Entrepreneurial Process
A person who pursues an opportunity in a new business to create value while assuming the risk and the reward
Entrepreneur
The relentless pursuit of an opportunity without regard to owning all the resources needed to capture the opportunity
Entrepreneurship
A 30-second Super Bowl commercial will cost a company roughly how much money?
7.5 Million Dollars
(7-8 million will also be counted as correct)
Entrepreneurs have a strong desire to make their own decisions, take risks, and reap the rewards.
a. Personal Fulfillment
b. Independence
c. Financial Rewards
d. Personal Satisfaction
e. Decision-Making
Independence
The most important question for someone wanting to start a business is:
a. "Who do I contact to get an investment?"
b. “Who do I contact to create a successful business?”
c. “What will it take for me to create a successful business?”
d. "How hard do I have to work to create a successful business?"
“What will it take for me to create a successful business?”
The first step in the Entrepreneurial Process:
A) Acquiring Critical Resources
B) Executing the Plan
C) Harvesting the Firm's Value
D) Identifying the Opportunity
Identifying the Opportunity
A microbusiness that permits the owner to follow a desired pattern of living
A) "Attractive small firm"
B) "Lifestyle business"
C) "High-potential venture"
D) "Desired Life Business"
Lifestyle business
Strategy to sell by informing, persuading, and reminding customers of the availability or superiority of a company’s product or service.
Advertising
Primary reason for owning your own business is to create a product/service that improves life for others.
a. Personal Fulfillment
b. Independence
c. Financial Rewards
d. Personal Satisfaction
Personal Fulfillment
Becomes an entrepreneur because of some severe hardship.
a. reluctant entrepreneur
b. corporate refugee
c. entrepreneurial escape
d. forced entrepreneur
e. business departure
reluctant entrepreneur
The second step in the Entrepreneurial Process:
A) Acquiring Critical Resources
B) Executing the Plan
C) Harvesting the Firm's Value
D) Identifying the Opportunity
Acquiring Critical Resources
A small firm that provides substantial profits to its owner
A) "Attractive small firm"
B) "Lifestyle business"
C) "High-potential venture"
D) "Desired Profits Business"
Attractive small firm
A group of customers or potential customers who have purchasing power
Market
Enjoy friendships with other business owners (frequently learning from one another)
a. Personal Fulfillment
b. Independence
c. Financial Rewards
d. Personal Satisfaction
Personal Satisfaction
A person who becomes an entrepreneur to escape an undesirable job situation.
a. reluctant entrepreneur
b. corporate refugee
c. entrepreneurial escape
d. company flea
e. business departure
corporate refugee
The final step in the Entrepreneurial Process:
A) Acquiring Critical Resources
B) Executing the Plan
C) Harvesting the Firm's Value
D) Identifying the Opportunity
Harvesting the Firm's Value
A small firm that provides minimal profits to its owner
Microbusiness
Which is FALSE regarding Institutional Advertising?
•The goal is to create a desire for the product.
•Conveys information about the business itself.
•Designed to enhance the firm’s image.
•The goal is to make its product more credible and effective.
•The goal is to create a desire for the product.
Feel rewarded in working with their product/service and being good at it.
a. Personal Fulfillment
b. Independence
c. Financial Rewards
d. Personal Satisfaction
e. Service Rewards
Personal Satisfaction
Which personality is for one who wants to be left alone to get the job done, and is primarily concerned about the present
a. technician
b. manager
c. entrepreneur
d. balance of all 3
technician
State the 4 stages of the Entrepreneurial Process in order:
1. executing the plan
2. acquiring critical resources
3. harvesting the firm's value
4. identifying the opportunity
identifying the opportunity --> acquiring critical resources --> executing the plan --> harvesting the firm's value
A "High-potential venture" is also known as a ______.
(hint: it is an animal)
Gazelle
Which of the following is true about Product Advertising:
•Conveys information about the business itself.
•Designed to make potential customers aware of a particular product or service.
•Designed to enhance the firm’s image.
•The goal is to make its product more credible and effective.
•Designed to make potential customers aware of a particular product or service.
Ideally, the owner should be compensated for payment for personal time in managing the company and for investing personal money.
a. Financial Benefits
b. Financial Rewards
c. Financial Incentives
d. Financial Opportunities
Financial Rewards
Which personality is for one that focuses on the opportunity and providing results for the customer
a. technician
b. manager
c. entrepreneur
d. balance of all 3
entrepreneur