Chapter 3- Entrepreneurship Exam Questions and Correct Answers Latest Update Graded A+ (Already
Passed)
Once a skill analysis has been completed, the next step is to: - Answers Examine the marketplace for
opportunities
Which of the following support the rationale for starting a business idea generation process by analyzing
the skill set of the potential founders? - Answers They are literally millions of opportunities.
Pursuing opportunities without the requisite skill set wastes time.
Pursuing opportunities without the requisite skill set wastes money.
List the steps that are important to develop the quality business idea. Start from the first or initial step. -
Answers 1. List any valley one's personal skills sets.
2. Analyze the market and look for a gap or a need that is not being met effectively.
3. Compare one's ability to fill the identified gaps with the opportunity available.
An individuals work experience builds ____ sets that can help direct applicability to the pursuit of a new
business - Answers Skills
Which of following is not an example of a family experiences that build knowledge that can grow into a
new business opportunity? - Answers Attending SBA courses with your siblings
Which of the following question should not be explored to identify additional skill sources? - Answers
What are my worst accomplishments in life?
A founder or founding team must have synergy, which is combination of: - Answers Skill set.
Understanding of an industry.
Competitive advantage.
A(n) ___ that uses your education is a potential source of a business - Answers Opportunity
Which of the following are required in the initial Analysis of a business opportunity? - Answers Focus
Time
Financial investments
What are included in the first column of a chart used in a gap analysis? - Answers A brief explanation of
the idea.
The business idea.
, What is included in the second column of a chart used in a gap analysis? - Answers Categories of analysis
Entrepreneurs can examine business risk by considering three threats to business success. Those three
threats are: - Answers Threats to sales generation schemes.
Threats to the profit margin
Threats to the operational financing.
Along with the business idea, what else should be included in the first, the gap analysis chart? - Answers
A brief explanation of the business idea
In hobbies and activities, individual develop _____ specific to the hobbies - Answers Skills
If you prefer to work extensively with people, in which of the following businesses should you probably
not pursue a business opportunity? - Answers Billing.
Bookkeeping.
What is the method used to identify the opportunity that exists between the demand for a product and
the supply provided by firms in the market? - Answers Gap analysis
Successful business ideas are determined by the following: - Answers The creativity of the entrepreneur
True or False: and individuals professional background and hobbies are the main resources for new
business idea - Answers True
All new businesses have an inherent amount of ___ associated with the starting and operating of a
business - Answers Risk
Which of the following are true regarding the process of generating ideas? - Answers The process
typically requires iteration.
The process typically requires consideration.
The process typically requires interaction.
Which of the following steps are important to the development of quality business ideas? - Answers List
an invalid one's personal skill sets
analyze the market and look for a gap or need not being met effectively.
Compare one's ability to fill the gaps with the opportunity available
A gap ___ Is the relatively simple process of systematically examining the differences between what is
expected and what occurs. - Answers Analysis
Passed)
Once a skill analysis has been completed, the next step is to: - Answers Examine the marketplace for
opportunities
Which of the following support the rationale for starting a business idea generation process by analyzing
the skill set of the potential founders? - Answers They are literally millions of opportunities.
Pursuing opportunities without the requisite skill set wastes time.
Pursuing opportunities without the requisite skill set wastes money.
List the steps that are important to develop the quality business idea. Start from the first or initial step. -
Answers 1. List any valley one's personal skills sets.
2. Analyze the market and look for a gap or a need that is not being met effectively.
3. Compare one's ability to fill the identified gaps with the opportunity available.
An individuals work experience builds ____ sets that can help direct applicability to the pursuit of a new
business - Answers Skills
Which of following is not an example of a family experiences that build knowledge that can grow into a
new business opportunity? - Answers Attending SBA courses with your siblings
Which of the following question should not be explored to identify additional skill sources? - Answers
What are my worst accomplishments in life?
A founder or founding team must have synergy, which is combination of: - Answers Skill set.
Understanding of an industry.
Competitive advantage.
A(n) ___ that uses your education is a potential source of a business - Answers Opportunity
Which of the following are required in the initial Analysis of a business opportunity? - Answers Focus
Time
Financial investments
What are included in the first column of a chart used in a gap analysis? - Answers A brief explanation of
the idea.
The business idea.
, What is included in the second column of a chart used in a gap analysis? - Answers Categories of analysis
Entrepreneurs can examine business risk by considering three threats to business success. Those three
threats are: - Answers Threats to sales generation schemes.
Threats to the profit margin
Threats to the operational financing.
Along with the business idea, what else should be included in the first, the gap analysis chart? - Answers
A brief explanation of the business idea
In hobbies and activities, individual develop _____ specific to the hobbies - Answers Skills
If you prefer to work extensively with people, in which of the following businesses should you probably
not pursue a business opportunity? - Answers Billing.
Bookkeeping.
What is the method used to identify the opportunity that exists between the demand for a product and
the supply provided by firms in the market? - Answers Gap analysis
Successful business ideas are determined by the following: - Answers The creativity of the entrepreneur
True or False: and individuals professional background and hobbies are the main resources for new
business idea - Answers True
All new businesses have an inherent amount of ___ associated with the starting and operating of a
business - Answers Risk
Which of the following are true regarding the process of generating ideas? - Answers The process
typically requires iteration.
The process typically requires consideration.
The process typically requires interaction.
Which of the following steps are important to the development of quality business ideas? - Answers List
an invalid one's personal skill sets
analyze the market and look for a gap or need not being met effectively.
Compare one's ability to fill the gaps with the opportunity available
A gap ___ Is the relatively simple process of systematically examining the differences between what is
expected and what occurs. - Answers Analysis
