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622 Test 1

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show fragmented  
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show Replicative  
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show 1980s  
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show one-third  
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Entrepreneurs are taking advantage of several subtrends within the ____ sector, including eco-iconic marketing.   show
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Twitter has been the leader in facilitating a new trend known as ____.   show
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The late 1990s brought the "dot com" bubble and the rush of the ____ community to position itself for what appeared to be a new way of doing business.   show
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show economic growth / job creation  
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The ____ school of thought proposes an integrated input/output model to describe the entrepreneurial process.   show
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show environment / organization  
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show technology / technological  
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Technological change has facilitated ____ and a new form of creative destruction by moving ____ out of the Unites States to countries where labor costs are substantially less.   show
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Today, ____ is growing faster than any modern economy.   show
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New industries are born when technological change produces a/an ____ opportunity that an enterprising entrepreneur seizes.   show
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show innovation-driven  
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The Small Business Administration (SBA) defines a small business as one with fewer than ____ employees.   show
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Entrepreneurs typically have a vision of where they want their businesses to go, and generally that vision is on a regional, national, or (more often) ____ level.   show
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The process of new venture formation is characterized by ____ stage(s) and ____ transition(s) or decision points.   show
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____ is the mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory.   show
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show one-half  
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show processes  
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show 85  
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show 1980s  
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show international competition  
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The ____ microprocessor affected the technological revolution of the 1970s.   show
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____ was not alone in asserting that the United States was rapidly and by necessity becoming an entrepreneurial economy.   show
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show diversification  
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Toward the end of the 1980s, researchers observed that young entrepreneurial ventures were ____ much earlier than expected and at a much smaller size.   show
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show knowledge economy  
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More than perhaps anything else, the 1990s were characterized as the ____.   show
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show growth  
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When it comes to the Inc. 500 Fastest Growing Private Companies, the ____ is not a predictor of ultimate success.   show
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Most of the great businesses that have been successful for at least 50 years (companies such as Walt Disney, Sony, and Merck) did not start with a/an ____.   show
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The goal of most entrepreneurs is to reduce the level of ____ in any venture.   show
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In general, venture capitalists say that they will take a ____ and a large market opportunity in a fast-growing area over a great idea any day   show
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show 45-98  
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show discipline  
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show opportunity-driven  
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____ comprise over two-thirds of all sole proprietorships, partnerships, and S-corporations in the United States.   show
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An entrepreneur who owns a minority or majority stake in several ventures is called a ____ entrepreneur.   show
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An entrepreneur who starts one business and then moves on to start another is classified as a ____ entrepreneur.   show
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show students  
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show nonprofit  
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show corporate ventures  
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____ refers to an autonomous group with a mandate to find and develop new products for the company that may even be external to the company's core competencies.   show
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A very specific task that an entrepreneur can undertake to prepare for success is to find/be a ____.   show
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The probability of survival and success tends to go up with businesses that have more ____.   show
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show Networking  
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The ____ in a professional network are the entrepreneur's acquaintances and business contacts.   show
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Entrepreneurs rely on their ____ for objective advice.   show
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____ serve as gateways to other networks, exerting influence between groups or networks rather than within groups.   show
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Which of the following is not a barrier to becoming self-employed?   show
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____ is a critical part of the everyday life of an entrepreneur and is a skill that must be developed and exercised carefully.   show
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____ facilitates a new venture's identity and legitimacy as well as creates a competitive advantage that is difficult to replicate.   show
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show -opportunity recognition -leadership and people management -written and oral communication -"leadership and people management" and "written and oral -communication" only All of these choices  
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show both "heroic" and "charismatic"  
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One of the best ways to discover an opportunity is to study a/an ____ in depth.   show
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show intrapreneurship / acquisition  
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show core values  
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show industry  
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show value  
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____ sees opportunity arising from shifts in external factors in the market or industry, such as regulation, technological changes, and changes in customer preferences.   show
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show creation theory  
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show invention  
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show Innovation  
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show evaluation  
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show Association  
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show creativity  
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Creativity is the behavior that results in ____.   show
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____ on a regular basis trains the mind to shift quickly into the creative mode.   show
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According to Rosabeth Moss Kanter, accountability, collaboration, and initiative are all elements of ____.   show
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show conducting a feasibility analysis  
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Closing the door, shutting off the phone, and turning off email to prepare to do some creative thinking are all examples of how you can ____.   show
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____ is one of the most successful new product idea companies in the world.   show
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Most business ideas stem from a/an ____ that an entrepreneur sees in his or her immediate environment.   show
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The second most commonly cited source of new venture ideas is ____.   show
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show child  
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show problem solving  
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The best question to ask to define a problem is ____?   show
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show decision tree  
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Which of the following rules does not apply to idea generation?   show
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The ____ produces about three times as many ideas per unit of time and these ideas are generally of much higher quality.   show
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____ involves getting ideas down on paper and then organizing the ideas and creating themes.   show
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show Affirmative Judgment  
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____ is concerned with the process of commercializing or extracting value from ideas.   show
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The vast majority of innovations today are ____.   show
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show Disruptive  
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show 79  
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show incremental improvements  
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____ is concerned with the process of commercializing or extracting value from ideas.   show
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show business model  
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show value network  
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show Action plan  
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The strategic choices that a business model addresses should reflect both the ____ and the ____ processes.   show
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Entrepreneurs must create a great story to describe how they will make value for all except which of the following?   show
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The business concept should ____.   show
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show Revenue model  
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show Uniqueness  
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A precise ____ increases the chances that the business concept will meet the customers' needs.   show
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What of the following components of the business concept is least likely to ensure the success of the venture?   show
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A new venture's ____ will convey its specific assets and capabilities, and make the venture more comprehensible and compelling.   show
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The first two steps in building a business model involve ____ and ____.   show
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show marketing  
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show feasibility analysis  
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show testing  
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The feasibility analysis includes all of the following except ____.   show
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Which type of business is most likely to be launched on the strength of a feasibility analysis alone?   show
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show Do the capital requirements, based on estimates of sales and expenses, make sense?  
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Many weak business concepts can be eliminated from consideration ____.   show
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Most successful startups involve ____.   show
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show distribution channel  
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In general, the ____ is the one who pays for the product.   show
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show customer  
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Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.   show
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The question of how to deliver the benefit to the customer is answered by ____.   show
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show quick screen  
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For a new product or service to be successful, it should ____.   show
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One part of the feasibility analysis addresses the business process. This part is called the ____.   show
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____ with customers should give the entrepreneur confidence that the solution being provided is recognized as valuable by customers.   show
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show Strategy  
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A/An ____ is a grouping of competitors that an entrepreneur targets.   show
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A/An ____ analysis includes the political, sociocultural, economic, and technological environments in which the new venture will operate.   show
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show external environment  
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Google, Wikipedia, journals, and trade magazines are examples of ____.   show
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show primary data  
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show differentiation  
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The ____ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms.   show
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show Creative  
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show Porter's Five Forces  
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Brand equity, advertising expense, and the rate of industry growth are part of which of Porter's forces?   show
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show pain  
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show industry analysis  
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show secondary  
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Birth, growth and adaptation, and shakeout are stages of the ____ life cycle.   show
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A new industry goes through volatile and rapid changes as companies and their respective technologies jockey for position and the right to determine industry standards. This is what stage of the industry life cycle?   show
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show Progressive  
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show Porter's Five Forces Model  
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show Economies of scale  
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show a PEST analysis  
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show PEST analysis  
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Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____.   show
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show first customer  
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A good starting point for gathering secondary market data is ____.   show
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The market research process has ____ steps.   show
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show researching secondary data  
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Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data.   show
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____ is the first step in an anthropological approach to customer observation.   show
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show structured interviews  
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Age, income level, education, and buying habits are all components of the ____.   show
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A/An ____ lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment.   show
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The main reason for new product development failure is lack of ____.   show
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Initial market tests are accomplished using a working ____ of near production quality.   show
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show Outsourcing  
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A ____ consists of a novel and confidential formula, device, idea, process, pattern, or compilation of information that gives the owner a competitive advantage in the marketplace.   show
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show Copyrights  
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show federal copyright protection  
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show Digital Millennium Copyright Act  
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Like patents, ____ can suffer from infringement, counterfeiting, or misappropriation.   show
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Poor execution, time-to-market increases, and missed first-to-market opportunities are some of the problems associated with ____.   show
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show new product failure  
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Opportunity recognition, technical feasibility analysis, and prototype building and field testing are elements of the ____.   show
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show Product design  
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The probability of success for a new product launch is about ____ percent.   show
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show patents trademarks copyrights trade secrets All of these choices  
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show 75 percent  
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show patent  
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show business creation  
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What percent of all patents come from large companies?   show
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show prior art  
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show utility  
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show business method  
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show A naturally occurring substance  
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show Trademark Dilution Revision Act  
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show Prior art  
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____ patents are the most common type of patent.   show
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Most countries require that an invention be manufactured in the country within ____ of the issuance of the foreign patent.   show
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A ____ is a way for inventors to use the term patent pending.   show
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The ____ protects inventors from infringers who would violate a patent by making small, insignificant changes in the claims.   show
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____ is found if a trademark is likely to cause confusion with a trademark already existing in the marketplace.   show
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Under the Copyright Extension Act of 1998, a copyright lasts for the life of the holder plus ____ years.   show
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____ staff is a way for a new business to enjoy the advantages of having the kind of skilled work force available to major corporations without incurring so many of the expenses.   show
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show customers  
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Which of the following is not a professional advisor to an entrepreneur?   show
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show Achieved  
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The chances of success are greater when the lead entrepreneur and the team share the same ____ for the new venture.   show
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____ are more likely to make the mistake of putting structure on the organization before its time.   show
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show startup teams  
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Which of the following is not an independent contractor you would expect to find on an entrepreneur's extended team?   show
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show founding team  
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show complementary  
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A high-tech venture with significant up-front funding and the potential for exponential growth requires a management team of ____.   show
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Attorneys can provide the new venture with a wealth of support, which includes all the following except ____.   show
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show preparing documents for acquisition of intellectual-property rights  
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A/an ____ is an advocate, but a/an ____ is bound by rules and ethics that do not permit advocacy.   show
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To determine whether the accounting and control procedures are adequate once the new venture is beyond the startup phase and is growing consistently, ____.   show
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show banker  
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show privately owned corporation  
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show inside board member  
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A board member with no direct connection to the business is a/an ____.   show
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show exploitive behavior  
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show lead entrepreneur  
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An informal panel of experts and other people who are interested in seeing the new venture succeed is a/an ____.   show
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A/An ____ consists of individuals whom the entrepreneur respects and trusts. They serve as a sounding board for ideas and act as coaches.   show
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Parties who run their own businesses and are hired by the entrepreneur to do a specific job are ____.   show
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One of the biggest incentives for taking on the risk of a startup venture is the opportunity to acquire a/an ____ stake and participate in the potential upside if the startup is a success.   show
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There are two types of ____ agreements: a cross-purchase agreement and a stock redemption agreement.   show
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show Bringing the activity in-house  
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show critical one-time advice or problem solving  
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show on issues of taxation  
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show payroll and human resource  
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show business plan  
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show positive cash flow  
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show feasibility analysis  
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show Feasibility analysis  
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show Value chain  
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Creating a ____ is the first step in calculating startup capital requirements.   show
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Once the entrepreneur determines where the new venture lies in the value chain, he or she must create a ____.   show
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show lower  
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show goals  
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show Raise price and reduce direct costs  
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____ starts with a high price to establish uniqueness; then drops the price as competitors enter the market.   show
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show product bundle pricing  
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One mistake that entrepreneurs make is to set their prices so that they cover ____ costs plus a margin the entrepreneur is expecting to achieve.   show
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Entrepreneurs can reach a price that can be tested in the market by considering costs, competitor pricing, and ____.   show
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show customer acquisition cost  
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show distributors  
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show Contribution margin  
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Which of the following is not a technique that can help entrepreneurs arrive at a realistic forecast of demand for their product or service?   show
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show Product delivery  
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show produce / deliver  
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Which of the following is not part of direct selling expenses?   show
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show postal charges  
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In manufacturing businesses, forecasting expenditures is a bit more complex because ____ must be derived first.   show
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show employee  
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show direct cash flow  
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The ____ is an amount of cash that is often based on the sales and collection cycle of the business.   show
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show service  
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show go into limited production  
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show Monthly burn rate  
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A month-by-month timeline shows a year in the life of a business with key milestones and anticipated ____.   show
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Created by: sb37