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True/False Questions 1. Intrapreneurship is entrepreneurship within an existing organization. Answer: True Page: 37 Difficulty: Easy 2. Because most good business opportunities appear suddenly, the entrepreneur is rarely able to identify opportunities early enough to exploit them. Answer: False Page: 38 Difficulty: Easy 3. Business venture risks and rewards are determined by the market size and the length of the window of opportunity. Answer: True Page: 39 Difficulty: Easy 4. An opportunity assessment plan is simply another word for a business plan. Answer: False Page: 39 Difficulty: Medium 5. When acquiring resources, most entrepreneurs find that it is best to give up as much control as possible to secure financing. Answer: False Page: 40 Difficulty: Medium 6. The administrative domain, when compared with the entrepreneurial domain, is slower to act on an opportunity, but commits for shorter time spans than the entrepreneur. Answer: False Page: 42 Difficulty: Hard 7. The entrepreneur, as compared with the administrator or manager, generally has a drive to accumulate as much resources as possible. Answer: False Page: 44 Difficulty: Medium 8. In the entrepreneurial domain, the organizational structure is formalized and hierarchical in nature. Answer: False Difficulty: Medium
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6. The primary cause of small business failures is, a. lack of capital b. management incompetence c. poor location d. improper inventory control 7. The business plan has two essential functions: it helps the entrepreneur determine if the business will succeed, and it helps recruit management talent to run the new company. a. True b. False 8. The wise entrepreneur will hire a professional to prepare his business plan for him. a. True b. False 9. ( _ ) is an entrepreneur's best insurance against launching a business destined to fail or mismanaging a prtentially successful company. a. Bankrolling the business with plenty of startup capital b. Creating a solid business plan c. Spending lots of money on marketing and advertising d. Hiring a team of accountants and attorneys as advisors 10. The primary purpose of a business plan is to a. attract lenders and investors. b. enable an entrepreneur to take his or her company public.
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23. The relationship between core competencies and competitive advantage is best described by which statement? a. Strengthening a company's competitive advantage strengthens its core competencies. b. A company's core competencies become the nucleus of its competitive advantage. c. As a company's core competencies become stronger, its competitive advantage becomes weaker. d. There is no relationship between core competencies and competitive advantage. 24. Skatell's, a small jewelry store with three locations, designs and manufactures much of its own jewelry while its competitors (many of them large department stores) sell standard, "off the shelf' jewelry. As a result, many customers see, Skatells as the place to go for unique pieces of jewelry. Skatell's reputation for selling unique and custom designed jewelry is a(n), a. strength b. weakness c. opportunity d. threat 25. Refer to the previous question. Skatell's business strategy would best be described as a. low cost b. differentiation c. focus d. generic 26. The relationship between a company's mission, goals, and objectives and its strategy is best described by which of the following statements? a. Developing a company's strategy lays the groundwork for creating its mission, goals, and objectives. b. The mission, goals, and objectives spell out the ends the company wants to achieve, and the strategy defines the means for reaching them. c. Although managers must change a company's mission, goals, and objectives as competitive conditions change, they should avoid adjusting the company's strategy to prevent the company from losing its focus and momentum.
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32. One of the primary objectives of market research is to identify a small company's target market a. True b. False 33. In relationship marketing, the level of customer involvement which a company makes its customers an all encompassing part of its culture is "Customer Partnership" a. True b. False 34. Without a clear picture of its target market, a small company will try to reach almost
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41. A marketing plan should, a. determine customer needs and wants through market research. b. pinpoint specific target markets the company will serve. c. analyze the firm's competitive advantages and build a marketing Strategy around them. d. create a marketing mix that meets customer needs and wants.
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