Launching New Ventures An Entrepreneurial Approach 7th Edition by Kathleen R. Allen - Test Bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below True / False 1. Drucker's five questions are the basis for the development of the business concept. a. True b. False …
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Launching New Ventures An Entrepreneurial Approach 7th Edition by Kathleen R. Allen – Test Bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
| True / False |
1. Drucker’s five questions are the basis for the development of the business concept.
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2. Business concepts are developed quickly and can be funded and operational within two days.
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3. A business concept is a concise description of an opportunity that contains seven essential elements.
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4. Business models are doomed to failure when the underlying logic about the future is incorrect.
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5. The value proposition is the benefit that the company derives from the product or service it will produce¾in other words, it is the reason for the company to be in business.
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6. One vital question, often answered incorrectly is “Who is the customer?” .
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7. How to deliver the benefit to the customer is the issue addressed by the distribution channel element of the business concept.
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8. Uncertainty can be eliminated from the future by use of a solid business plan.
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9. Once created, a properly constructed and researched business model will not need to change.
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10. It is not possible to innovate with business models; one must create the plan and stick to it.
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| Multiple Choice |
11. The two fundamental activities that comprise a/an ____ are creating and capturing value.
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12. A ____ is the community of partners, suppliers, and other members of the value chain with which the venture does business.
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13. Which of the following is not a component of a business model?
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14. The strategic choices that a business model addresses should reflect both the ____ and the ____ processes.
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15. Among the costs to be considered in launching a new venture are:
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16. Business models can change by:
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17. What of the following is not a benefit to the customer?
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18. Among the reasons business models fail are all of these except:
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19. A precise ____ increases the chances that the business concept will meet the customers’ needs.
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20. What of the following components of the business concept is least likely to ensure the success of the venture?
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21. The components of a business model include all of these except:
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22. The first two steps in building a business model involve ____ and ____.
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23. In a/an ____ cost structure, the primary costs of the business come from customer acquisition.
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24. The more information an entrepreneur acquires through ____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced and uncertainty managed.
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25. The feasibility analysis is about ____ a new business concept.
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26. The feasibility analysis includes all of the following except ____.
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27. Which type of business is most likely to be launched on the strength of a feasibility analysis alone?
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28. Which of the following is one of the three broad questions that a feasibility analysis answers?
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29. The Macro Environment includes all of the following factors except:
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30. Most successful startups involve ____.
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31. The value chain includes the ____.
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32. In general, the ____ is the one who pays for the product.
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33. A clear and precise definition of the ____ increases the chances that the business concept will meet the needs of the market.
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34. Most businesses today produce both products and services that provide ____, which gives the company a competitive advantage.
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35. The question of how to deliver the benefit to the customer is answered by ____.
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36. Uncertainty is characterized by:
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37. For a new product or service to be successful, it should ____.
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38. One part of the feasibility analysis addresses the business process. This part is called the ____.
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39. ____ with customers should give the entrepreneur confidence that the solution being provided is recognized as valuable by customers.
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40. One way to innovate with business models is to consider:
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| Subjective Short Answer |
41. Imagine a college campus in an historic section of town with few affordable restaurants for students. The campus also has a large group of international students without transportation. You are a restaurant owner on the edge of town looking to provide food delivery to campus. Write a value proposition and a compelling story for this scenario.
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42. Give a concise description of the four elements of a business concept opportunity.
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43. What are the primary reasons that business models fail?
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44. Briefly discuss the differences between a feasibility analysis and a business plan.
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45. What are the three questions that a feasibility analysis will answer?
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46. Briefly discuss the importance of the feasibility test.
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47. Prepare a feasibility analysis for a product or service you have thought about in the past and that may have market value. Answer the following questions: Is there a customer base? Do the capital requirements make sense? Can an appropriate start-up team be assembled?
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48. According to Peter Drucker, what five questions form the basis for developing a business model?
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49. Imagine that ATMs have never existed. Write a business concept statement for ATMs.
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50. Discuss the fundamental activities involved in creating a business model.
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Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
