Question 1

What are some of the disadvantages of starting a new venture? How can these issues be mitigated?

Accepted Answer

The major disadvantages of going into business include the following:
• Sales fluctuations
• Competition
• Increased responsibilities
• Financial losses
• Employee relations
• Laws and regulations
• Risk of failure

Question 2

What are some of the specific cause of new venture failure as outlined in the chapter?

Accepted Answer

Incompetence, unbalanced experience, lack of managerial experience, lack of experience in the line, Neglect, Fraud, Disaster etc.

Question 3

New and emerging ventures make two indispensable contributions to the world economy. They are:

Accepted Answer

A)  Not integral to renewal process of market economies 
B)  Generate a majority portion of world GDP 
C)  Support established market structures by benefiting major corporations through partnerships. 
D)  Mechanism by which millions enter the economic and social mainstream of our global society. 
A)  Not integral to renewal process of market economies 
B)  Generate a majority portion of world GDP 
C)  Support established market structures by benefiting major corporations through partnerships. 
D)  Mechanism by which millions enter the economic and social mainstream of our global society. D

Question 4

What are some of the disadvantages of starting a new venture?

Accepted Answer

A)  Bureaucracy of the organization as employees compete for positions 
B)  Sales fluctuations and uncertain revenue cyclicality 
C)  Dealing with laws and regulations regarding starting business 
D)  Lack of a well-established support network 
A)  Bureaucracy of the organization as employees compete for positions 
B)  Sales fluctuations and uncertain revenue cyclicality 
C)  Dealing with laws and regulations regarding starting business 
D)  Lack of a well-established support network

Question 5

Small firms made up 99.7 percent of U.S. employing firms.

Accepted Answer

A) True 
 B)False

Question 6

______________ Is one of the 11 common characteristics of entrepreneurs

Accepted Answer

A)  High need for status and power 
B)  External Locus of control 
C)  Willingness to take unforeseen risks 
D)  Tolerance for ambiguity 
A)  High need for status and power 
B)  External Locus of control 
C)  Willingness to take unforeseen risks 
D)  Tolerance for ambiguity

Question 7

With respect to the integrated definition of entrepreneurship described in chapter 1, elaborate what this meaning of entrepreneurship entails. Be sure to touch on the five essential ingredients.

Accepted Answer

Entrepreneurship is a dynamic process of

Question 8

What does the chapter highlight as the key to addressing and resolving the world's existing & emerging challenges?

Accepted Answer

A)  Big data 
B)  Technological innovation and advancement coming out of Silicon Valley 
C)  Cross cultural collaboration and diverse entrepreneurial talent 
D)  None of the above 
A)  Big data 
B)  Technological innovation and advancement coming out of Silicon Valley 
C)  Cross cultural collaboration and diverse entrepreneurial talent 
D)  None of the above

Question 9

Lack of initial capital is the number one reason why most new ventures fail.

Accepted Answer

A) True 
 B)False

Question 10

Being the owner/manager for a new business has several benefits with being able to provide family members with a place of employment.

Accepted Answer

A) True 
 B)False

Question 11

The lack of a well-established support network is one of the major drawbacks of starting a firm.

Accepted Answer

A) True 
 B)False

Question 12

Why is lack of marketing research a new venture management trap for new entrepreneurs?

Accepted Answer

A)  Market research would allow a new venture to know exactly how much money they will make 
B)  Changes in market conditions can leave a firm poorly positioned to seize a market share 
C)  Market research provides the roadmap for what a new venture should do for the next 10 years 
D)  Changes in market conditions can be easily predicted with just a little market research performed 
A)  Market research would allow a new venture to know exactly how much money they will make 
B)  Changes in market conditions can leave a firm poorly positioned to seize a market share 
C)  Market research provides the roadmap for what a new venture should do for the next 10 years 
D)  Changes in market conditions can be easily predicted with just a little market research performed

Question 13

A key factor in a person's decision to behave entrepreneurially is the existence of a viable business idea.

Accepted Answer

A) True 
 B)False

Question 14

What is the number one reason why new ventures fail?

Accepted Answer

A)  Lack of initial capital raised 
B)  Fraud initiated by new employees 
C)  Natural Disaster or event related losses 
D)  Lack of understanding how to run an enterprise 
A)  Lack of initial capital raised 
B)  Fraud initiated by new employees 
C)  Natural Disaster or event related losses 
D)  Lack of understanding how to run an enterprise

Question 15

The quest for new venture creation and the willingness to sustain that venture are directly related to an entrepreneur's prior work experiences

Accepted Answer

A) True 
 B)False

Question 16

Entrepreneurship can only exist within the context of a newly created business.

Accepted Answer

A) True 
 B)False

Question 17

The major issue regarding legal concerns when first starting up a business is obtaining competent legal advice early on can often prevent infringement disputes.

Accepted Answer

A) True 
 B)False

Question 18

What is one of the advantages of starting a new venture?

Accepted Answer

A)  Well established support network 
B)  Opportunity for self-reliance 
C)  Consistent routine and stable workplace 
D)  Well defined roles and responsibilities 
A)  Well established support network 
B)  Opportunity for self-reliance 
C)  Consistent routine and stable workplace 
D)  Well defined roles and responsibilities

Question 19

Due to the harsh regulatory environment in the United States, the amount of net new ventures that have been created has decreased on average for the past ten years.

Accepted Answer

A) True 
 B)False

Question 20

What is a failure to diversify market? (In the context of new ventures)

Accepted Answer

A)  Selling only one product to the market which could possibly go out of style within a short timeframe 
B)  Not having enough companies within a portfolio so that the risk isn't properly diversified away 
C)  Contracting all of the firm's output to one buyer for all of its products 
D)  Having multiple products, but receiving the lion's share of revenue from one product 
A)  Selling only one product to the market which could possibly go out of style within a short timeframe 
B)  Not having enough companies within a portfolio so that the risk isn't properly diversified away 
C)  Contracting all of the firm's output to one buyer for all of its products 
D)  Having multiple products, but receiving the lion's share of revenue from one product

What are some of the disadvantages of starting a new venture? How can these issues be mitigated?

What are some of the specific cause of new venture failure as outlined in the chapter?

New and emerging ventures make two indispensable contributions to the world economy. They are:

What are some of the disadvantages of starting a new venture?

Small firms made up 99.7 percent of U.S. employing firms.

______________ Is one of the 11 common characteristics of entrepreneurs

With respect to the integrated definition of entrepreneurship described in chapter 1, elaborate what this meaning of entrepreneurship entails. Be sure to touch on the five essential ingredients.

What does the chapter highlight as the key to addressing and resolving the world's existing & emerging challenges?

Lack of initial capital is the number one reason why most new ventures fail.

Being the owner/manager for a new business has several benefits with being able to provide family members with a place of employment.

The lack of a well-established support network is one of the major drawbacks of starting a firm.

Why is lack of marketing research a new venture management trap for new entrepreneurs?

A key factor in a person's decision to behave entrepreneurially is the existence of a viable business idea.

What is the number one reason why new ventures fail?

The quest for new venture creation and the willingness to sustain that venture are directly related to an entrepreneur's prior work experiences

Entrepreneurship can only exist within the context of a newly created business.

The major issue regarding legal concerns when first starting up a business is obtaining competent legal advice early on can often prevent infringement disputes.

What is one of the advantages of starting a new venture?

Due to the harsh regulatory environment in the United States, the amount of net new ventures that have been created has decreased on average for the past ten years.

What is a failure to diversify market? (In the context of new ventures)

Ideation: The Concept

Venture Choices

Marketing: The Customer

Legal Considerations: The Parameters

Strategic Pricing: The Hook

Startup Capital: The Injection

Financial Statements: The Scorecard

Financial Analysis: The Gauges

HR and the Development of Teams: The People

Successful Business Plans: The Compass

Scaling Ventures: The Future

Filters

Exam 1: New Ventures: The Quiet Giant

What are some of the disadvantages of starting a new venture? How can these issues be mitigated?

What are some of the specific cause of new venture failure as outlined in the chapter?

New and emerging ventures make two indispensable contributions to the world economy. They are:

What are some of the disadvantages of starting a new venture?

Small firms made up 99.7 percent of U.S. employing firms.

______________ Is one of the 11 common characteristics of entrepreneurs

With respect to the integrated definition of entrepreneurship described in chapter 1, elaborate what this meaning of entrepreneurship entails. Be sure to touch on the five essential ingredients.

What does the chapter highlight as the key to addressing and resolving the world's existing & emerging challenges?

Lack of initial capital is the number one reason why most new ventures fail.

Being the owner/manager for a new business has several benefits with being able to provide family members with a place of employment.

The lack of a well-established support network is one of the major drawbacks of starting a firm.

Why is lack of marketing research a new venture management trap for new entrepreneurs?

A key factor in a person's decision to behave entrepreneurially is the existence of a viable business idea.

What is the number one reason why new ventures fail?

The quest for new venture creation and the willingness to sustain that venture are directly related to an entrepreneur's prior work experiences

Entrepreneurship can only exist within the context of a newly created business.

The major issue regarding legal concerns when first starting up a business is obtaining competent legal advice early on can often prevent infringement disputes.

What is one of the advantages of starting a new venture?

Due to the harsh regulatory environment in the United States, the amount of net new ventures that have been created has decreased on average for the past ten years.

What is a failure to diversify market? (In the context of new ventures)

Ideation: The Concept

Venture Choices

Marketing: The Customer

Legal Considerations: The Parameters

Strategic Pricing: The Hook

Startup Capital: The Injection

Financial Statements: The Scorecard

Financial Analysis: The Gauges

HR and the Development of Teams: The People

Successful Business Plans: The Compass

Scaling Ventures: The Future

Filters