Entrepreneurship Exam 3 Questions with Verified Solutions Rated A+ Latest 2025
The process of envisioning the future for a business, including what one plans to do and how one plans
to do it, is called ______. - Answers planning
The planning exercise that involves getting out of your usual working environment and imagining what
the business could look like in three years is called ______. - Answers vivid vision
A type of visual plan that is especially useful for identifying gaps in the business idea is called a ______. -
Answers business model canvas
What type of plan are traditional investors and bankers likely to require? - Answers a traditional
business plan
The most complex and time-consuming type of plan is the ______. - Answers business plan
When writing a business plan, you should be ______ about the chance for success. - Answers realistic
Which of the following helps an entrepreneur make decisions during the initial conceptualization of the
venture? - Answers the feasibility study
Most businesses do not need a plan to get started - Answers false
When preparing financial projections for a business plan, be ______ in your estimates. - Answers
conservative
Of the following, what is the best time to write a business plan? - Answers when you have data to prove
your concept
A change in direction in response to a small failure is called a ______. - Answers pivot
Failure as a result of the wrong procedures being set up in the organization so communication breaks
down among employees and things begin to fall through the cracks is known as ______. - Answers
process inadequacy
Once you establish the extent of your fear of failure, which of the following would be a good step
toward coping with it? - Answers reframe goals so that they are more achievable
In the context of experimentation, what is another way to think about the word failure? - Answers
intentional iteration
In the context of grit, the commitment to long-term goals through purposeful deliberate practice is
called ______. - Answers perseverance
Which of the following describes a blame-free environment? - Answers an environment where everyone
in the business is comfortable admitting mistakes and learning from them
The process of envisioning the future for a business, including what one plans to do and how one plans
to do it, is called ______. - Answers planning
The planning exercise that involves getting out of your usual working environment and imagining what
the business could look like in three years is called ______. - Answers vivid vision
A type of visual plan that is especially useful for identifying gaps in the business idea is called a ______. -
Answers business model canvas
What type of plan are traditional investors and bankers likely to require? - Answers a traditional
business plan
The most complex and time-consuming type of plan is the ______. - Answers business plan
When writing a business plan, you should be ______ about the chance for success. - Answers realistic
Which of the following helps an entrepreneur make decisions during the initial conceptualization of the
venture? - Answers the feasibility study
Most businesses do not need a plan to get started - Answers false
When preparing financial projections for a business plan, be ______ in your estimates. - Answers
conservative
Of the following, what is the best time to write a business plan? - Answers when you have data to prove
your concept
A change in direction in response to a small failure is called a ______. - Answers pivot
Failure as a result of the wrong procedures being set up in the organization so communication breaks
down among employees and things begin to fall through the cracks is known as ______. - Answers
process inadequacy
Once you establish the extent of your fear of failure, which of the following would be a good step
toward coping with it? - Answers reframe goals so that they are more achievable
In the context of experimentation, what is another way to think about the word failure? - Answers
intentional iteration
In the context of grit, the commitment to long-term goals through purposeful deliberate practice is
called ______. - Answers perseverance
Which of the following describes a blame-free environment? - Answers an environment where everyone
in the business is comfortable admitting mistakes and learning from them
