MGMT 3850 FINAL questions &
answers 2025/2026
The profile of an entrepreneur includes ________. - correct answer ✔✔a desire for
responsibility and moderate risk , confidence in the ability to succeed and determination , a
high level of energy, a desire for immediate feedback and a future orientation
An entrepreneur is one who ________. - correct answer ✔✔creates a new business concept for
the purpose of achieving profit and growth by assembling the necessary resources to capitalize
on identified opportunities
All of the following are characteristics of the typical entrepreneur except
________. - correct answer ✔✔value of money over achievement
Social entrepreneurs use their skills to create profitable businesses and also achieve economic,
social and environmental goals for the common good. - correct answer ✔✔true
Factors that feed the economic boom behind entrepreneurship include ________. - correct
answer ✔✔demographic and economic factors , technology and cloud computing , the shift to a
service-based economy and international opportunities
A shift in immigration patterns to the United States over the last 40 years has led to a stark
increase in what? - correct answer ✔✔Hispanic-owned businesses
Potential drawbacks of entrepreneurship may include ________. - correct answer
✔✔uncertainty of income, risk, long hours, and high stress
,Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking
out again are known as ________ entrepreneurs. - correct answer ✔✔serial
International opportunities are ________. - correct answer ✔✔now within the reach of
entrepreneurial businesses and may present significant opportunities
Which of the following statements concerning small businesses and international markets is
false? - correct answer ✔✔Because exporting is so complex and requires a company to have so
many international experts on staff, exporting is not feasible for small businesses.
A(n) ________ is the process of examining a need in the market, developing a solution for that
need, and determining the entrepreneur's ability to successfully turn the idea into a business. -
correct answer ✔✔idea assessment
A feasibility analysis is the process of determining whether an entrepreneur's idea is a viable
foundation for creating a successful business. - correct answer ✔✔True
A product or service feasibility analysis determines the degree to which a product or service
idea appeals to potential customers. - correct answer ✔✔True
Generation Y and Generation Z are examples of ________ changes. - correct answer
✔✔demographic
The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change. -
correct answer ✔✔political and legal
Which of the following is not a question to ask to evaluate an industry? - correct answer
✔✔How sparse is the industry?
, Porter's five forces model assesses industry attractiveness by surveying these five factors
________. - correct answer ✔✔potential entrants, suppliers, buyers, substitutes, and rivalry
among existing firms
Switching costs, the number of buyers, and if the items represent a relatively small portion of
the cost of finished products are key considerations regarding the ________. - correct answer
✔✔Bargaining power of buyers
Low capital requirements, cost advantages that are not related to company size, and the lack of
brand loyalty are considerations regarding the ________. - correct answer ✔✔threat of new
entrants to the industry
Products or services that may be sought as alternative solutions (e.g., purchasing tax planning
software rather than paying a CPA to assist with preparing your taxes) are referred to as
________. - correct answer ✔✔substitute products
________ is the process of creating and delivering desired goods and services to customers and
involves all of the activities associated with winning and retaining loyal customers. - correct
answer ✔✔marketing
Which of the following is not an attribute of a unique selling position? - correct answer
✔✔Comparative
Small businesses can compete with larger rivals with bigger budgets by employing
unconventional, low-cost creative techniques known as ________. - correct answer
✔✔bootstrap marketing strategie
Which of the following is not one of the objectives a bootstrap marketing plan should
accomplish? - correct answer ✔✔Determine how the company will be able to serve all
customers.
answers 2025/2026
The profile of an entrepreneur includes ________. - correct answer ✔✔a desire for
responsibility and moderate risk , confidence in the ability to succeed and determination , a
high level of energy, a desire for immediate feedback and a future orientation
An entrepreneur is one who ________. - correct answer ✔✔creates a new business concept for
the purpose of achieving profit and growth by assembling the necessary resources to capitalize
on identified opportunities
All of the following are characteristics of the typical entrepreneur except
________. - correct answer ✔✔value of money over achievement
Social entrepreneurs use their skills to create profitable businesses and also achieve economic,
social and environmental goals for the common good. - correct answer ✔✔true
Factors that feed the economic boom behind entrepreneurship include ________. - correct
answer ✔✔demographic and economic factors , technology and cloud computing , the shift to a
service-based economy and international opportunities
A shift in immigration patterns to the United States over the last 40 years has led to a stark
increase in what? - correct answer ✔✔Hispanic-owned businesses
Potential drawbacks of entrepreneurship may include ________. - correct answer
✔✔uncertainty of income, risk, long hours, and high stress
,Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking
out again are known as ________ entrepreneurs. - correct answer ✔✔serial
International opportunities are ________. - correct answer ✔✔now within the reach of
entrepreneurial businesses and may present significant opportunities
Which of the following statements concerning small businesses and international markets is
false? - correct answer ✔✔Because exporting is so complex and requires a company to have so
many international experts on staff, exporting is not feasible for small businesses.
A(n) ________ is the process of examining a need in the market, developing a solution for that
need, and determining the entrepreneur's ability to successfully turn the idea into a business. -
correct answer ✔✔idea assessment
A feasibility analysis is the process of determining whether an entrepreneur's idea is a viable
foundation for creating a successful business. - correct answer ✔✔True
A product or service feasibility analysis determines the degree to which a product or service
idea appeals to potential customers. - correct answer ✔✔True
Generation Y and Generation Z are examples of ________ changes. - correct answer
✔✔demographic
The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change. -
correct answer ✔✔political and legal
Which of the following is not a question to ask to evaluate an industry? - correct answer
✔✔How sparse is the industry?
, Porter's five forces model assesses industry attractiveness by surveying these five factors
________. - correct answer ✔✔potential entrants, suppliers, buyers, substitutes, and rivalry
among existing firms
Switching costs, the number of buyers, and if the items represent a relatively small portion of
the cost of finished products are key considerations regarding the ________. - correct answer
✔✔Bargaining power of buyers
Low capital requirements, cost advantages that are not related to company size, and the lack of
brand loyalty are considerations regarding the ________. - correct answer ✔✔threat of new
entrants to the industry
Products or services that may be sought as alternative solutions (e.g., purchasing tax planning
software rather than paying a CPA to assist with preparing your taxes) are referred to as
________. - correct answer ✔✔substitute products
________ is the process of creating and delivering desired goods and services to customers and
involves all of the activities associated with winning and retaining loyal customers. - correct
answer ✔✔marketing
Which of the following is not an attribute of a unique selling position? - correct answer
✔✔Comparative
Small businesses can compete with larger rivals with bigger budgets by employing
unconventional, low-cost creative techniques known as ________. - correct answer
✔✔bootstrap marketing strategie
Which of the following is not one of the objectives a bootstrap marketing plan should
accomplish? - correct answer ✔✔Determine how the company will be able to serve all
customers.
