Business
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Herbert Erlbach
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3 Slides • 13 Questions
1
BM133 Chapter 1
Before taking the quiz it is strongly recommended you read Chapter 1.
2
Multiple Choice
The BRIE Model does not include:
Boundary
Resources
Refinement
Intention
Exchange
3
Multiple Choice
What is not one of the seven key strategies of the entrepreneurial way?
If you don’t succeed the first time, try, try again:
Bird in the hand:
If you don’t succeed the first time, do not try again
Ask for help
4
Multiple Choice
Name a P2P lending site that Chapter 1 mentions:
Lendingclub.com or Upstart.com
investopedia.com
sba.gov
herberterlbach.com
5
Multiple Choice
The overall growth strategy describes the kind of business the owner or owners would like to have, from the perspective of how fast and to what level they would like the firm to grow. There are four generic growth strategies that account for nearly all businesses:
Which is not one?
traditional small businesses
high-growth ventures
high-performing businesses
low-growth ventures
6
Multiple Choice
Referring to Table 1.2, which is not a high-growth venture?
Involve key other
Control market
Sell more
Efficiency
7
Multiple Choice
Who is Jim McKelvey?
cofounder of Third Degree Glass Factory, a makerspace for artists.
cofounder of Square, and the person who created the iconic Square credit card reader.
He also started LaunchCode, a nonprofit that teaches coding for free and helps graduates get jobs.
All of the above
8
Multiple Choice
What is a small business
Involves 1–500 people and has its owner managing the business on a day-to-day basis.
Involves 1–50 people and has its owner managing the business on a day-to-day basis.
Involves 1–50 people and has its share holders managing the business on a day-to-day basis.
Involves 1–50 people and has its owner managing the business on a year-to-year basis.
9
Multiple Choice
What is self-efficacy?
A person’s belief in his or her ability to achieve a goal.
A company's belief that they can increase their sales by 10%
10
Multiple Choice
What does The Entrepreneurial Process not include?
This is where the entrepreneur has a feeling—about maybe starting a business or maybe creating a particular product or service.
Smart entrepreneurs check the likelihood for success of their idea through feasibility analyses or customer development processes, repeating these until they have a winning and saleable idea.
The type of activity a person does regularly for pay.
Regardless of the type of planning approach you choose to implement your business activity, you will find that you need to refine your approach until you have a successful firm, including additional rounds of refinement and revising.
11
Definitions
goods or services The tangible things (goods) or intangible commodities (services) created for sale.
novelty Characterized by being different or new.
imitative Characterized by being like or copying something that already exists.
self-employed Working for yourself.
founders People who create or start new businesses.
franchise A prepackaged business bought, rented, or leased from a company called a franchisor
buyers People who purchase an existing business.
12
Multiple Choice
Characterized by being like or copying something that already exists.
buyers
novelty
imitative
heir
13
Multiple Choice
Self-employed founders of firms are involved in what we call
social entrepreneurship
sustainable entrepreneurship
independent entrepreneurship
green entrepreneurship
14
Types of Entrepreneurships
social entrepreneurship
sustainable entrepreneurship
green entrepreneurship
independent entrepreneurship
corporate entrepreneurship
CSI entrepreneurship
opportunity-driven entrepreneurship
15
Multiple Choice
What is a nation where industrialization is becoming the major force providing jobs, revenues, and taxes.
actor-driven economy
efficiency-driven economy
innovation-driven economy
None of the above
16
Multiple Choice
What is a person called who opens multiple businesses throughout his or her career?
independent small business
owner-managed firm
serial entrepreneur
None of the above
BM133 Chapter 1
Before taking the quiz it is strongly recommended you read Chapter 1.
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