Question 1

The results of a profile analysis enable the entrepreneur to judge

Accepted Answer

A)   himself or herself.
B)   the competition.
C)   the potential of the business.
D)   venture capital opportunities.

Question 2

There are five specific phases that a new venture goes through.

Accepted Answer

A) True 
 B)False

Question 3

A new venture should be

Accepted Answer

A)   cheap.
B)   unique.
C)   easy to copy.
D)   inferior to its competitors.

Question 4

A new venture must go through _____ phases.

Accepted Answer

A)   five
B)   two
C)   three
D)   seven

Question 5

In a lifestyle venture, independence, autonomy, and control are the primary driving forces.

Accepted Answer

A) True 
 B)False

Question 6

"Intensity of competition" changes the dominance of problem areas.

Accepted Answer

A) True 
 B)False

Question 7

Many entrepreneurs lack _____ for their new venture.

Accepted Answer

A)   innovation
B)   intelligence
C)   objectivity
D)   both a and b

Question 8

Most entrepreneurs are well schooled in the technology associated with their ventures.

Accepted Answer

A) True 
 B)False

Question 9

In shaping the ultimate success or failure of a new venture, which of the following statements is applicable?

Accepted Answer

A)   A single strategic variable is usually responsible.
B)   A single strategic variable is seldom responsible.
C)   A single strategic variable that frequently changes is responsible.
D)   A single strategic variable that influences the entire outcome is responsible.

Question 10

Financial considerations play a major role in

Accepted Answer

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

Question 11

List and describe three pitfalls in selecting a new venture.

Accepted Answer

The first pitfall in selecting a new ven...

Question 12

Rapid technological advances in many industries cause a concern for in new venture development.

Accepted Answer

A)   faulty product performance
B)   rapid product obsolescence
C)   inadequate awareness of competitive pressures
D)   undercapitalization

Question 13

Obtaining external financing is considered one of the major types of problems for a new venture during its first year.

Accepted Answer

A) True 
 B)False

Question 14

What is a critical consideration when assessing customer availability?

Accepted Answer

A)   amount of products sold
B)   length of time needed to determine who the customers are and what their buying habits are
C)   the exact profitability of the venture
D)   all of the above

Question 15

An approach developed as a criteria selection list from which entrepreneurs can gain insights into the viability of their venture is the

Accepted Answer

A)   feasibility criteria approach.
B)   time-essence of a venture approach.
C)   marketability feasibility approach.
D)   comprehensive feasibility approach.

Question 16

Which of the following are key questions to ask when screening an idea?

Accepted Answer

A)   Is it proprietary?
B)   Can it easily make money?
C)   What are its points of discussion?
D)   All of the above are correct.

Question 17

Feasibility analyses include technical, market, financial, organizational, and competitive analyses.

Accepted Answer

A) True 
 B)False

Question 18

Only a small percentage of new ventures succeed.

Accepted Answer

A) True 
 B)False

Question 19

A common human resource problem is

Accepted Answer

A)   poor relationships with parent companies and venture capitalists.
B)   incompetent support professionals.
C)   inflated owner ego.
D)   incompetent workforce.

Question 20

Venture classifications include which of the following types of venture?

Accepted Answer

A)   hobby ventures
B)   smaller copycat ventures
C)   high-growth ventures
D)   survival ventures

Exam 6: Assessment of Entrepreneurial Opportunities

Only a small percentage of new ventures succeed.

Correct AnswerverifiedShow Answer

A new venture should be

Correct AnswerverifiedShow Answer

"Intensity of competition" changes the dominance of problem areas.

Correct AnswerverifiedShow Answer

Rapid technological advances in many industries cause a concern for in new venture development.

Correct AnswerverifiedShow Answer

In a lifestyle venture, independence, autonomy, and control are the primary driving forces.

Correct AnswerverifiedShow Answer

Many entrepreneurs lack _____ for their new venture.

Correct AnswerverifiedShow Answer

Obtaining external financing is considered one of the major types of problems for a new venture during its first year.

Correct AnswerverifiedShow Answer

There are five specific phases that a new venture goes through.

Correct AnswerverifiedShow Answer

List and describe three pitfalls in selecting a new venture.

Correct AnswerverifiedThe first pitfall in selecting a new ven...View AnswerShow Answer

Most entrepreneurs are well schooled in the technology associated with their ventures.

Correct AnswerverifiedShow Answer

A common human resource problem is

Correct AnswerverifiedShow Answer

Feasibility analyses include technical, market, financial, organizational, and competitive analyses.

Correct AnswerverifiedShow Answer

The results of a profile analysis enable the entrepreneur to judge

Correct AnswerverifiedShow Answer

Which of the following are key questions to ask when screening an idea?

Correct AnswerverifiedShow Answer

Financial considerations play a major role in

Correct AnswerverifiedShow Answer

What is a critical consideration when assessing customer availability?

Correct AnswerverifiedShow Answer

An approach developed as a criteria selection list from which entrepreneurs can gain insights into the viability of their venture is the

Correct AnswerverifiedShow Answer

In shaping the ultimate success or failure of a new venture, which of the following statements is applicable?

Correct AnswerverifiedShow Answer

Venture classifications include which of the following types of venture?

Correct AnswerverifiedShow Answer

A new venture must go through _____ phases.

Correct AnswerverifiedShow Answer

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The first pitfall in selecting a new ven...
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