Technopreneurship

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

• business owner
• entrepreneur
• stakeholder
• distributor

Franchises will be economical.

• True
• False

The contract in which a business seller agrees not to compete with the buyer within a specific time and geographic area.

• Restrictive covenant
• Lien
• Bulk transfer
• Contract assignment

Remain calm during the negotiation.

• Persistence
• Preparation
• Patience
• Poise

The qualification of the founders and/or key employees and the key financial highlights.

• Business and Industry Profile
• Marketing Strategy
• Business Strategy
• Executive Summary

which of the following is/are the Elements of Marketing Strategy?

• Distribution
• Pricing
• target market
• all of the above

In Limited Partnerships, each partner is controlled by one or more general partners who have unlimited liability.

• True
• False

A clearly defined vision __________ .

• all of the above
• Determines decisions
• Motivates people
• Provides direction

It is the result of an entrepreneur’s dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone to see.

• mission
• vision
• goal
• objectives

Which of the following is/are the Drawbacks of Entrepreneurship?

• Long hours and hard work
• Uncertainty of income
• All of the above
• Risk of losing your entire investment

Which of the following is/are an advantage/s of Limited Liability company?

• Ease of transferring ownership
• Stable business life
• Limited liability
• Ability to deny financing

According to study reports of Global Entrepreneurship Monitor (GEM), entrepreneurs are most likely to launch businesses when they are between the ages of 35 and 44.

• True
• False

Positive internal factors a company can draw on to accomplish its mission, goals, and objectives.

• weaknesses
• mission
• vision
• strengths

In Limited Partnerships, the dormant partners’ do not participate actively in the firm’s operations.

• True
• False

The purchase of a corporation by another corporation or investment group.

• cooperatives
• Merger
• Acquisition
• joint ventures

Which of the following is not an advantage of sole proprietorship?

• Ease of dissolution
• Relative freedom from government regulation
• Absence of special taxes
• Owner’s rights to all profits
• none of the choices

People who rely more heavily on the right half of their brain tend to be more imaginative and intuitive.

• True
• False

It protects business buyer from the claims unpaid creditors might have against a company’s assets.

• Bulk transfer
• Contract assignment
• Restrictive covenant
• Lien

Negative internal factors that inhibit a company’s ability to accomplish its mission, goals, and objectives.

• vision
• mission
• strengths
• weaknesses

The benefits of franchising have proven to have a positive impact on the success rate of franchises, beginning in the first year of operation, compared to nonfranchise ventures.

• True
• False

Franchises will be a business anyone can do.

• True
• False

Franchises will be a business “I” can run things the way “I” want to.

• True
• False

It is the ability to create new and useful ideas that solve problems and challenges people face everyday.

• Creativity
• Application
• Innovation
• Entrepreneurship

According to study reports of Global Entrepreneurship Monitor (GEM), that men are twice as likely to start a business as women.

• True
• False

Positive external factors the company can exploit to accomplish its mission, goals, and objectives.

• strengths
• opportunities
• threats
• weaknesses

Formed by people with similar interests, such as customers and suppliers.

• franchises
• stockholders
• cooperatives
• joint ventures
• Cost and complexity of formation

Any activity which is undertaken with an intention to earn profit is called __________ .

• employment
• asset
• credit
• business

Existing or anticipated profitability of the industry.

• Executive Summary
• Marketing Strategy
• Business and Industry Profile
• Business Strategy

Franchises will be taking care of my business problems.

• True
• False

A written summary of an entrepreneur’s proposed business venture, its operational and financial details, its marketing opportunities and strategy, and its managers’ skills and abilities.

• Business Strategy
• Business Plan
• Marketing Strategy
• Business Model

Why would a new business venture choose not to operate as a partnership?

• Sharing of profits
• Difficulty in leaving a partnership
• all of the choices
• Limited life

Description of production process, strategic raw materials, sources, costs.

• Description of Product or Service
• Executive Summary
• Business Strategy
• Business and Industry Profile

which of the following is/are the Elements of a Business Plan?

• Description of the Firm’s Product or Service
• Competitor Analysis
• all of the above
• Marketing Strategy

Which of the following is/are the Deadly Mistakes of Entrepreneurship?

• Failure to develop a strategic Plan
• Weak Marketing Efforts
• All of the above
• Uncontrolled Growth

Successful entrepreneurs learn to fail intelligently.

• True
• False

which of the following is/are the Elements of a Feasibility Analysis?

• all of the above
• Financial Feasibility
• Product or Service Feasibility
• Industry and Industry and

In General Partnerships, each partner is individually liable for all debts and contracts of the partnership.

• True
• False

Franchises will enable the owner to be removed from day–to–day management.

• True
• False

Examine the needs of both parties and all of the relevant external factors affecting the negotiation before you sit down to talk.

• Poise
• Persistence
• Patience
• Preparation

Franchises will be “all the same”.

• True
• False

Company’s general business goals and the company’s immediate objectives.

• Business and Industry Profile
• Executive Summary
• Business Strategy
• Marketing Strategy

In General Partnerships, each partner can co-own assets and share profits.

• True
• False

The buyer’s ability to assume rights under seller’s existing contracts.

• Restrictive covenant
• Lien
• Contract assignment
• Bulk transfer

Choose a form of organization by evaluating _____ .

• The taxes
• all of the choices
• The degree of operating control the owner can retain
• The ability to attract employees

They sell a commodity product to the companies in it.

• Buyers
• Suppliers
• New Entrants
• Rivalry

which of the following is/are the Advantages of Buying a Business?

• It’s a bargain
• You can use the previous owner’s experience
• all of the choices
• Easier financing

Overview of industry or market segment.

• Business and Industry Profile
• Business Strategy
• Executive Summary
• Marketing Strategy

It is a written expression of how the company will reflect an entrepreneur’s values, beliefs, and vision – more than just “making money.”

• objectives
• mission
• vision
• goal

Which of the following is/are the main forms of business organization?

• all of the choices
• Sole proprietor
• Ltd liability company
• Partnership

Don’t be in such a hurry to close the deal that you end up giving up much of what you hoped to get.

• Preparation
• Patience
• Persistence
• Poise

Two or more companies form an alliance to pursue a specific project, usually for a specific time period.

• cooperatives
• joint ventures
• Cost and complexity of formation
• franchises
• stockholders

Advantages of economic scale are not present and the capital requirements to enter are low.

• Buyers
• Suppliers
• Rivalry
• New Entrants

Franchises will be the cheapest business option.

• True
• False

which of the following is/are the Elements of a Business Plan?

• Plan of Operation
• Description of Management Team
• all of the above
• Pro Forma Financial Statements

Which of the following is not a disadvantage of sole proprietorship?

• Large personal time commitment
• Unstable business life
• Difficulty in attracting qualified employees
• none of the choices

which of the following is/are the steps of Acquiring a Business?

• Investigate and evaluate candidate businesses and select the best one.
• all of the choices
• Ensure a smooth transition.
• Explore financing
• options.

It is a road map of the actions an entrepreneur draws up to achieve a company’s mission, goals, and objectives.

• strategy
• goals
• purpose
• objectives

Which of the following is/are the Characteristics of Entrepreneurs?

• High level of energy
• All of the above
• Determination
• Desire for immediate feedback

which of the following is/are Strategic Management Process?

• Create goals and objectives.
• Identify key success factors.
• Analyze competition.
• All of the above

Proving that a profitable market exists by showing customer interest and documenting market claims.

• Marketing strategy
• Business Strategy
• Business and Industry Profile
• Executive Summary

One characteristic of entrepreneurs that stands out is __________ .

• originality
• Diversity
• hard work
• hospitality

The process of determining whether an entrepreneur’s idea is a viable foundation for creating a successful business.

• Business Plan
• Marketing Strategy
• Business strategy
• Feasibility Analysis

It involves generating something from nothing.

• Innovation
• Creativity
• Entrepreneurship
• Application

It refers to something new or to a change made to an existing product, idea, or field.

• Creativity
• Innovation
• Invention
• Entrepreneurship

Failure is a natural part of the creative process.

• True
• False

Franchises will be able to have improvement potential.

• True
• False

What Lenders and Investors Look for in a Business Plan?

• Character
• all of the choices
• collateral
• Conditions

The aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market that is superior to its competition.

• franchise
• competitive advantage
• strategic management
• strategic plan

Which of the following is/are disadvantage/s of Limited Liability company?

The step/s to consider in buying a franchise is/are _____ .

• Make your choice
• Talk to existing franchisees
• all of the above
• Ask the franchiser some tough questions

In Limited Partnerships, the dormant partners’ liability is limited to their investment.

• True
• False

The company’s business model and basis for competitive edge.

• a. Business and Industry Profil
• b. Marketing Strategy
• c. Executive Summary
• d. Business Strategy

The business organization in which a franchisor supplies the product concept to the franchisee, who sells the goods or services.

• franchises
• joint ventures
• cooperatives
• stockholders

The switching costs to competitors is high and their numbers is large.

• New Entrants
• Buyers
• Rivalry
• Suppliers

Entrepreneur can stimulate their own creativity and encourage it among workers by:

• Encouraging Curiosity
• Viewing Problems as Challenges
• Providing Creativity Training
• All of the above

A legal entity with an existence and life separate from its owners, who therefore are not personally liable for its debts.

• limited liability company
• partnership
• sole proprietorship
• franchise

An original, functional model of a new product that entrepreneurs can put into the hands of potential customers so they can see it, test it and use it.

• prototype
• trial
• research

There are some negative attributes of buying a franchise and those include?

• all of the choices
• Limited product line
• Unsatisfactory training programs
• Market saturation

One of the primary reasons for interest in a franchise system is that the franchisee is able to tap into the proven experience and guidance that the franchise offers.

• True
• False

Negative external factors that inhibit the firm's ability to accomplish its mission, goals, and objectives.

• strengths
• weaknesses
• threats
• opportunities

The combination of 2 or more firms to form a new company, which often takes a new corporate identity.

• joint ventures
• Acquisition
• Merger
• cooperatives

which of the following is/are the Disadvantages of Buying a Business?

• Accounts receivable may be worth less than face value
• It may be overpriced
• Inventory may be stale
• all of the choices

Which of the following is/are the types of franchising systems?

• Pure (or comprehensive or business format) franchising
• Product distribution franchising
• all of the choices
• Tradename franchising

Which of the following is/are the Cultural Diversity of Entrepreneurship?

• Minority-owned enterprises
• All of the above
• Young entrepreneurs
• Women entrepreneurs

Franchises will be more successful based on its size.

• True
• False

Which of the following is/are the benefits of franchising?

• Centralized buying power
• Greater chance for success
• Site selection and territorial protection
• all of the choices

Franchises will be safer and will not fail.

• True
• False

Left brain dominated people tend to be more logical and analytical in their thinking and usually excel at mathematics and word skills.

• True
• False

The company’s target markets and the benefits its product or service will provide.

• Business Strategy
• Executive Summary
• Marketing Strategy
• Business and Industry Profil

which of the following is/are aspects of a small company?

• Service they provide
• Pricing they offer
• Products they sell
• All of the above

It involves developing a game plan to guide a company as it strives to accomplish its mission, goals , and objectives, and to keep it on its desired course.

• franchise
• strategic plan
• strategic management
• competitive advantage

Quality _____ products are not readily available and the prices of which are not lower.

• suppliers
• substitute
• Rivalry
• buyers

The creditors’ claims against an asset.

• Lien
• Bulk transfer
• Restrictive covenant
• Contract assignment

Entrepreneurs are paralyzed by the prospect of failure.

• True
• False

Most entrepreneurs turn to family members and friends for _________ .

• love
• support
• motivation
• capital

The barrier/s of creativity is/are the following:

• Constantly being practical.
• All of the above
• Viewing play as frivolous.
• Becoming overly specialized.

Leaders of innovation has identified the following secrets for Leading Creativity:

• All of the above
• They Maintain a Culture Of Change
• They are People Centered
• They Understand How To Manage Ideas

Which of the following is/are the Benefits of Entrepreneurship?

• Create your own destiny
• Reach your full potential
• Make a difference
• All of the above

Number of competitors is large or few (less than 5).

• Rivalry
• Buyers
• New Entrants
• Suppliers

Entrepreneurs tend to exhibit __________ .

• A willingness to work hard
• none of the above
• All of the above
• Tenacity

The practice of gathering, organizing, and disseminating the collective wisdom and experience of a company’s employees for the purpose of strengthening its competitive position.

• goals
• objectives
• purpose
• strategy

Why would a new business venture choose to operate as a partnership?

• Diversity of managerial expertise
• Flexibility to respond to changing business conditions
• all of the choices
• Relative freedom from government control