Introduction to Entrepreneurship Questions Part 11

Q489. As a new company grows, the entrepreneur will need to………… A. be responsive to changes in the market B. ensure financial controls are maintained C. build a management team D. all of the above Q490. The first entrepreneurial task is…………. A. planning B. organization C. controlling D. managing people Q491. All entrepreneurs can be classified into………………….and…………………… A. Growth oriented and income oriented B. Craft and Opportunistic C. Income and opportunistic D. Serial and novice Q492. How big an opportunity is, depends on of which of these factors? A. Attracting key stakeholders B. Entering the network C. Market growth rate D. Sustaining demand Q493. Creative act of joining two previously unrelated things, example bringing together the telephone and the computer is called………… A. Creation B. Invention C. Modification D. Synthesis. Q494. A good business plan serves four, interconnected purposes except as a/an A. call to action B. facilitator of the plan C. instigator of analysis D. tool for communication Q495. Which of the following is an essential quality of an opportunity of an organization? A. Accessibility B. Durability C. Liquidity D. Portability Q496. Which of the following is NOT a criterion for segmenting the markets? A. Behavioural B. Geographic C. Psychographic D. Turnover Q497. Which of the following is a force that creates opportunity in •the economy? A. Changing trends B. Chaos, confusion, inconsistencies C. Other vacuum in an industry or market D. All of the above Q498. Which of the following is NOT a variable in relation to environment? A. Competition B. Forms of ownership C. Market D. Resource availability Q499. Which of the following factor is spotting the window? A. Eureka B. Creative flash C. Personal analysis D. All of the above Q500. The process of perceiving the possibility of a profitable new business, product or service, idea is called ………. A. Opportunity recognition B. Creative recognition C. idea confirmation D. Inspired detection Q501. The mental process of generating a novel or useful idea is referred to as ………… A. Innovation B. Visualization C. Creativity D. Opportunity Q502. Which of the following is a way of developing a successful business idea? A. Develop a business model B. Financial feasibility analysis C. Identify window of opportunity D. Write a concept paper Q503. Which of these is NOT a type of innovation? A. Business model innovation B. Industry innovation C. Process innovation D. Social innovation Q504. Which of the following entrepreneurs develop an enterprise that fits their individual circumstances and style in which they live their life? A. Aspiring entrepreneurs B. Behaviour entrepreneurs C. Lifestyle entrepreneurs D. Social entrepreneurs Q505. A gap in a market that might be exploited in order to create new value is called A. Business idea B. Business concept C. Business opportunity D. Business plan Q506 Relates to the way in which the venture acquires, controls and shapes its resources. A. Fit B. Configuration C. Focus D. Resources Q507. All the following are examples of technological resources except A. legal issues B. proprietary issues C. laboratory D. research and development facilities Q508. A system of distribution in which legally independent business owners pay fees and royalties-to a parent company in return for the right to A. Franchising B. Licensing C. Corporation D. Privatization Q509. All the following are drawbacks of franchising an organization except A. Enforced standardization B. Market saturation C. Poor training programs D. Financial assistance Q510. A piece of knowledge that confers an advantage on a firm and is protected by non-disclosure is known as A. Copyright B. Patent right C. Trade secrets D. Trademarks Q511. The process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry is called A. Feasibility analysis B. Market regeneration C. Market niche D. Market follower Q512. The process of perceiving the possibility of a profitable new business, product or service, idea is called ………. A. Opportunity recognition B. Creative recognition C. idea confirmation D. Inspired detection Q513 Which of the following is not a reason for conducting product feasibility? A. Get the product right the second time B. Avoid any obvious flaws in the product’s design C. Develop an early adopter community D. Use our time & capital more efficiently Q514. Which of the following is an essential quality of an opportunity of an organization? A. Portability B. Sustainability C. Liquidity D. Accessibility Q515. Short declaration describing what an organization aspires to be tomorrow is called A. Planning B. Mission C. Core values D. Vision Q516. The specific short-term targets for which measurable results can be obtained. It is intended to be achieved within a given period of time is called A. Goals B. Objectives C. Mission D. Controlling Q517. Which of the following is NOT a benefit of planning? A. Allows decisions to be made ahead of time B. Permits anticipation of consequences C. Provides direction and a sense of purpose D. None of the above Q518. Which of the following is NOT a factor in conducting organizational feasibility analysis? A. management expertise B. organizational competence C. resources to successfully launch its business D. sufficient raw materials for production Q519. All the following are areas of planning except A. Financial planning B. Organizational planning C. Strategic planning D. Succession planning Q520. Which of the following is a source of business idea? A. Exiting employees B. Raw materials suppliers C. Customers D. All of the above Q521. Feasibility analysis has embedded in it four major forms of feasibility that needs undertaken before the entrepreneur attempts executing the project. Which of following best describes the four forms of feasibility? A. Product; industry, market; financial feasibility B. product; industry; market; organizational feasibility C. Product; industry; organizational; financial feasibility D. Service; industry; market; financial feasibility Q522….…………examines whether the entrepreneur has sufficient non-financial resources to move forward to successfully develop the product or idea. A. Financial feasibility B. Industry attractiveness C. Resource sufficiency D. Income analysis Q523. The initial purchasing of buckets, spoons, refrigerators, sieve and a ladle for the Emerald group who are into the production of Sobolo, an indigenous breakfast, adds up to the group's………. A. Income B. Start-up cost C. Revenue D. Expenses Q524. The persistent change in the environment has informed the CEO of Jinjindu Limited, Mr Kumkum-Laka, to engage in environmental scanning to prevent the company from suffering from ‘environmental surprises’ that may occur during their existence in the markets. Which environmental analysis is best suitable for Mr Kumkum-Laka? A. Factor Analysis B. SMART Analysis C. SWOT Analysis D. Entrepreneurial Analysis Q525. All the following are attributes that demonstrate how entrepreneurs challenge the unknown except entrepreneurs………….. A. recognize opportunities where others see chaos or confusion B. are aggressive catalysts for change within the marketplace C. are mostly sceptical about investment decisions D. challenge the unknown and continuously create the future Q526. Which of these is NOT among the aspects of entrepreneurship in contemporary times? A. Family businesses B. Women and minority entrepreneurs C. Global entrepreneurship movement D. Men and majority entrepreneurs Q527. Which element in the Focus-Fit-Configuration relates to the way in which a venture acquires controls and shapes its resources? A. Focus B. Configuration C. Opportunity D. Fit Q528. Becca, a celebrated entrepreneur in Ghanaian music industry, discloses "I went to TV3 Mentor Audition, but they rejected me." Which of these approaches to entrepreneurship is demonstrated in the caption? A. Locus of control B. The need for achievement C. Negative displacement D. Risk-taking propensity Q529. The product development team of Glazico Ghana limited recently created a security that was made out of some previously unrelated components such as the joining sensors, reinforcement steels and alarming devices. Which of these creative behaviours was demonstrated? A. Creation B. Synthesis C. Modification D. Brainstorming Q530. Companies employ creativity techniques to come out with successful business ideas through creative thinking. Which of these variables cannot detract such creative drives? A. Pigeonholing employees B. Failing to punish employees for mistakes or failed ideas C. Maintaining a stiff organizational culture with no room for different behaviours D. Being pessimistic, judgmental and critical Q531. Due to concerns for healthy lifestyle being championed by most social entrepreneurs, Kusi, an undergraduate from University of Cape Coast, hopes to setup top-nosh fitness Centre. Which of these qualities will NOT be considered before final investment is made to exploit this opportunity? A. Attractiveness B. Knowledge and information gaps C. Market, technical and commercial feasibility D. Durability Q532. How would you know that a window of opportunity has closed? A. When the market is established and is profitable B. When the market matures and profitability increases to make it more attractive for new entrants C. When the market matures and profitability dwindles to make it less attractive for new entrants D. When the market declines and profitability dwindle to make it less attractive for new entrants Q533. In determining the size of the window of opportunity, how big the opportunity is, depends on all the following EXCEPT A. market size B. share attainable/sales potential C. market growth rate D. share unsustainable Q534. Which is the third step that entrepreneurs use to develop successful business ideas? A. Opportunity recognition B. Writing a business plan C. Conducting industry analysis D. Market assessment/feasibility analysis Q535. Which of these is NOT attributable to diversity characteristic of teams? A. Produce more innovative solutions to problems B. Source of creativity C. Contribute to a healthy level of conflict that leads to decision making D. Role conflict and role ambiguity Q536. Among the factors that entrepreneurs consider before they decide on ownership (form of legal entity), their businesses take include all these EXCEPT A. the cost of setting up and maintaining the legal form B. the extent to which an entrepreneur can shield personal assets from liabilities of the business C. time for launching the business and type of industry to go into D. the number and types of investors the entrepreneurs want to attract Q537. Which of these is NOT among the forces that must be present to ensure creativity? A. Domain of knowledge B. Social context C. Individual intelligence D. Duration for creativity Q538. Which of these is NOT among the principles of entrepreneurial financing? A. More cash is preferred to less cash B. Manage risky cash than less risky cash C. Cash sooner is preferred to cash later D. Less risky cash is preferred to more risky cash Q539. Instead of wealthy individuals making investments one at a time and on their own, they pull their funds with other like-minded people and hire professionals to make investment and related decisions for them. This constitutes……………... A. Factoring B. internal equity C. venture capital D. angel investors Q540. To get investors convinced to invest in a business, it is important for the business founder to provide all these pieces of information EXCEPT A. Compelling rationale B. The business models C. Clearly identified opportunity D. Business life span Q541. Which of these will NOT mostly push entrepreneurs to secure finance? A. Managing the venture B. Harvesting the venture C. Growing the venture D. Launching the venture Q542. In selecting investors to support your business setup agenda, it is crucial for you to look for investors who qualify in this regard EXCEPT A. Investors who are considering new financing proposals and can provide the required level of capital B. Investors can provide good business advice, moral support, and has contacts in the business and financial community C. Investors who are reputable, fair, and unethical and with whom the entrepreneur gets along D. Investors who understand and have a preference for Investments in the particular in Q543. According to economist Joseph Alois Schumpeter (1883-1950), …………….are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. A. Entrepreneurs B. Innovators C. Opportunists D. Initiators E. Q544. Which of the following level of team development do members conduct an assessment of the year and implement a plan for transitioning roles and recognizing members’ contributions? A. Adjourning B. Forming C. Norming D. Storming F. Q545. All the following are the setbacks of limited Liability Companies except ………… A. Accounts are less private B. Little voice for small shareholders C. Greater specialization and division of labour D. Decision making can be slow