Exam 3: Starting a Small Business

Consuela noticed significant growth in the Hispanic population in her mid-size town. The local grocery carried mostly traditional American products. She knew her neighbors would want familiar foods, so she decided to open a food market catering to their preferences. Consuela's startup is based on a new _____ idea.

Angela noticed an interest among her friends and colleagues in wearing high-end watches and other jewelry for special occasions, so she started a company where customers could rent high-end jewelry. Angela is

Janis wants to open a restaurant. She is not interested in a franchise; she wants to build her business literally from the ground up. When she does, her business will be classified as a(n)

Generally speaking, a strategy is

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

Match the term with its definition. -A company's routines and processes that coordinate the use of its productive assets in order to achieve desired outcomes

The increased trade between the United States and Mexico since the enactment of the North American Free Trade Agreement (NAFTA) is an example of a(n) _____ trend in the general environment.

Demographic trends include all of the following EXCEPT

An increase in the bargaining power of suppliers _____ of a target industry.

Substitute products

When screening new business ideas, the entrepreneur need not focus on the size of the targeted market.

Isabella listens whenever someone says "Someone ought to make a ...." She expects one of these ideas to develop into a profitable business. Isabella possesses

Match the term with its definition. -Startup ideas centered around providing customers with new or improved products or services or better ways of performing old functions

Rumpelstiltskin, an imp in a Brothers Grimm fairy tale, could spin straw into gold. We would call this a(n)

Resources are best described as

Which of the following actions causes a segmented market to erode?

According to a study by the National Federation of Independent Business (NFIB), the most common source of new ideas for small business startups is

A SWOT analysis can be described best as a(n)

An inside-out analysis is one that

Which of the following factors did Michael Porter identify as determining the nature and degree of competition in an industry?