1. Identify four main characteristics of successful entrepreneurs and describe Entrepreneurial Process briefly(20). 2.

What is an Opportunity and explain why its important to start a new firm when its window of opportunity is open(20). 3. Describe the purpose of a product/service feasibility analysis and the two primary issues that a proposed business should consider in this area(20). Objective section carries 40 marks in total. Which environmental force pertains most to a trend such as the continual increase in the use of cell phones? economic forces social forces technological advances political and regulatory changes

Entrepreneurs can recognize problems and find ways to solve them through each of the following EXCEPT: recognizing problems in emerging trends. identifying a currently available product or service and then building a business around a better version. framing a problem differently than it's been thought of before, and then proposing an appropriate solution. experiencing a problem in one's own life, and then realizing the solution represents a business opportunity.

All of the following are characteristics shared by those who excel at recognizing opportunities EXCEPT: brainstorming. prior experience. entrepreneurial alertness.

social contacts and ties with others.

_____ is the process of generating a novel or useful idea. Serendipity Intuition Opportunism Creativity

What is the first stage of the creativity process? incubation preparation insight evaluation

The most effective businesses emerge from a process that includes each of the following EXCEPT: recognizing a business idea. testing the feasibility of the idea. writing a business plan. securing angel investment.

Which of the following is an example of primary research? census data industry studies administering surveys

analyst forecasts

_____ is an assessment of the overall appeal of the product or service being proposed. Concept testing Product/service feasibility analysis Test marketing Usability testing

All of the following are normally included in the concept test EXCEPT: detailed financial statements. a description of the product or service. the intended target market. the benefits of the product or service.

All of the following are suitable questions to ascertain Product/Service Desirability EXCEPT: Does it make sense? Is the product or service financially feasible? Is this a good time to introduce the product or service in the market? Are there any fatal flaws in the product or service's basic design or concept?

Entrepreneurial behavior typically requires all of the following EXCEPT: invention of something new. willingness to take risks. drive. creativity.

_____ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial. Risk tolerance Entrepreneurial intensity Inventiveness Organizational bureaucracy

What is the most common reason given for why people choose to become entrepreneurs? To make a lot of money. To escape the long hours associated with corporate jobs. To be their own boss. To be able to retire early.

Some entrepreneurs report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by ________. modest upside potential the thrill of starting a business motivating factors losing control of the firm

All of the following are characteristics shared by successful entrepreneurs EXCEPT: passion. risk averse. product/customer focus.

tenacity despite failure.

The process of determining if a business idea is viable is the development of a business plan. True False

Many entrepreneurs make the mistake of identifying a business idea and then jumping directly to writing a business plan to describe and gain support for the idea. True False

A concept test is the first physical depiction of a new product. True False

Some entrepreneurs go to extraordinary lengths to talk about their product or service idea with others before deciding to move forward. True False

Three important ways to accumulate evidence that there will be healthy demand for a product or service are with library, Internet and gumshoe research. True False

Entrepreneurial alertness is largely a learned skill.

True False

It is more likely that an entrepreneur will get a business idea through a weak-tie relationship (infrequent interaction between casual acquaintances), than through a strong-tie relationship (frequent interaction between friends and co-workers). True False

Studies show that less than a quarter of start-up ideas emerge from a person's prior work experience. True False

Brainstorming sessions are structured discussions that stay focused on one idea until an opportunity is identified. True False Much of the effectiveness of a focus group session depends on the careful recruiting of over 20 participants. True False

Execution intelligence refers to developing a business model, putting together financial resources, and leading people towards transforming an idea into a business. True False

According to research, most entrepreneurs are born, not made. True False

Only individuals that thrive on taking big risks have the right personality to be an entrepreneur. True False

After winning a medal for diving in the Olympics, Cheryl starts a diving instruction school. This is an example of a lifestyle firm. True False

In recent years, the fastest growing areas for women-owned firms have been in cosmetology, fashion merchandising, and hair salons. True False