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Exam 5: Entrepreneurship and New Venture Management

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Question 31

Multiple Choice

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The aspects of a business that the firm performs at a higher level than its competitors are known as the firm's

A) niches.
B) capital-intensiveness.
C) distinctive competencies.
D) strategic weakness.
E) first-mover advantage.

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Question 32

Multiple Choice

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Which of the following is NOT generally considered to be a role performed by small businesses?

A) Creation of new jobs
B) Development of new products
C) Manufacture of materials for large businesses
D) Distribution of products made by large businesses
E) Provision of capital for expansion of large businesses

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Question 33

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In times of economic prosperity,small firms are the first to hire additional workers and big firms are last.In times of economic downswings,small firms are the first to eliminate workers and big firms are last.This reflects which attribute of small firms as compared to large firms?

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

Entrepreneurial business ____________________,more than business size accounts for most new job creation.

If an entrepreneur were considering a new business,which of the following would be a DESIRABLE characteristic of the industry being considered?

One important part of a business plan is the entrepreneurs' estimate of the amount of business they expect,also called a(n)"___________________________________."

A written summary of the business strategy and its implementation plan is known as

After success in the market for executive pet care,Maverick Pet Partners moved to high energy pets that need runs and fitness training as opposed to just being let out to a fenced yard.MPP identified

You have a great idea for a new children's toy.Describe your financing options.

Transportation businesses are good choices for entrepreneurs because they typically require few resources to start.

____ are a group of small investors seeking to make profits on companies with rapid growth potential.

Small businesses generally have several distinctive competencies they should exploit in choosing their strategy.What are they?

Briefly describe industries in which small businesses seem to be most effective.Why are they more effective?

____________________ businesses typically do not perform as well as ____________________ businesses in the manufacturing industry due to economies of scale.

Which of the following is NOT one of the reasons for new business failure described in your text?

A small business can only have one owner.

A written statement of the firm's business strategy and a plan for its ____________________ is an important part of a firm's business plan.

A firm that exploits a marketing opportunity ahead of its competitors is said to have a(n)___________________________________.

____________________ systems are needed to keep a business on track and to help alert entrepreneurs to potential trouble.