7513873
Description
Quiz by Chad Collins, updated more than 1 year ago
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Created by Chad Collins
almost 8 years ago
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Question 1
Question
The entrepreneurial discovery process requires knowledge and the recognition of which situation?
Answer
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Economic crisis
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Preventable accident
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Market need
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Creative observation
Question 2
Question
Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal?
Answer
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Satisfy an unmet demand
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Form a technological monopoly
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Improve economic sanctions
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Change legal requirements
Question 3
Question
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?
Answer
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Advancements in technology
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Changes in travel habits
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Differences in priority
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Shifts in popularity ethnicity
Question 4
Question
Which statement is true about entrepreneurial discovery?
Answer
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It ensures that start-up businesses have continuous funding.
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It is an ongoing process that facilitates the success rate of a business.
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It provides entrepreneurs with professional development training.
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It is a way to determine the long-term profit that a start-up company can generate.
Question 5
Question
For a prospective entrepreneur, what is necessary to determine the existence of goods and services?
Answer
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Demographic changes
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Product standards
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Entrepreneurial discovery
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Raw materials
Question 6
Question
Identifying new product opportunities usually requires a person to possess which characteristic?
Answer
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Decisiveness
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Emotional
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Awareness
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Indifference
Question 7
Question
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Answer
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Interest rate fluctuations
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Increased cultural diversity
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Industry deregulation
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Technological advancements
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