ENT 2113 Set Exam Tested
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. What term is used to describe the process of systematically examining the
difference between what is expected and what occurs? - ANSWER gap
analysis
2. While developing a quality business idea, what should potential business
founders ideally do after evaluating their personal skill sets? - ANSWER
carefully analyze the market and look for a gap
3. The connection between an entrepreneur's skills, understanding of an
industry, and the ability to create a competitive advantage such that the sum of
the parts of the new business is greater than the individual parts alone is called
________. - ANSWER synergy
4. Before establishing a new business, the first thing founders should do is -
ANSWER list their personal skill sets.
5. In the context of risks to new businesses, identify a true statement about risk
tolerance. - ANSWER What constitutes a risk is determined by an
entrepreneur by observing his or her own tolerances.
,6. In the context of business risks, how can an entrepreneur identify competitors
to a new potential business? - ANSWER by observing what potential
customers do to satisfy their current needs or wants
7. The process of generating ideas should occur in a(n) ________ manner and not
in a(n) ________ fashion. - ANSWER interactive; linear
8. Identify a true statement about the process of generating business ideas. -
ANSWER After analysis, entrepreneurs may change their ideas even if they
initially thought that their ideas would be successful.
(as business ideas evolve, entrepreneurs must develop new skills)
9. Identify a true statement about the potential founder of a new business. -
ANSWER The founder of a new business needs to be intimately involved in its
designing, funding, and running.
10. Each business plan, like every business should have own voice - ANSWER
True
11. There are widespread efforts worldwide to encourage the development of
small and medium enterprises. - ANSWER True
12. A critical element that entrepreneur must solve for success is to develop the
ability to generate consistent and growing sales - ANSWER True
13. Entrepreneurial business fail to provide a means to meet the varied demands
that individuals face in a society. - ANSWER False
, 14. A small business's harvest plan is to put profits back into the company -
ANSWER False
15. Microloans commonly made for ____ self development - ANSWER
Women
16. Percentage of US millionaires self employed are - ANSWER 66.7
17. The term _____ refers to the fact that women, like minorities, may be hired
by large firms but experience limits place on their advancements - ANSWER
glass ceiling
18. In the context of a harvest plan, which of the following is the deciding metric
in a potential public offering of a business - ANSWER size
19. Until the mid-1880s, almost all U.S. businesses were ________. - ANSWER
Small
20. The success of entrepreneurial businesses occurs partially because they are
________. - ANSWER more focused than their large corporate counterparts.
(customer needs)
21. Identity a true statement about the history of entrepreneurial businesses in
the US - ANSWER the 1880s saw initial development
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. What term is used to describe the process of systematically examining the
difference between what is expected and what occurs? - ANSWER gap
analysis
2. While developing a quality business idea, what should potential business
founders ideally do after evaluating their personal skill sets? - ANSWER
carefully analyze the market and look for a gap
3. The connection between an entrepreneur's skills, understanding of an
industry, and the ability to create a competitive advantage such that the sum of
the parts of the new business is greater than the individual parts alone is called
________. - ANSWER synergy
4. Before establishing a new business, the first thing founders should do is -
ANSWER list their personal skill sets.
5. In the context of risks to new businesses, identify a true statement about risk
tolerance. - ANSWER What constitutes a risk is determined by an
entrepreneur by observing his or her own tolerances.
,6. In the context of business risks, how can an entrepreneur identify competitors
to a new potential business? - ANSWER by observing what potential
customers do to satisfy their current needs or wants
7. The process of generating ideas should occur in a(n) ________ manner and not
in a(n) ________ fashion. - ANSWER interactive; linear
8. Identify a true statement about the process of generating business ideas. -
ANSWER After analysis, entrepreneurs may change their ideas even if they
initially thought that their ideas would be successful.
(as business ideas evolve, entrepreneurs must develop new skills)
9. Identify a true statement about the potential founder of a new business. -
ANSWER The founder of a new business needs to be intimately involved in its
designing, funding, and running.
10. Each business plan, like every business should have own voice - ANSWER
True
11. There are widespread efforts worldwide to encourage the development of
small and medium enterprises. - ANSWER True
12. A critical element that entrepreneur must solve for success is to develop the
ability to generate consistent and growing sales - ANSWER True
13. Entrepreneurial business fail to provide a means to meet the varied demands
that individuals face in a society. - ANSWER False
, 14. A small business's harvest plan is to put profits back into the company -
ANSWER False
15. Microloans commonly made for ____ self development - ANSWER
Women
16. Percentage of US millionaires self employed are - ANSWER 66.7
17. The term _____ refers to the fact that women, like minorities, may be hired
by large firms but experience limits place on their advancements - ANSWER
glass ceiling
18. In the context of a harvest plan, which of the following is the deciding metric
in a potential public offering of a business - ANSWER size
19. Until the mid-1880s, almost all U.S. businesses were ________. - ANSWER
Small
20. The success of entrepreneurial businesses occurs partially because they are
________. - ANSWER more focused than their large corporate counterparts.
(customer needs)
21. Identity a true statement about the history of entrepreneurial businesses in
the US - ANSWER the 1880s saw initial development
