Question 1

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 2

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

Accepted Answer

A) True 
 B)False

Question 3

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 4

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 5

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

Question 6

What are the two methods of forecasting future revenues, as stated in the chapter?

Accepted Answer

A)  The comparable method and the build-up method; 
B)  The comparable method and the distributed method; 
C)  The distributed method and the precise method; 
D)  The random method and the precise method; 
E)  None of the above. 
A)  The comparable method and the build-up method; 
B)  The comparable method and the distributed method; 
C)  The distributed method and the precise method; 
D)  The random method and the precise method; 
E)  None of the above.

Question 7

It's a common misperception that a business plan is primarily used for raising capital.

Accepted Answer

A) True 
 B)False

Question 8

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 9

Business planning, in a literal sense, begins when you start to look for external funds.

Accepted Answer

A) True 
 B)False

Question 10

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 11

To truly understand your customers, you MUST ___

Accepted Answer

A)  tell them why they need your product. 
B)  hire the best marketing research firm available. 
C)  listen carefully and adapt based upon what they say. 
D)  advertise in multiple media forms, like the Internet. 
E)  All of the above 
A)  tell them why they need your product. 
B)  hire the best marketing research firm available. 
C)  listen carefully and adapt based upon what they say. 
D)  advertise in multiple media forms, like the Internet. 
E)  All of the above

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

Accepted Answer

A) True 
 B)False

Question 14

An important end result of the business planning process is that it allows the entrepreneur to articulate the business opportunity to various stakeholders in the most effective manner.

Accepted Answer

A) True 
 B)False

Question 15

Advantages of a price skimming are;

Accepted Answer

A)  You can gauge what price the customer is willing to pay 
B)  You'll gain increased market penetration 
C)  It's easier to lower prices than to raise them 
D)  A and B 
E)  A and C 
A)  You can gauge what price the customer is willing to pay 
B)  You'll gain increased market penetration 
C)  It's easier to lower prices than to raise them 
D)  A and B 
E)  A and C

Question 16

The Scope of Operations section should discuss partnerships with vendors, suppliers, and partners.

Accepted Answer

A) True 
 B)False

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.

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

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?

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

What are the two methods of forecasting future revenues, as stated in the chapter?

It's a common misperception that a business plan is primarily used for raising capital.

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

Business planning, in a literal sense, begins when you start to look for external funds.

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

To truly understand your customers, you MUST ___

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

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

An important end result of the business planning process is that it allows the entrepreneur to articulate the business opportunity to various stakeholders in the most effective manner.

Advantages of a price skimming are;

The Scope of Operations section should discuss partnerships with vendors, suppliers, and partners.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Financing 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

Filters

Exam 8: The Business Planning Process

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.

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

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?

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

What are the two methods of forecasting future revenues, as stated in the chapter?

It's a common misperception that a business plan is primarily used for raising capital.

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

Business planning, in a literal sense, begins when you start to look for external funds.

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

To truly understand your customers, you MUST ___

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

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

An important end result of the business planning process is that it allows the entrepreneur to articulate the business opportunity to various stakeholders in the most effective manner.

Advantages of a price skimming are;

The Scope of Operations section should discuss partnerships with vendors, suppliers, and partners.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Financing 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

Filters