Question $1($Mandatory$)(2$ points$)$

Fragmented markets have:

Question $1$ options:

A$)$

clear dominant competitors

B$)$

many potential customers

C$)$

few potential competitors

D$)$

no clear dominant competitors

Question $2($Mandatory$)(2$ points$)$

What are the critical elements that an entrepreneur must solve for success?

Question $2$ options:

A$)$

an effective sales generation model

B$)$

sustainable operating profit margins

C$)$

being properly financed

D$)$

all of these

Question $3($Mandatory$)(2$ points$)$

The potential entrepreneur needs to consider $\_\_\_\_$ when starting a new business.

Question $3$ options:

A$)$

risk tolerance

B$)$

prior experience

C$)$

personality orientation

D$)$

all of these

Question $4($Mandatory$)(2$ points$)$

Until the mid$-1880$s$,$ almost all businesses were:

Question $4$ options:

A$)$

small

B$)$

large

C$)$

medium

D$)$

indifferent

Question $5($Mandatory$)(2$ points$)$

A$($n$)\_\_\_\_\_\_\_\_\_$ is an analytical tool to organize information about direct competitors on all points of competition.

Question $5$ options:

A$)$

deficient map

B$)$

completion map

C$)$

analysis gap

D$)$

competitive map

Question $6($Mandatory$)(2$ points$)$

$\_\_\_\_\_\_\_\_\_$ is $($are$)$ a brief statement that summarizes how and where the firm will compete in the industry.

Question $6$ options:

A$)$

Core values

B$)$

Goal statements

C$)$

Strategies

D$)$

Mission Statement

Question $7($Mandatory$)(2$ points$)$

All of these are intangible items EXCEPT:

Question $7$ options:

A$)$

name branding

B$)$

education

C$)$

industry experience

D$)$

initial financing

Question $8($Mandatory$)(2$ points$)$

$\_\_\_\_\_\_\_\_\_$ is working with and learning from a company outside of your industry that has a skill that is critical to the firm's operation.

Question $8$ options:

A$)$

Benchmarking

B$)$

Fragmenting

C$)$

Substitute$-$based

D$)$

Tag lines

Question $9($Mandatory$)(2$ points$)$

$\_\_\_\_\_\_\_\_\_$ demonstrates how easy it is for a customer to switch to substitutes.

Question $9$ options:

A$)$

Elasticity of demand

B$)$

competitive map

C$)$

trade$-$in

D$)$

benchmarking

Question $10($Mandatory$)(2$ points$)$

$\_\_\_\_\_\_\_\_\_$ are resources that combine to allow a firm to do things better than its competitors.

Question $10$ options:

A$)$

Measurable goals

B$)$

Capabilities

C$)$

Analytical tools

D$)$

Trade$-$outs

Question $11($Mandatory$)(2$ points$)$

A$($n$)\_\_\_\_\_\_\_\_\_$ defines companies within a specified geographic radius that will be in direct competition for the same customers.

Question $11$ options:

A$)$

tracking system

B$)$

industry

C$)$

U$.$S$.$ Government Blue Book

D$)$

competitor's files

Question $12($Mandatory$)(2$ points$)$

Which term is used to describe individuals or other organizations that impact the success of a business?

Question $12$ options:

A$)$

stakeholders

B$)$

corporate managers

C$)$

owners

D$)$

capitalists

Question $13($Mandatory$)(2$ points$)$

$\_\_\_\_\_\_\_\_\_$ provides you with the opportunity to make money when other businesses cannot easily copy your advantages.

Question $13$ options:

A$)$

Unorthodox practices

B$)$

Orthodox practices

C$)$

Tangible assets

D$)$

Sustainable competitive advantage

Question $14($Mandatory$)(2$ points$)$

What are the two types of partnerships?

Question $14$ options:

A$)$

general; specific

B$)$

general; limited

C$)$

limited; unlimited

D$)$

general; unlimited

Question $15($Mandatory$)(2$ points$)$

All of the following are triggers to start a new business EXCEPT:

Question $15$ options:

A$)$

very little to lose financially by a failure

B$)$

being laid off

C$)$

intolerable risk level

D$)$

experiencing a mid$-$life crisis

Question $16($Mandatory$)(2$ points$)$

James has the benefit of gaining customer loyalty by being the first company to bring out a new gourmet burger. This is a form of $\_\_\_\_\_\_\_\_\_.$

Question $16$ options:

A$)$

first mover advantage

B$)$

leader advantage

C$)$

sustainable competitive advantage

D$)$

tangible assets advantage

Question $17($Mandatory$)(2$ points$)$

What are the two measures used to evaluate whether a person or firm is meeting its goals?

Question $17$ options:

A$)$

tangible and intangible

B$)$

orthodox and unorthodox

C$)$

actionable and nonactionable

D$)$

quantitative and qualitative

Question $18($Mandatory$)(2$ points$)$

Which of the following terms means a set amount of compensation for a given time period?

Question $18$ options:

A$)$

hourly wage

B$)$

commission

C$)$

salary

D$)$

paycheck

Question $19($Mandatory$)(2$ points$)$

$\_\_\_$ are the growth engine of the economy.

Question $19$ options:

A$)$

Fortune $500$ companies

B$)$

Small businesses

C$)$

Large businesses

D$)$

Medium$-$sized businesses

Question $20($Mandatory$)(2$ points$)$

All of the following are questions to ask when looking at skills gained through education EXCEPT:

Question $20$ options:

A$)$

What courses did you take that were particularly enjoyable?

B$)$

What courses did you take where the material came to you very easily?

C$)$

What specialized training do you have in a s