Question 1

A common pitfall in selecting a new venture is

Accepted Answer

A)  poor financial understanding.
B)  proper objective evaluation.
C)  real insight into the market.
D)  having a good idea.

Question 2

Which of the following pitfalls is described by the statement, "Engineers and technically trained people are particularly prone to falling in love with an idea for a product or service"?

Accepted Answer

A)  inadequate understanding of technical requirements
B)  lack of venture uniqueness
C)  no real insight into the market
D)  lack of objective evaluation

Question 3

Explain three major reasons why new ventures fail.

Accepted Answer

The first reason new ventures often fail...

Question 4

The comprehensive feasibility analysis approach is closely related to the preparation of a thorough business plan.

Accepted Answer

A) True 
 B)False

Question 5

Managerial problems include

Accepted Answer

A)  venture capital relationship problems.
B)  unclear business definition.
C)  concept of a team approach.
D)  assuming debt too early.

Question 6

Solid analysis and evaluation of the feasibility of the product/service idea are critical tasks in starting a new business.

Accepted Answer

A) True 
 B)False

Question 7

Financial considerations play a major role in

Accepted Answer

A)  lifestyle ventures.
B)  small profitable ventures.
C)  high-growth ventures.
D)  corporate debentures.

Question 8

The maverick entrepreneur who avoids reaching out and finding help is a myth of the past.

Accepted Answer

A) True 
 B)False

Question 9

A great abundance of reliable data is available concerning the start-up, performance, and failure of new ventures.

Accepted Answer

A) True 
 B)False

Question 10

Many entrepreneurs of new ventures lack

Accepted Answer

A)  knowledge of their product.
B)  a unique angle for the venture.
C)  drive.
D)  the willingness to put in long hours.

Question 11

Mistakes and failures along the way are to be seen as poor planning and actually hinder the design methodology.

Accepted Answer

A) True 
 B)False

Question 12

Hiring and promotions on the basis of nepotism rather than qualification are associated with

Accepted Answer

A)  human resource problems.
B)  the concept of a team approach.
C)  unclear business definition.
D)  poor management.

Question 13

Which of the following is not critical to a product's success?

Accepted Answer

A)  timing
B)  marketing approach
C)  objectivity
D)  size

Question 14

Independence, autonomy, and _____ are the major driving forces behind lifestyle ventures.

Accepted Answer

A)  marketing
B)  capitalists
C)  control
D)  people

Question 15

Researchers believe that design methodology provides _____ learning mechanisms important for converting ideas into form.

Accepted Answer

A)  specific
B)  organizational
C)  vague
D)  a framework of

Question 16

Sales growth is a critical factor in the _____ phase.

Accepted Answer

A)  prestart-up
B)  poststart-up
C)  start-up
D)  evaluations

Question 17

It is reported that more than 400,000 new firms have emerged in the United States every year since 2010.

Accepted Answer

A) True 
 B)False

Question 18

A solid analysis is

Accepted Answer

A)  a critical task in starting a new business.
B)  of no importance.
C)  no way to discover flaws in a new-venture idea.
D)  not a critical task in starting a new business.

Question 19

The learn stage of the build-measure-learn feedback loop is a process in which one learns by trying out an initial idea and then measuring it to validate the effect.

Accepted Answer

A) True 
 B)False

Question 20

Failure to anticipate the technical difficulties related to developing or producing a product can sink a new venture.

Accepted Answer

A) True 
 B)False

Exam 6: Assessment of Entrepreneurial Opportunities

Failure to anticipate the technical difficulties related to developing or producing a product can sink a new venture.

Correct AnswerverifiedShow Answer

Researchers believe that design methodology provides _____ learning mechanisms important for converting ideas into form.

Correct AnswerverifiedShow Answer

Which of the following is not critical to a product's success?

Correct AnswerverifiedShow Answer

Hiring and promotions on the basis of nepotism rather than qualification are associated with

Correct AnswerverifiedShow Answer

Explain three major reasons why new ventures fail.

Correct AnswerverifiedThe first reason new ventures often fail...View AnswerShow Answer

Managerial problems include

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Sales growth is a critical factor in the _____ phase.

Correct AnswerverifiedShow Answer

Mistakes and failures along the way are to be seen as poor planning and actually hinder the design methodology.

Correct AnswerverifiedShow Answer

Financial considerations play a major role in

Correct AnswerverifiedShow Answer

The learn stage of the build-measure-learn feedback loop is a process in which one learns by trying out an initial idea and then measuring it to validate the effect.

Correct AnswerverifiedShow Answer

It is reported that more than 400,000 new firms have emerged in the United States every year since 2010.

Correct AnswerverifiedShow Answer

The maverick entrepreneur who avoids reaching out and finding help is a myth of the past.

Correct AnswerverifiedShow Answer

The comprehensive feasibility analysis approach is closely related to the preparation of a thorough business plan.

Correct AnswerverifiedShow Answer

A great abundance of reliable data is available concerning the start-up, performance, and failure of new ventures.

Correct AnswerverifiedShow Answer

Independence, autonomy, and _____ are the major driving forces behind lifestyle ventures.

Correct AnswerverifiedShow Answer

A common pitfall in selecting a new venture is

Correct AnswerverifiedShow Answer

A solid analysis is

Correct AnswerverifiedShow Answer

Solid analysis and evaluation of the feasibility of the product/service idea are critical tasks in starting a new business.

Correct AnswerverifiedShow Answer

Many entrepreneurs of new ventures lack

Correct AnswerverifiedShow Answer

Which of the following pitfalls is described by the statement, "Engineers and technically trained people are particularly prone to falling in love with an idea for a product or service"?

Correct AnswerverifiedShow Answer

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The first reason new ventures often fail...
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