Exam 3: Starting a Small Business

Match: a.capabilities b.competitive advantage c.competitive environment d.core competencies e.cost-based strategy f.differentiation strategy g.entrepreneurial alertness h.fatal flaw i.feasibility analysis -A plan of action designed to provide a product or service with unique attributes that are valued by consumers

Match: a.opportunity recognition b.outside-in analysis c.pivot d.resources e.serendipity f.startups g.strategy h.SWOT analysis i.tangible resources j.​paradox of attraction -To refocus or recreate a startup if the initial concept turns out to be flawed

Jesse would like to start a landscaping company that concentrates on using native plants.The feasibility study showed a need for $100,000 to start the company (she has $10,000),competition of three other companies (one concentrated on using native plants),and buyers who were predominantly 60 years or older (who loved yard work).Which statement is true?

A computer technician recognizing a need for more aesthetically pleasing computers would be said to have entrepreneurial _____.

Generally speaking,a strategy is

Resources are best described as

Describe the differences and relationships between resources,capabilities and core competencies.How do these items relate to inside-out analysis?

Considering Michael Porter's five factors,the chicken meat processing industry is characterized by:

When Jeff Bezos launched Amazon.com,his idea of selling items he did not own from a website was unique.Which type of startup is this?

Mike and Jane opened a franchise sporting goods store.Neither was athletic;neither had ever managed a retail store;and the business failed within one year.Which statement best explains these results?

Match: a.capabilities b.competitive advantage c.competitive environment d.core competencies e.cost-based strategy f.differentiation strategy g.entrepreneurial alertness h.fatal flaw i.feasibility analysis -A benefit that exists when a firm has a product or service that is seen by its target market as better than those of competitors

Many direct sales organizations suggest that the new "member" begin selling the product part-time while continuing to work at his/her regular job.Which explanation best fits this recommendation?

The quote "Good artists borrow;great artists steal" is the principle that launched which company?

Match: a.capabilities b.competitive advantage c.competitive environment d.core competencies e.cost-based strategy f.differentiation strategy g.entrepreneurial alertness h.fatal flaw i.feasibility analysis -Readiness to act on existing but unnoticed business opportunities

Careful analysis of the competitive environment can result in:

Milton's Auto Service is a small auto maintenance and repair shop located in a small town in a garage behind Milton's house.Milton doesn't charge as much as auto dealerships so he has a steady stream of local customers.Which of the following best describes Milton's strategy?

Laura discovered to her amazement that the skin oil she sold seemed to repel mosquitos.She relabeled the product and began selling it as alternative to brands such as Cutter and Off!.Laura's startup is which kind?

Based on William A.Sahlman's suggestions,which question about competitors should be answered by the business plan?

A differentiation-based strategy requires that a firm

Kitty-Kat Korner fabric shop caters to the quilters in the region.Nowhere else can a quilter find everything she needs: fabrics,notions,pattern books,even quilting machines and quilting classes.This is not your typical fabric store by any means.Which of the following best describes Kitty-Kat's strategy?