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BU115A

Exam 1

QuestionAnswer
A big probelm with starting a new business is that there just isn't enough financing available. False
Opportunity recognition is the search and capture of new idea that lead to business opportunities. True
According to the Brie model, creating a website for your business is a key resource action False
Among customers, specialized firms tend to generate the highest level of trust. False
There are two way to build social capital: Legitimacy & social networking. True
In entreprenerurshiop, every good idea is a viable business opportunity. False
Research suggests that the first good idea entrepreneurs come up with is always the best. False
If a new company imitates established companies and practices in the idustry customers generally view a new company negatively. False
Entreprenuers are characterized by their ability to spot opportunity & organize resources to take advantage of the opportunity in the market place. True
Work experience was the number one source of ideas for business, according to entrpreneurs in PSED. True
Professionalization refers to the extent to which a firm meets or exceeds the standard business practices for the industry. True
Casually attired employees is a key people-based indicator common in more legitimate organizations. False
Nearly all entrepreneurs talk about three universally mentioned rewards: flexibility, fame & fortune. False
Small business preferred funding sources is other people's money whereas high-growth ventures use the owner's own money. False
It is possible to be an entrepreneur as an employee within an organization. True
Industry specific knowledge is the key entrepreneurial competency. False
It is said that today's entrprenuers are actually risk managers. False
Key business functions can be learned while at Washburn and are required competencies to be sucessful as an entrepreneur. False
Strategy in small business is special because most small businesses are more innovative than imitative. True
Market scope refers to the geography of your target market. True
A buyout refers to starting a business from scratch. False
A key advantage of start-ups is that the business has no initial name recognition. False
One disadvantage of franchising is that you give up control of marketing and operations. True
In the U.S, business owners are not required to disclose all impairments or defiencies in their business prior to selling it. True
Bootstrapping refers to finding a low-cost or no-cost way to do something. True
Given that multiple individuals create a conflict, starting the business with one founder is one of the top indicators of start-up success. False
When conducting a SWOT analysis, lack of managerial experience would be considered a threat to the small business startup. False
There are three classic strategies for businesses of all types: differentiation, imitation and focus. False
Most people start in entrepreneurship via part-time self-employment. True
Generally an effective strategy for small business owners is trying to be the cost leader. False
Due diligence in buying a business involves studying the financial statements of the business including an income statement. True
Since one firm is so different than another, having experience and managing a small firm does not help, but having industry experience and knowledge is a key indicator that brings success to the start-ups. False
One disadvantage of purchasing an existing business i that it requires more cash outlay than creating a start-up. False
Funds left over after deducting the cost of goods sold is called net profit. False
Most entrepreneurs initially do an industry analysis to find out what the profits are in an industry in order to better estimate possible financial returns. True
Say Cheez Photo Booth is a local example of a business format franchise that one can buy for $10,000 plus 6% royalty. False
Prie is the easiest of all marketing variable for a business owner to change. True
Small businesses need a Web site only if they use it for actual sales False
It's most always a bad idea for a small firm to try to compete on price. True
The designation TM when placed after a trade or service mark denotes that the mark has been registered federally with the U.S Patent & Trademark Office False
Inelastic products have no substitutes and are absolute necessities. True
For best success, assume that everyone is in your target market. False
For small businesses, rebates are not a good idea because it takes away from already a very low margin that they work on. False
Periodic discounting refers to running a sale without a definite pattern or cycle. False
Establishing your unique selling points is known as your value proposition. True
Price lining is an attempt to appeal to several different markets. True
The core product has features that differentiate it from the competition but are still closely related to the augmented product. False
Budgeting is important process in the market based management approach. False
Most entrepreneurs assume that everyone is their target market. True
The primary reason for targeting is that you don't waste a lot of effort and money. True
An example of demographic segmentation is dividing up the market based on whether people live in city or rural areas. False
Differential advantages occur as a result of something a company does in either - product, price, place, or promotion. True
Indirect competitors provide the same product or service but are located outside the target market. False
Studies have shown that companies that compete on product innovations and high quality achieve higher growth than those that try to compete on price. True
Discounting products or services 10% or less on a regular basis at the register is an effective strategy to grow sales because it builds customer loyalty. False
Created by: 1186350078
 

 



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