QUESTION 32

Why is the Customer Segments building block one of the most important items in the Business Model Canvas?

		Because Customer Segments have problems for which businesses can develop solutions through Value Propositon
		Because businesss need them to buy their products and services
		Customer segmentation is one of the most important marketing tools that a business has because it can help a business to better understand its target audience.
		Because customers drive revenue

1 points

QUESTION 33

Why do small businesses comprise of those mostly from the hospitality and retail sectors?

		Because these sectors employ more people to produce a certain level of output compared to big firms.
		Because they require owner-managers to stay close to customers
		Because these sectors have very high profit margins
		Because these sectors typically have low barriers of entry

1 points

QUESTION 34

Starting a business is now seen as a preferred career alternative for many new Canadians. This has resulted in a significant number of Canadians employed by small and medium-sized firms in recent years to over 8 million.

What does this statement illustrate?

	a.	Popularity of reality TV shows, such as, Dragons' Den and Shark Tank, that promote entrepreneurship.
	b.	Success of government programs that promote entrepreneurship
	c.	Shifting attitudes that favour entrepreneurship in general
	d.	Dire unemployment situation in Canada forcing people to seek employment in small businesses

QUESTION 35

There have been increases in the number of entrepreneurial programs and courses in higher education.

What is a benefit of the increase in the number of small business-related courses offered by post-secondary institutions?

	a.	Increased potential to commercialize students' innovative business ideas
	b.	Attraction of successful entrepreneurs who wish to 'give back' by teaching part-time
	c.	Exposure to alternate career paths for students (e.g., becoming an angel investor)
	d.	Attraction of students from other programs, such as, trades, culinary, etc.

QUESTION 36

Why has the number of small business-related courses at Canadian colleges and universities increased in the past few years?

	a.	Increased demand by students, including those from non-business programs
	b.	Increase in funding from government to develop such programs
	c.	Existing entrepreneurs need to upgrade their business skills
	d.	Students stay in school longer due to very competitive job market

1 points

QUESTION 37

The majority of innovations and inventions that society benefits from today

	a.	were developed in University research labs.
	b.	Because small businesses were pressuring governments
	c.	Big businesses fail to offer solutions to society's needs
	d.	were the responsibility of individuals in small businesses.

1 points

QUESTION 38

Why do entrepreneurs need to be innovative?

		Because many are naturally creative.
		Because many lack financial resources to acquire help and/or equipment to complete certain tasks.
		Because many enjoy problem solving and are skilled at persuading others to help them.
		Because many are technically-oriented and are able to think outside of the box.

1 points

QUESTION 39

There are three criteria that successful small business owners possess. One of them is for them to stay close to customers. Why do they need to do this?

		So that they can learn of customers' changing needs and to find ways to satisfy them
		To give customers the perception that they care about them
		So that customers will buy from them more often
		So that customers can inform them of competitors' activities

QUESTION 40

Why do entrepreneurs need to attract and retain good employees?

		Savvy entrepreneurs can offer good employees opportunities to become owners in their businesses
		Good employees contribute to a firm's ongoing success and growth while reducing staff turnover controls costs associated with recruiting, hiring and training
		Employees are like a box of chocoates. You never know what you're going get next. Therefore, entrepreneurs need to keep the good ones.
		Doing so prevents good employees from leaving and joining competitors and potentially share your business' trade secrets -- or worse yet, starting their own firms to compete against you and stealing your customers

1 points

QUESTION 41

According to our lesson, the reasons for continuing to run a small business are different from those for starting one.

True

False