management buyout o Major buyout O Majority buyout O Multi buyout 38. A large corporation can license rights to a small company's intellectual property networks royalities business profits 39. have developed an enterprise that fits their individual circumstances and style of life, and their basic intention is to earn an income for themselves and their families. Social entrepreneurs Growth entrepreneurs Lifesytle entrepreneurs Tech entrepreneurs 40. _use market-oriented entrepreneurial approaches to address social issues. Interest groups Angels Social entrepreneurs Influences