Question 2 5 Points A focus strategy could be based on either a cost-based strategy or a differentiation-based strategy. A True B False Question 3 5 Points Capabilities refers to a firm's routines and processes that coordinate the use of its productive assets to achieve desired outomes. A True B False Question 4 5 Points It's important to distinguish between a market and an industry. A market consists of all buyers of a product or service; an industry is made up of all sellers who compete for the same market. True B False Entrepreneurs who recognize and understand Porter's five industry factors can position their ventures in a way that makes the most of what the industry offers. A True B) False Question 6 5 Points Success in entrepreneurship is generally the result of three elements that come together in such a way that the new enterprise ge the thrust it needs to launch and the sustained power to keep it going. Identify all of those three elements from the list below. A) A market with potential B An attractive industry A capable individual or team with the skills and capabilities to "pull it all together" D A lucky guess and a big inheritance Question 7 5 Points Which of the following would not be included as considerations in performing a feasibility analysis of a potential small business venture? A Market potential B Potential funding sources c) Industry attractiveness D New venture leadership Question 8 5 Points In performing an outside-in analysis, which of the following factors would not be included? A General environment B) Industry environment Workplace environment Competitive environment Question 9 5 Points Which of the following Swot factors focus on factors inside the company? A Strengths B) Opportunities Threats D) Weaknesses Question 10 5 Points A core competency is a benefit that exists when a firm has a product or service that is seen by its target market as better than that of competitors. A True B) False