BZ 450 BZ450 EXAM 1 ANSWERS - ASHWORTH
BZ450 Being an Entrepreneur Exam 1 Answers (Ashworth)
GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?
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The number one characteristic shared by successful entrepreneurs is:
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a desire to achieve financial rewards.
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a passion for the business.
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a desire to employ other people.
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a desire to fulfill a lifetime dream.
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The three ways to identify an opportunity include:
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observing trends, solving a problem, and finding gaps in the marketplace.
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studying industry trade journals, talking to consumers, and solving a problem.
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observing trends, conducting brainstorming sessions, and studying industry trade journals.
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observing trends, talking to consumers, and finding gaps in the marketplace.
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Which of the following is an accurate characterization of interest in entrepreneurship?
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There is minimal interest in entrepreneurship across the world.
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There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia.
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There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia.
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There is tremendous interest in entrepreneurship across the world.
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Clothing boutiques and specialty shops often start because there is a need for a particular product, but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is:
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finding a gap in the marketplace.
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According to the Global Entrepreneurship Monitor (GEM) 2013 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.
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Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
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A desire to please consumers
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Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a ________ discovery.
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Entrepreneurial firms:
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are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer.
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bring to market new products and services that are not particularly innovative.
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offer to customers common products that are not particularly innovative, and provide their owner(s. the opportunity to pursue a particular lifestyle and earn a living while doing so.
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bring new products and services to market by creating and seizing opportunities.
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Which of the following is correct regarding opportunities and ideas?
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An opportunity and an idea are essentially the same thing.
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An idea almost always meets the criteria of an opportunity.
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An opportunity is a thought, an impression, or a notion.
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It's important to discern whether a particular idea meets the criteria for an opportunity.
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Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is NOT an appropriate criterion for Jessica to test her idea against?
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Determine whether the "window of opportunity" is open.
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Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea.
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Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.
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Determine whether opening a fitness center for young adults ages 18-30 is timely.
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Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship. To achieve that goal, Cody's firm should be:
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innovative, risk averse, and take a "wait and see" posture.
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taking a "wait and see" posture, innovative, and risk taking.
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proactive, not innovative, and risk taking.
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proactive, innovative, and risk taking.
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Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of:
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entrepreneurial intensity.
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________ is the process of creating something new, which is central to the entrepreneurial process.
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According to the Global Entrepreneurship Monitor (GEM) 2013 study, the majority of people in high-income countries are drawn to entrepreneurship:
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to take advantage of an attractive opportunity.
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due to lack of career prospects.
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as a result of government incentives.
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because an important role model was an entrepreneur.
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Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs?
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Level of disposable income, new uses of old technologies, and new laws and regulations
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New technologies, consumer spending patterns, and new laws
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Interest rates, consumer spending patterns, and level of disposable income
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Social and cultural trends, level of interest rates, and what people think is "in"
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Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Apple practices ________ entrepreneurship.
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Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open.
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An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n):
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An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages, yoga instruction and training centers, and nutrition consulting. An increased focus on health and wellness is an important ________ that is creating opportunities in many areas for entrepreneurial firms.
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