Question 1

It is important to explain why the team's compensation is appropriate.

Accepted Answer

A) True 
 B)False

Question 2

Entrepreneurs should focus on the key success factors that often lead a customer to buy one product over another, such as___.

Accepted Answer

A) Price 
B) Quality 
C) Speed 
D) All of the above; 
E) None of the above. 
A) Price 
B) Quality 
C) Speed 
D) All of the above; 
E) None of the above.

Question 3

Competitive profile matrices can aid in identifying undeserved or vulnerable parts of the market susceptible to a new entrant.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is NOT a common category in the critical risks section?

Accepted Answer

A) Market Interest and Growth Potential 
B) Competitor Actions and Retaliation 
C) Time and Cost of Development 
D) Operating Expenses 
E) Offering of Financing 
A) Market Interest and Growth Potential 
B) Competitor Actions and Retaliation 
C) Time and Cost of Development 
D) Operating Expenses 
E) Offering of Financing

Question 5

What kind of information in a business plan do entrepreneurs need to provide?

Accepted Answer

a)A hook to capture the reader's attenti

Question 6

Which of the following is the most important part of the business plan?

Accepted Answer

A) Executive Summary 
B) Operations 
C) Team 
D) Critical Risks 
E) Financial Plan 
A) Executive Summary 
B) Operations 
C) Team 
D) Critical Risks 
E) Financial Plan

Question 7

A proper organization is critical to making a business plan easy to read.Thus, it should include which of the following?

Accepted Answer

A) Major sections 
B) Sub-sections 
C) Exhibits 
D) Appendices 
E) All of the above 
A) Major sections 
B) Sub-sections 
C) Exhibits 
D) Appendices 
E) All of the above

Question 8

When presenting your plan, you should tailor the information, style, and format of the presentation to the information needs and formatting preferences of your audience.

Accepted Answer

A) True 
 B)False

Question 9

In the development plan, which issue should be the focus?

Accepted Answer

A) Development strategy; 
B) Development timeline; 
C) Development segments; 
D) Both A and B; 
E) None of the above. 
A) Development strategy; 
B) Development timeline; 
C) Development segments; 
D) Both A and B; 
E) None of the above.

Question 10

Examining how customers currently acquire similar products is a poor use of time for an entrepreneur launching an innovative, new product.

Accepted Answer

A) True 
 B)False

Question 11

Market analysis looks at current trends in the market; anticipating future trends is reserved for later steps in the business planning process.

Accepted Answer

A) True 
 B)False

Question 12

Considering competitor actions and reactions, which of the following would be dangerous for entrepreneurs?

Accepted Answer

A) Assuming that competitors will be the same tomorrow as they are today. 
B) Identifying future competitors that might enter the market. 
C) Considering when and how your technology might become obsolete. 
D) None of the above; 
E) All of the above. 
A) Assuming that competitors will be the same tomorrow as they are today. 
B) Identifying future competitors that might enter the market. 
C) Considering when and how your technology might become obsolete. 
D) None of the above; 
E) All of the above.

Question 13

If you are thinking about venturing into a market and cannot find any competitors, what should you do as an entrepreneur?

Accepted Answer

A) Begin raising capital. 
B) Examine additional opportunities within the same competitive arena. 
C) Focus on product quality. 
D) Expand your definition of the market. 
E) None of the above. 
A) Begin raising capital. 
B) Examine additional opportunities within the same competitive arena. 
C) Focus on product quality. 
D) Expand your definition of the market. 
E) None of the above.

Question 14

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

Accepted Answer

A) True 
 B)False

Question 15

How should entrepreneurs introduce the basic details of their company, before moving on to a more detailed analysis of the marketing and operations plans?

Accepted Answer

a)Provide a brief overview of the concep

Question 16

What are the key issues in the Industry Section?

Accepted Answer

a)The goal of the Industrial Section is

Question 17

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

Accepted Answer

A) True 
 B)False

Question 18

The chapter takes the view that the self-examination required to develop a tight, well written business plan is more important than the plan itself.

Accepted Answer

A) True 
 B)False

Question 19

The appendices of a business plan can include anything and everything that you think adds further validation to your concept, but does not fit in the main parts of the plan.

Accepted Answer

A) True 
 B)False

Question 20

Many of the big names in retail revolutionized and unified fragmented markets.Which of the following should NOT be on such a list?

Accepted Answer

A) Microsoft; 
B) Walmart; 
C) Staples; 
D) Home Depot; 
E) All should be on the list 
A) Microsoft; 
B) Walmart; 
C) Staples; 
D) Home Depot; 
E) All should be on the list

It is important to explain why the team's compensation is appropriate.

Entrepreneurs should focus on the key success factors that often lead a customer to buy one product over another, such as___.

Competitive profile matrices can aid in identifying undeserved or vulnerable parts of the market susceptible to a new entrant.

Which of the following is NOT a common category in the critical risks section?

What kind of information in a business plan do entrepreneurs need to provide?

Which of the following is the most important part of the business plan?

A proper organization is critical to making a business plan easy to read.Thus, it should include which of the following?

When presenting your plan, you should tailor the information, style, and format of the presentation to the information needs and formatting preferences of your audience.

In the development plan, which issue should be the focus?

Examining how customers currently acquire similar products is a poor use of time for an entrepreneur launching an innovative, new product.

Market analysis looks at current trends in the market; anticipating future trends is reserved for later steps in the business planning process.

Considering competitor actions and reactions, which of the following would be dangerous for entrepreneurs?

If you are thinking about venturing into a market and cannot find any competitors, what should you do as an entrepreneur?

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

How should entrepreneurs introduce the basic details of their company, before moving on to a more detailed analysis of the marketing and operations plans?

What are the key issues in the Industry Section?

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

The chapter takes the view that the self-examination required to develop a tight, well written business plan is more important than the plan itself.

The appendices of a business plan can include anything and everything that you think adds further validation to your concept, but does not fit in the main parts of the plan.

Many of the big names in retail revolutionized and unified fragmented markets.Which of the following should NOT be on such a list?

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters

Exam 7: The Business Planning Process

It is important to explain why the team's compensation is appropriate.

Entrepreneurs should focus on the key success factors that often lead a customer to buy one product over another, such as___.

Competitive profile matrices can aid in identifying undeserved or vulnerable parts of the market susceptible to a new entrant.

Which of the following is NOT a common category in the critical risks section?

What kind of information in a business plan do entrepreneurs need to provide?

Which of the following is the most important part of the business plan?

A proper organization is critical to making a business plan easy to read.Thus, it should include which of the following?

When presenting your plan, you should tailor the information, style, and format of the presentation to the information needs and formatting preferences of your audience.

In the development plan, which issue should be the focus?

Examining how customers currently acquire similar products is a poor use of time for an entrepreneur launching an innovative, new product.

Market analysis looks at current trends in the market; anticipating future trends is reserved for later steps in the business planning process.

Considering competitor actions and reactions, which of the following would be dangerous for entrepreneurs?

If you are thinking about venturing into a market and cannot find any competitors, what should you do as an entrepreneur?

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

How should entrepreneurs introduce the basic details of their company, before moving on to a more detailed analysis of the marketing and operations plans?

What are the key issues in the Industry Section?

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

The chapter takes the view that the self-examination required to develop a tight, well written business plan is more important than the plan itself.

The appendices of a business plan can include anything and everything that you think adds further validation to your concept, but does not fit in the main parts of the plan.

Many of the big names in retail revolutionized and unified fragmented markets.Which of the following should NOT be on such a list?

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters