Question 1

For financial feasibility analysis, a very detailed and comprehensive financial analysis is required.

Accepted Answer

A) True 
 B)False

Question 2

A concept statement should be two to three pages long.

Accepted Answer

A) True 
 B)False

Question 3

Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting ________ research.

Accepted Answer

A)  primary 
B)  secondary 
C)  action 
D)  temporary 
E)  purposeful 
A)  primary 
B)  secondary 
C)  action 
D)  temporary 
E)  purposeful

Question 4

Which of the following is NOT one of the four areas of feasibility analysis discussed in the textbook?

Accepted Answer

A)  Product/service feasibility 
B)  Financial feasibility 
C)  Societal feasibility 
D)  Organizational feasibility 
E)  Industry/market feasibility 
A)  Product/service feasibility 
B)  Financial feasibility 
C)  Societal feasibility 
D)  Organizational feasibility 
E)  Industry/market feasibility

Question 5

The two components to product/service feasibility analysis are product/service desirability and total startup funds needed.

Accepted Answer

A) True 
 B)False

Question 6

The two primary issues to consider in organizational feasibility analysis are management prowess and ________.

Accepted Answer

A)  market timeliness 
B)  concept testing 
C)  resource sufficiency 
D)  target market attractiveness 
E)  total startup cash needed 
A)  market timeliness 
B)  concept testing 
C)  resource sufficiency 
D)  target market attractiveness 
E)  total startup cash needed

Question 7

Tracy Brady is in the process of developing an exciting new product in the smartphone industry. She'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Tracy should complete and distribute a(n) ________ statement.

Accepted Answer

A)  perception 
B)  usability 
C)  early adopter 
D)  concept 
E)  adoption risk-reward 
A)  perception 
B)  usability 
C)  early adopter 
D)  concept 
E)  adoption risk-reward

Question 8

The focus in organizational feasibility analysis is on financial resources.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following items is typically NOT included in a concept statement?

Accepted Answer

A)  A brief description of the company's management team 
B)  A description of how the product or service will be sold and distributed 
C)  A description of how much money the new venture needs 
D)  The benefits of the product or service 
E)  The intended target market 
A)  A brief description of the company's management team 
B)  A description of how the product or service will be sold and distributed 
C)  A description of how much money the new venture needs 
D)  The benefits of the product or service 
E)  The intended target market

Question 10

A new venture team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

Accepted Answer

A) True 
 B)False

Question 11

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because ________.

Accepted Answer

A)  it is the first feasibility analysis template created 
B)  it is the first and most important step in the opportunity recognition process 
C)  it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible 
D)  feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea 
E)  it is the first of several "screens" that a business idea must pass through before it is considered to be feasible 
A)  it is the first feasibility analysis template created 
B)  it is the first and most important step in the opportunity recognition process 
C)  it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible 
D)  feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea 
E)  it is the first of several "screens" that a business idea must pass through before it is considered to be feasible

Question 12

Describe what a concept statement is, and what it should include.

Accepted Answer

A concept statement is a preliminary des

Question 13

Which of the following issues should be considered in industry/target market feasibility analysis?

Accepted Answer

A)  Gaps in the marketplace 
B)  Financial performance of similar businesses 
C)  Resource sufficiency 
D)  Industry attractiveness 
E)  Management prowess 
A)  Gaps in the marketplace 
B)  Financial performance of similar businesses 
C)  Resource sufficiency 
D)  Industry attractiveness 
E)  Management prowess

Question 14

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Accepted Answer

A)  Consumer 
B)  Industry/market segment 
C)  Industry/market 
D)  Product/service 
E)  Purchaser/end-user 
A)  Consumer 
B)  Industry/market segment 
C)  Industry/market 
D)  Product/service 
E)  Purchaser/end-user

Question 15

Which of the following is NOT an attribute of an attractive industry?

Accepted Answer

A)  Is young rather than old 
B)  Is not crowded 
C)  Is late rather than early in its life cycle 
D)  Is important to the customer 
E)  Is fragmented rather than concentrated 
A)  Is young rather than old 
B)  Is not crowded 
C)  Is late rather than early in its life cycle 
D)  Is important to the customer 
E)  Is fragmented rather than concentrated

Question 16

Which of the following is NOT a part of assessing the product/service feasibility of a business idea?

Accepted Answer

A)  "Get out of the building" and talk to potential customers 
B)  Surveying potential customers 
C)  Library research 
D)  Analyzing industry attractiveness 
E)  Concept test 
A)  "Get out of the building" and talk to potential customers 
B)  Surveying potential customers 
C)  Library research 
D)  Analyzing industry attractiveness 
E)  Concept test

Question 17

In regard to management prowess, two of the most important factors in this area are the passion that the solo entrepreneur or the management team has for the business idea and the extent to which the management team or solo entrepreneur understands the markets in which the firm will participate.

Accepted Answer

A) True 
 B)False

Question 18

To test resource sufficiency, a firm should list the ________ most critical non-financial resources that it will need to move its business idea forward and determine if those resources are available.

Accepted Answer

A)  1 to 2 
B)  3 to 5 
C)  6 to 12 
D)  10 to 16 
E)  15 to 25 
A)  1 to 2 
B)  3 to 5 
C)  6 to 12 
D)  10 to 16 
E)  15 to 25

Question 19

Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?

Accepted Answer

A)  Ability to form favorable business partnerships 
B)  Financial resources 
C)  Affordable office space 
D)  Key equipment needed to operate the business 
E)  Key support personnel 
A)  Ability to form favorable business partnerships 
B)  Financial resources 
C)  Affordable office space 
D)  Key equipment needed to operate the business 
E)  Key support personnel

Question 20

Describe the purpose of industry/target market feasibility analysis, and identify the two primary issues that should be considered. What is the difference between a firm's industry and its target market?

Accepted Answer

Industry/market feasibility analysis is

For financial feasibility analysis, a very detailed and comprehensive financial analysis is required.

A concept statement should be two to three pages long.

Which of the following is NOT one of the four areas of feasibility analysis discussed in the textbook?

The two components to product/service feasibility analysis are product/service desirability and total startup funds needed.

The two primary issues to consider in organizational feasibility analysis are management prowess and ________.

Tracy Brady is in the process of developing an exciting new product in the smartphone industry. She'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Tracy should complete and distribute a(n) ________ statement.

The focus in organizational feasibility analysis is on financial resources.

Which of the following items is typically NOT included in a concept statement?

A new venture team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because ________.

Describe what a concept statement is, and what it should include.

Which of the following issues should be considered in industry/target market feasibility analysis?

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Which of the following is NOT an attribute of an attractive industry?

Which of the following is NOT a part of assessing the product/service feasibility of a business idea?

In regard to management prowess, two of the most important factors in this area are the passion that the solo entrepreneur or the management team has for the business idea and the extent to which the management team or solo entrepreneur understands the markets in which the firm will participate.

To test resource sufficiency, a firm should list the ________ most critical non-financial resources that it will need to move its business idea forward and determine if those resources are available.

Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?

Describe the purpose of industry/target market feasibility analysis, and identify the two primary issues that should be considered. What is the difference between a firm's industry and its target market?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 3: Feasibility Analysis

For financial feasibility analysis, a very detailed and comprehensive financial analysis is required.

A concept statement should be two to three pages long.

Which of the following is NOT one of the four areas of feasibility analysis discussed in the textbook?

The two components to product/service feasibility analysis are product/service desirability and total startup funds needed.

The two primary issues to consider in organizational feasibility analysis are management prowess and ________.

Tracy Brady is in the process of developing an exciting new product in the smartphone industry. She'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Tracy should complete and distribute a(n) ________ statement.

The focus in organizational feasibility analysis is on financial resources.

Which of the following items is typically NOT included in a concept statement?

A new venture team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because ________.

Describe what a concept statement is, and what it should include.

Which of the following issues should be considered in industry/target market feasibility analysis?

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Which of the following is NOT an attribute of an attractive industry?

Which of the following is NOT a part of assessing the product/service feasibility of a business idea?

In regard to management prowess, two of the most important factors in this area are the passion that the solo entrepreneur or the management team has for the business idea and the extent to which the management team or solo entrepreneur understands the markets in which the firm will participate.

To test resource sufficiency, a firm should list the ________ most critical non-financial resources that it will need to move its business idea forward and determine if those resources are available.

Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?

Describe the purpose of industry/target market feasibility analysis, and identify the two primary issues that should be considered. What is the difference between a firm's industry and its target market?

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters