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Exam 1

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
show False  
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Opportunity recognition is the search and capture of new idea that lead to business opportunities.   show
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show False  
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Among customers, specialized firms tend to generate the highest level of trust.   show
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show True  
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In entreprenerurshiop, every good idea is a viable business opportunity.   show
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show False  
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show False  
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show True  
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show True  
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Professionalization refers to the extent to which a firm meets or exceeds the standard business practices for the industry.   show
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show False  
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show False  
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Small business preferred funding sources is other people's money whereas high-growth ventures use the owner's own money.   show
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It is possible to be an entrepreneur as an employee within an organization.   show
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show False  
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show False  
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Key business functions can be learned while at Washburn and are required competencies to be sucessful as an entrepreneur.   show
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Strategy in small business is special because most small businesses are more innovative than imitative.   show
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show True  
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A key advantage of start-ups is that the business has no initial name recognition.   show
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show True  
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In the U.S, business owners are not required to disclose all impairments or defiencies in their business prior to selling it.   show
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Bootstrapping refers to finding a low-cost or no-cost way to do something.   show
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show True  
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Generally an effective strategy for small business owners is trying to be the cost leader.   show
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Due diligence in buying a business involves studying the financial statements of the business including an income statement.   show
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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.   show
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Funds left over after deducting the cost of goods sold is called net profit.   show
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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.   show
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show False  
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Prie is the easiest of all marketing variable for a business owner to change.   show
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Small businesses need a Web site only if they use it for actual sales   show
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show True  
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show False  
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show True  
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For small businesses, rebates are not a good idea because it takes away from already a very low margin that they work on.   show
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show False  
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show True  
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show True  
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Budgeting is important process in the market based management approach.   show
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Most entrepreneurs assume that everyone is their target market.   show
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The primary reason for targeting is that you don't waste a lot of effort and money.   show
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show False  
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show True  
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show False  
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Studies have shown that companies that compete on product innovations and high quality achieve higher growth than those that try to compete on price.   show
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show False  
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