QUESTION 42

Small businesses are more socially conscious and more community-focused than big businesses.

True or False: One reason that small businesses are more community-focused than big businesses is because of the general belief is that money spent in the community stays in the community.

True

False

1 points

QUESTION 43

Which are the two most important elements in the BMC?

		Customer Relationships and Channels
		Key Activities and Key Resources
		Revenue Streams and Cost Structure
		Value Proposition and Customer Segments

1 points

QUESTION 44

What is the most important activity that contributes towards the effective and efficient use of the Business Model Canvas?

		Inform potential suppliers of your plans to do business with them and solicit their thoughts about your business idea
		Select an ideal location in which to set up business by conducting a thorough SWOT analysis
		Obtain financing, otherwise all research efforts will be for nothing
		Conducting primary research with stakeholders (perceived target market, competitors, partners, specialized resources, etc.) to confirm the small business owner's assumptions/hypotheses and to solicit/refine ideas through them.

1 points

QUESTION 45

Natural advantage and competitive advantage refer to the same thing.

True

False

1 points

QUESTION 46

Which is NOT a stage of the entrepreneurial process?

		Aligning business to personal goals, lifestyles, capabilities and experience
		Development of a business plan
		Determination of the resources required
		Identification and evaluation of an opportunity

1 points

QUESTION 47

In order to be successful, a business should ensure that it has a monopoly position in the market

True

False

1 points

QUESTION 48

What term describes the protection that is granted by the federal government to inventors, which excludes others from making, using or selling their inventions for a period of seventeen years in Canada?

	a.	Industrial design
	b.	Copyright
	c.	Patent
	d.	Trademark

1 points

QUESTION 49

A Google search of "Business Plan Experts Toronto" produced almost 50 million results.

Aspiring entrepreneurs may wish to hire consultants to develop business plans for them. This idea seems to make sense, as these business consultants would know that to include in a business plan -- especially when it's be used to acquire initial funding. Yet, small business professors advise against hiring consultants to prepare business plans for aspiring entrepreneurs. Instead, they should write their own plans.

Which of the following explains why entrepreneurs should write their own business plans?

	a.	Writing the plan would enable the aspiring entrepreneur to disclose certain aspects to potential investors (e.g, family members), which they may find embarrassing if revealed to a consultant (e.g., learning disability, such as, dyslexia).
	b.	Writing their plans can reduce the chances for a third party (i.e., unscrupulous consultant) to learn about and copy the business idea.
	c.	Writing their plan forces the aspiring entrepreneur to realistically examine the risks involved (e.g., high failure rates, negative industry trends, etc.), which consultants can omit from the business plan.
	d.	Writing their own plans forces aspiring entrepreneurs to consider all aspects of their businesses and to seek answers for questions, which potential investors may ask