1
The entrepreneurial discovery process requires knowledge and the recognition of which situation?
market need
The brainstorming process is used to accomplish which primary goal?
come up with as many ideas as possible
A business that identifies products to sell that fill needs is making which decision?
product mix
Which statement is true about entrepreneurship and small-business growth?
many people start entrepreneurial ventures during times of economic recession
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
risk-taking
Which statement is true regarding training for entrepreneurial ventures?
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
Identifying new product opportunities usually requires a person to possess which characteristic?
awareness
In order for a business to generate a profit, its operating costs must be identified as which status to the gross margin?
less than
Which item might be included in the appendix of a marketing plan?
a product photograph
When a business conducts a customer analysis and identifies territories, determines the possible buyers in the territories, and estimates the purchases of buyers, it is evaluating which factor?
market potential of an area
One of the purposes of conducting a market analysis is to develop which component?
Customer Profile
Which is an operational issue that entrepreneurs must consider when planning their businesses?
target market
What is a disadvantage of entrepreneurship?
uncertain income
Why do businesses with excessive debts often file Chapter 7 bankruptcy?
to liquidate
What is a trend that most likely affects the growth of entrepreneurial ventures?
a higher demand for more convenience products
Which is an important benefit of a marketing plan?
they can help obtain funding
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?
shifts in popularity ethnicity
Which statement is most likely to have a negative effect on domestic small-business growth?
restrictive loan policies
Which is an example of a demographic trend?
the aging of the population
Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likelyaccomplish which goal?
satisfy an unmet debt
The primary purpose of a feasibility study is to answer which question?
should we proceed with this project?
Which should be included in the executive summary of a marketing plan?
a mission statement
Which is a question that a business owner should answer about its target market while conducting a situational analysis?
what are our customers buying?
Which is usually a characteristic of a creative person?
likes to seek out new challenges
Which is a consideration in the place element of marketing?
choosing distribution channels