11) To be successful, a business must: Select one: O a. Satisfy a consumer need. Ob. Satisfy a consumer need at a price that provides the business with a profit. O C. Add value to consumer needs. O d. Satisfy a consumer need at a price that attainable by any individual in the society 12)All of the following are suitable questions to ascertain Product/Service Desirability EXCEPT: Select one: O a. Is this a good time to introduce the product or Service in the market? O b. Are there any fatal flaws in the product or service's basic design or concept? OC. Does it make sense? O d. Is the product or service financially feasible? 13)An industry is a group of firms producing a similar product or service. Select one: O True False 14)All of the following are characteristics of attractive industries EXCEPT: Select one: O a. The industry has high operating margins. O b. The industry is young. O c. The industry is fragmented. O d. The industry is crowded 15)Two of the most important factors related to management prowess are a passion for the business idea and understanding the markets in which the firm will participate. Select one: O True False 16)The projected financial return to assess whether the venture is financially feasible considers each of the following EXCEPT: Select one: a. Amount of capital invested. O b. Existing alternatives for the money being invested. c. Availability of equity capital. d. Risks assumed in launching the business. 17) is the process of generating a novel or useful idea. Select one: a. Intuition O b. Creativity c. Opportunism O d. Fortune 18)is an assessment of the overall appeal of the product or service being proposed. Select one: 0 a. Test marketing ObUsability testing Oc. Product/Service feasibility analysis od. Concept testing 19)Which of the following is the purpose of a business plan? Select one: a. To attract financing. Ob. To inform competitors of plans. O c. To discipline the entrepreneur to think of all aspects of the proposed venture. Od. A" & "C" 20Before creating a business plan, the entrepreneur must carry out a feasibility study. Select one: O True o False 21)Each of the following are ways to identify an opportunity EXCEPT: Select one: O a Observing trends. O b. Trying out alternative uses of existing products. O c. Finding gaps in the marketplace. O d. Solving a problem. 22)Business plans can be used for internal and external purposes. 1.00 Select one: True False
