BUS 240 Exam 1 Study Guide with all Correct &
100% Verified Answers |Guaranteed to Pass |
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Innovation is the process of creating something new, which is central to the entrepreneurial process?
✔Correct Answer-True
An idea is a favorable set of circumstances that creates a need for a new product, service, or
business. ✔Correct Answer-False
Feasibility analysis is the process of determining if a business idea is viable. ✔Correct Answer-True
Industry analysis is business research that focuses on the potential of an industry. ✔Correct
Answer-True
Unfortunately, statistics show that there is very little interest in entrepreneurship among young
entrepreneurs in the United States. ✔Correct Answer-False
The mechanics for filling out a First Screen are complicated. ✔Correct Answer-False
A business's mission or mission statement describes why it exists and what its business model is
supposed to accomplish. ✔Correct Answer-True
A company's channels describe how it deliver its product or services to its customers. ✔Correct
Answer-True
The three types of competitors a business will face are direct competitors, indirect competitors, and
future competitors. ✔Correct Answer-True
Almost all firms partner with others to make their business models work. ✔Correct Answer-True
When completing the basis for differentiation portion of the Barringer/Ireland Business Model
template, it is important to emphasize as many point of differentiation as possible. Two or three are
not enough. ✔Correct Answer-False
It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-
tie relationship. ✔Correct Answer-False
A _____ is a firms plan or recipe for how it creates, delivers, and captures value for its stakeholders.
✔Correct Answer-business model
A _____ is a group of firms producing similar products or services, such as soft drinks, electronic
games, or computers. ✔Correct Answer-industry
According to the textbook, the first step in a competitor analysis is to: ✔Correct Answer-determine
who the competition is
, The three primary reasons people become entrepreneurs and start their own firms are to:
✔Correct Answer-be their own boss, pursue their own ideas, and financial rewards
Entrepreneurial firms: ✔Correct Answer-bring new products and services to market by creating
and seizing opportunities
Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most
accurately conclude that Apple has a high level of ✔Correct Answer-entrepreneurial intensity
According to the textbook, the four characteristics of successful entrepreneurs are: ✔Correct
Answer-passion for the business, tenacity despite failure, product/customer focus, and execution
intelligence
The number one characteristic shared by successful entrepreneurs is: ✔Correct Answer-passion for
the business
Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which
of the following is NOT an appropriate criterion for Jessica to test her idea against? ✔Correct
Answer-Determine whether a fitness center for young adults ages 18-30 meets the threshold of
being a good idea.
GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas.
Which environmental trend is most likely to have provided the impetus for the creation of these
companies? ✔Correct Answer-economic forces
Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense"
that allows him to see opportunities that others miss. Kelly's ability is referred to as: ✔Correct
Answer-entrepreneurial alertness
To make sure that is customers are satisfied and to probe for new product ideas, Intuit routinely
sends employees to the facilities of their customers. This technique for generating new business
ideas is called: ✔Correct Answer-day-in-the-life research
An increased focus on health and wellness has resulted in a number of new business ideas including
healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An
increased focus on health and wellness is an important _____ that is creating opportunities in many
areas for entrepreneurial firms. ✔Correct Answer-social force
Which of the following is not an attribute of an attractive industry? ✔Correct Answer-it is late
rather than early in its life cycle
Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take
advantage of environmental trend, solve a problem, or fill a gap in the marketplace? These are the
types of questions asked during the _____ component of a complete feasibility analysis. ✔Correct
Answer-product/service feasibility
The two primary issues to consider in organizational feasibility analysis are: ✔Correct Answer-
management prowess and resource sufficiency
100% Verified Answers |Guaranteed to Pass |
Already Graded A+
Innovation is the process of creating something new, which is central to the entrepreneurial process?
✔Correct Answer-True
An idea is a favorable set of circumstances that creates a need for a new product, service, or
business. ✔Correct Answer-False
Feasibility analysis is the process of determining if a business idea is viable. ✔Correct Answer-True
Industry analysis is business research that focuses on the potential of an industry. ✔Correct
Answer-True
Unfortunately, statistics show that there is very little interest in entrepreneurship among young
entrepreneurs in the United States. ✔Correct Answer-False
The mechanics for filling out a First Screen are complicated. ✔Correct Answer-False
A business's mission or mission statement describes why it exists and what its business model is
supposed to accomplish. ✔Correct Answer-True
A company's channels describe how it deliver its product or services to its customers. ✔Correct
Answer-True
The three types of competitors a business will face are direct competitors, indirect competitors, and
future competitors. ✔Correct Answer-True
Almost all firms partner with others to make their business models work. ✔Correct Answer-True
When completing the basis for differentiation portion of the Barringer/Ireland Business Model
template, it is important to emphasize as many point of differentiation as possible. Two or three are
not enough. ✔Correct Answer-False
It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-
tie relationship. ✔Correct Answer-False
A _____ is a firms plan or recipe for how it creates, delivers, and captures value for its stakeholders.
✔Correct Answer-business model
A _____ is a group of firms producing similar products or services, such as soft drinks, electronic
games, or computers. ✔Correct Answer-industry
According to the textbook, the first step in a competitor analysis is to: ✔Correct Answer-determine
who the competition is
, The three primary reasons people become entrepreneurs and start their own firms are to:
✔Correct Answer-be their own boss, pursue their own ideas, and financial rewards
Entrepreneurial firms: ✔Correct Answer-bring new products and services to market by creating
and seizing opportunities
Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most
accurately conclude that Apple has a high level of ✔Correct Answer-entrepreneurial intensity
According to the textbook, the four characteristics of successful entrepreneurs are: ✔Correct
Answer-passion for the business, tenacity despite failure, product/customer focus, and execution
intelligence
The number one characteristic shared by successful entrepreneurs is: ✔Correct Answer-passion for
the business
Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which
of the following is NOT an appropriate criterion for Jessica to test her idea against? ✔Correct
Answer-Determine whether a fitness center for young adults ages 18-30 meets the threshold of
being a good idea.
GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas.
Which environmental trend is most likely to have provided the impetus for the creation of these
companies? ✔Correct Answer-economic forces
Kelly Pryor, who has launched several successful entrepreneurial firms, seems to have a "sixth sense"
that allows him to see opportunities that others miss. Kelly's ability is referred to as: ✔Correct
Answer-entrepreneurial alertness
To make sure that is customers are satisfied and to probe for new product ideas, Intuit routinely
sends employees to the facilities of their customers. This technique for generating new business
ideas is called: ✔Correct Answer-day-in-the-life research
An increased focus on health and wellness has resulted in a number of new business ideas including
healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An
increased focus on health and wellness is an important _____ that is creating opportunities in many
areas for entrepreneurial firms. ✔Correct Answer-social force
Which of the following is not an attribute of an attractive industry? ✔Correct Answer-it is late
rather than early in its life cycle
Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take
advantage of environmental trend, solve a problem, or fill a gap in the marketplace? These are the
types of questions asked during the _____ component of a complete feasibility analysis. ✔Correct
Answer-product/service feasibility
The two primary issues to consider in organizational feasibility analysis are: ✔Correct Answer-
management prowess and resource sufficiency
