Question 4 (1 point) The process in which entrepreneurs test their business models on a small scale before committing serious resources to launch a business that might not work is known as business prototyping product or service feasibility analysis business planning business modeling Question 7 (1 point) The reality test that a business plan must pass to attract financing from lenders and investors involves proving that the industry in which the business will compete is growing faster than the overall economy and has room for more competitors that the business venture will provide lenders and investors a high probability of repayment or an attractive rate of return that the company can gain a competitive advantage over its key competitors that a market for the company's product or service actually does exist and that the company can actually build it for the cost estimates included in the plan Question 15 (1 point) The most critical disadvantage of the sole proprietorship is lack of continuity limited skills and abilities of the owner the owner's unlimited personal liability limited access to capital