ENT 2113 EXAM QUESTIONS AND
ANSWERS ALL CORRECT
While developing a quality business idea, what should potential business founders
ideally do after evaluating their personal skill sets? - Answer- carefully analyze the
market and look for a gap
When conducting a gap analysis, the first column should include the ________. -
Answer- Business ideas
The connection between an entrepreneur's skills, understanding of an industry, and the
ability to create a competitive advantage such that the sum of the parts of the new
business is greater than the individual parts alone is called ________. - Answer-
synergy
Threats to ________ are threats to the success of a business regarding its opportunity
to sell to too many customers and to obtain repeat business. - Answer- sales generation
schemes
Identify a true statement about the process of generating new business ideas. - Answer-
As a business idea evolves, an entrepreneur must be willing to develop a new set of
skills to make it successful.
The process of generating ideas should occur in a(n) ________ manner and not in a(n)
________ fashion. - Answer- interactive; linear
In the context of business risks, how can an entrepreneur identify competitors to a new
potential business? - Answer- by observing what potential customers do to satisfy their
current needs or wants
In the context of risks to new businesses, identify a true statement about risk tolerance.
- Answer- What constitutes a risk is determined by an entrepreneur by observing his or
her own tolerances.
Before establishing a new business, the first thing founders should do is - Answer- list
their personal skill sets.
One of the huge advantages of starting one's own business is that someone else can be
the boss. Small business owners are motivated by two areas to start a business: the
desire to be their own bosses and to set their own working hours. - Answer- False
ANSWERS ALL CORRECT
While developing a quality business idea, what should potential business founders
ideally do after evaluating their personal skill sets? - Answer- carefully analyze the
market and look for a gap
When conducting a gap analysis, the first column should include the ________. -
Answer- Business ideas
The connection between an entrepreneur's skills, understanding of an industry, and the
ability to create a competitive advantage such that the sum of the parts of the new
business is greater than the individual parts alone is called ________. - Answer-
synergy
Threats to ________ are threats to the success of a business regarding its opportunity
to sell to too many customers and to obtain repeat business. - Answer- sales generation
schemes
Identify a true statement about the process of generating new business ideas. - Answer-
As a business idea evolves, an entrepreneur must be willing to develop a new set of
skills to make it successful.
The process of generating ideas should occur in a(n) ________ manner and not in a(n)
________ fashion. - Answer- interactive; linear
In the context of business risks, how can an entrepreneur identify competitors to a new
potential business? - Answer- by observing what potential customers do to satisfy their
current needs or wants
In the context of risks to new businesses, identify a true statement about risk tolerance.
- Answer- What constitutes a risk is determined by an entrepreneur by observing his or
her own tolerances.
Before establishing a new business, the first thing founders should do is - Answer- list
their personal skill sets.
One of the huge advantages of starting one's own business is that someone else can be
the boss. Small business owners are motivated by two areas to start a business: the
desire to be their own bosses and to set their own working hours. - Answer- False
