Entrepreneurial and Small Business Concepts
Which two characteristics define a small business?
Fewer than 1,500 employees
Less than $35.5 million revenue
Which of the following is an example of Primary data?
a) A list of your business competitors compiled by the Chamber of Commerce
b) Information collected from a poll of your company Facebook followers
c) An series of Industry reports
d) The United States Census
b) Information collected from a poll of your company Facebook followers
Your company is manufacturing a new product. You need to establish a Product Quality Control Process.
What are three things you must do to create and establish your Product Quality Control process?
a) Developing the product website and social media campaign
b)Publish your test results in a popular professional journal
c) Review the results of internal quality assurance testing
d) Setting up your test marketing strategy
e) Determine what standards have to be met based on the product and industry
f) establish the method to use for testing product quality
c) Review the results of internal quality assurance testing
e) Determine what standards have to be met based on the product and industry
f) establish the method to use for testing product quality
Which is a characteristic of a successful entrepreneur?
a) Likes to argue
b) Lives in a dreamworld
c)Make friends easily
d) Doesn't give up easily
D) doesn't give up easily
You own a lawn care business. You have employees who work long hours, often exceeding 40 hours per week.
Which two types of compensation would be appropriate for these landscape employees?
a) Equity
b) Commission
c) Salary
d) Piece work
e) Hourly
c) salary
e) hourly
You own a mobile taco truck. Label these competitors as either Direct or Indirect.
a) local Taco bell franchise
b) a local burger king franchise
c) Mobile fish-and-chips truck
d) walk-up mexican food stand
Direct:
a) local Taco bell franchise
d) walk-up mexican food stand
Indirect:
b) a local burger king franchise
c) Mobile fish-and-chips truck
Which is one of the first steps you must do before offering a new service?
a) Launch a new marketing campaign
b) Pre-sale the service for funding
c) Create a social media following
d) Identify knowledge required
d) Identify knowledge required
Which are two characteristics of fulfillment centers differ from direct distribution?
a) The manufacturer controls all aspects of distribution.
b) Fulfillment centers pack and and ship for a manufacturer
c) Inventory is created on-demand rather than stored
d) A fulfillment center is a zero level channel
e) Warehousing is a primary role
b) Fulfillment centers pack and and ship for a manufacturer
e) Warehousing is a primary role
Which is the greatest risk of being an entrepreneur?
a)damage to reputation
b)financial instability
c)No control over schedule
d)Loss of experience
B) financial instability
Which of the following businesses are Physical or Digital?
a) Bakery in your community
b) Online store that dropships camping gear
c) Hair salon that makes appointments online
d) Bookstore on Amazon that sells eBooks
Physical: Bakery in your community, Hair salon that makes appointments online
Digital: Online store that dropships camping gear, Bookstore on Amazon that sells eBooks
For each statement about SWOT analysis, select true or false.
a) Acting on weaknesses identified in a SWOT analysis can be challenging but often necessary to grow business.
b) Strengths identified in a SWOT Analysis are new actions a business should implement.
c) Threats identified in a SWOT analysis are the most difficult element to mitigate.
d) Acting on weaknesses identified in a SWOT analysis can be challenging but often necessary to grow business.
True:
c) Threats identified in a SWOT analysis are the most difficult element to mitigate.
d) Acting on weaknesses identified in a SWOT analysis can be challenging but often necessary to grow business.
False:
a) Acting on weaknesses identified in a SWOT analysis can be challenging but often necessary to grow business.
b) Strengths identified in a SWOT Analysis are new actions a business should implement.
A bakery has developed a new artisan bread. The staff are giving away samples to customers as they enter the store.
Which are two criteria the bakery can use to determine the quality of their new product?
a) Test the ingredients for freshness.
b) Measure sales of the new bread after customers have sampled it.
c) Observe customer reactions while they taste the product.
d) Observe how customers respond to the packaging.
e) Ensure the ingredients are all organic.
b) Measure sales of the new bread after customers have sampled it.
c) Observe customer reactions while they taste the product.
Match each statement about the Design Thinking Processes, to true or false.
a) Assumptions are challenged and ideas are created in the Ideate phase.
b) The Empathize phase tests solutions to users' problems.
c) Problem statements are written in the Define phase.
d) Building prototypes is the final phase of the Design Thinking Process.
True: A and C
False: B and D
You need to create a legal structure. You want it to grow and share it with the public. Your startup partners are citizens of Mexico and Japan. You don't want to be personally responsible for business liabilities.
a) Limited liability company
b) sole proprietorship
c) S-corporation
d) C-corporation
C-corporation
Which three are online marketing platforms?
a) email
b) google ads
c) tv ads
d) flyers and pamphlets
e) social media
a) email
B) google ads
c) social media
Select each description of Product/Market Fit into true or false.
A fit exists when people need your product rather than just seeing a potential benefit of using it.
Before hypothesizing a solution, first determine if there is a problem worth solving
When users love your product so much they tell other people to use it, you have product/market fit.
Startups should develop a growth hypothesis before testing their value hypothesis.
True:
A fit exists when people need your product rather than just seeing a potential benefit of using it.
Before hypothesizing a solution, first determine if there is a problem worth solving
When users love your product so much they tell other people to use it, you have product/market fit.
False: Startups should develop a growth hypothesis before testing their value hypothesis.
For each statement about the Selection of Distribution Channels, select True or False.
Technical and complex products are best sold through direct distribution
Products that are bulky or large in size are usually sold directly by the company to their consumers
The geographic location of customers does not require different distribution channels
Product price has no effect on the length of a distribution channel
True:
Technical and complex products are best sold through direct distribution,
Products that are bulky or large in size are usually sold directly by the company to their consumers
False:
The geographic location of customers does not require different distribution channels
Product price has no effect on the length of a distribution channel
Which is a primary benefit of not buying a franchise or buying an existing business?
a)less record keeping
b)developing your own rules
c)lower financial risk
d) you can apply your own experience
b) developing your own rules
Match each one by order:
a) The highest-ranking employee in the company; reports to the board of directors.
b) Creates budgets, analyzes financial data, and forecasts company profits.
c) Develops policies and structures to protect company data.
d) Oversees the day-to-day administrative functions of a business; second in command.
a) CEO
b) CFO
c) CIO
d) COO
Match each Pricing strategy to its corresponding description.
a) Prices that targeting customers looking to save as much money as possible
b) Pair several products together and selling them for less money than each would be individually
c) Setting prices low until after a reliable customer base is established, then raising prices
d) Setting high prices when a product is introduced and then gradually lowering the price
e) High quality products marketed to high-income individuals
1. Economy pricing
2. Bundle pricing
3. Market penetration
4. Price skimming
5. premium pricing
You create a new strategy for lawncare services that involves assessing lawn health, applying the correct herbicides and pesticides and other necessary solutions to quickly bring a lawn back to health.
What are three things you will need to consider regarding the mass delivery of your service?
a) Training employees with the knowledge to consistently deliver the service
b) Establishing quality control measures and accountability
c) Developing the product website and social media campaign
d) Setting up your test marketing strategy
e) Finding a source of materials to support your service
f) Creating an effective demonstration of your service for potential customers
a) Training employees with the knowledge to consistently deliver the service
e) Finding a source of materials to support your service
f) Creating an effective demonstration of your service for potential customers
Match each Stages of the Business Life Cycle with its correct description.
a) The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name.
b) Company is stable and profitable.
c) Expansion strategies are implemented, and investment is balanced with potential.
d) Focus shifts to revenue, expenses, and growth. Cashflow is the major issue.
e) The business introduces itself to the market and attempts to catch the attention of potential customers.
a) Maturity
b) Success
c) Take-off
d) Survival of the fittest
e) Existence