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Technopreneurship

Develop an entrepreneurial skills by requiring to prepare a business plan using technology for new venture, existing business or new and innovative products.

foundations of entrepreneurship

entrepreneurial mind

competitive business

solid strategic plan

feasibility analysis

business plan

business ownership

franchising

accountancy

business

Franchises will be taking care of my business problems.

  • True
  • False

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

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

  • True
  • False

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.

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

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

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

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

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 the Benefits of Entrepreneurship?

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

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

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

Franchises will be able to have improvement potential.

  • True
  • False

A clearly defined vision __________ .

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

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

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

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

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

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

  • True
  • False

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

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

  • True
  • False

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

  • True
  • False

Overview of industry or market segment.

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

It involves generating something from nothing.

  • Innovation
  • Creativity
  • Entrepreneurship
  • Application

Franchises will be economical.

  • True
  • False

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

  • True
  • False

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

  • True
  • False

Remain calm during the negotiation.

  • Persistence
  • Preparation
  • Patience
  • Poise

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

One characteristic of entrepreneurs that stands out is __________ .

  • originality
  • Diversity
  • hard work
  • hospitality

Franchises will be the cheapest business option.

  • True
  • False

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

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

  • strengths
  • opportunities
  • threats
  • weaknesses

They sell a commodity product to the companies in it.

  • Buyers
  • Suppliers
  • New Entrants
  • Rivalry

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

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

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

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

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

  • New Entrants
  • Buyers
  • Rivalry
  • Suppliers

Entrepreneurs are paralyzed by the prospect of failure.

  • True
  • False

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

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

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

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 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

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

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

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

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

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

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

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

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 aspects of a small company?

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

Franchises will be “all the same”.

  • True
  • False

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 disadvantage/s of Limited Liability company?

  • Government restrictions and regulations
  • Cost and complexity of formation
  • Stable business life
  • Double taxation of profits

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

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

  • employment
  • asset
  • credit
  • business

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

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

  • True
  • False

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

Existing or anticipated profitability of the industry.

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

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

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

What Lenders and Investors Look for in a Business Plan?

  • Character
  • all of the choices
  • collateral
  • Conditions

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

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

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

  • weaknesses
  • mission
  • vision
  • strengths

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

  • Restrictive covenant
  • Lien
  • Contract assignment
  • Bulk transfer

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

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

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

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

  • vision
  • mission
  • strengths
  • weaknesses

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

  • Bulk transfer
  • Contract assignment
  • Restrictive covenant
  • Lien

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

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

  • Creativity
  • Innovation
  • Invention
  • Entrepreneurship

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

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

  • Buyers
  • Suppliers
  • Rivalry
  • New Entrants

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

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

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

  • Creativity
  • Application
  • Innovation
  • Entrepreneurship

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

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

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

  • suppliers
  • substitute
  • Rivalry
  • buyers

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

  • True
  • False

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

Franchises will be more successful based on its size.

  • True
  • False

The creditors’ claims against an asset.

  • Lien
  • Bulk transfer
  • Restrictive covenant
  • Contract assignment

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 the Advantages of Buying a Business?

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

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

  • Rivalry
  • Buyers
  • New Entrants
  • Suppliers

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

Franchises will be safer and will not fail.

  • 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

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

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

  • strengths
  • weaknesses
  • threats
  • opportunities

Entrepreneurs tend to exhibit __________ .

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

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

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

Franchises will be a business anyone can do.

  • True
  • False

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

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

Most entrepreneurs turn to family members and friends for _________ .

  • love
  • support
  • motivation
  • capital

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

  • cooperatives
  • Merger
  • Acquisition
  • joint ventures

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

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

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

  • True
  • False

which of the following is/are Strategic Management Process?

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

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

Failure is a natural part of the creative process.

  • True
  • False