ba470 final exam

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1. Generally speaking, what is the lowest level of total
revenue in which a market becomes attractive for new entrants?

A) $15 million

B) $30 million

C) $25 million

D) $20 million

E) $35 million

2. What is the most successful US airline?

A) United Airlines

B) Pan-Am

C) Southwest Airlines

D) Continental

E) Delta

3. To replace $70,000 of forgone salary and benefits, an
entrepreneur will need the new venture to generate approximately how much in
annual revenue?

A) $200,000

B) $400,000

C) $800,000

D) $70,000

E) $600,000

4. Which of the following is not a part of IDEO’s product
design steps?

A) Gather stimuli

B) Optimize practicality

C) Create stimuli

D) Create customer concepts

E) Multiply stimuli

5. What is the approximate number of baby boomers in the US?

A) 65 – 70 million

B) 55 – 60 million

C) 70 – 75 million

D) 75 – 80 million

E) 60 – 65 million

6. What is an example of a relatively inelastic product?

A) Train tickets

B) DVD Discs

C) Notebooks

D) Burgers

E) Gasoline

7. An understanding of your STA helps you to:

A) Find better management

B) Develop a penetration strategy

C) Train your employees

D) Build your value chain

E) Make better growth decisions

8. Which of the following most typified a “cocktail
entrepreneur”?

A) Decisive

B) Possesses a predilection for cocktails

C) Fails to take action

D) Productive

E) Popular

9. When starting a web business, which measure of
effectiveness matters most?

A) Revenue

B) Profits

C) Click thru rates

D) The number of “eyeballs” looking at your site

E) Overhead expenses

10. In general, the most important source of capital for a
new entrepreneurial venture is which of the following?

A) Profits from the venture

B) Incubators

C) Informal investors

D) Venture Capital

E) Banks

11. What is the name of the process that is the equivalent
of brainstorming, but with a focus on writing rather than verbal communication?

A) Brain-writing

B) Paper-storming

C) Mute-storming

D) Brain –exploding

E) Paper-writing

12. An important technique in brainstorming is to say:

A) “Nice!”

B) “That won’t work because…”

C) “Yes, but…”

D) “Yes and…”

E) “We need to avoid…”

13. Which of the following is not a venture stage
specifically enumerated in the chapter?

A) Launch

B) Growth

C) All of the above are stages

D) Investigation

E) Operations

14. Jim Clark, an IT entrepreneur, became the first Internet
billionaire because of his investment in what company?

A) Netscape Communications

B) Amazon.com Inc.

C) Microsoft Corp.

D) Google Inc.

E) Yahoo! Inc.

15. When analyzing an opportunity which trends should you
focus on?

A) C & D

B) None of the above

C) Present Micro trends

D) a) Historical micro trends b) Current Macro trends c)
Present Micro trends d) Future Macro trends e) A & B f) C & D g) None
of the above

E) Current Macro trends

F) A & B

G) Historical micro trends

16. In which stage is it important to play devil’s advocate?

A) Multiply stimuli

B) Gather stimuli

C) Create stimuli

D) Create customer concepts

E) Optimize practicality

17. What is the short-sighted thinking behind the
penetration-pricing strategy?

A) Loyal customers demand the lowest price

B) Gross margins should be very high for a new product

C) Pricing below competitors will lead to higher market
share

D) The simplest method of selective prices saves time

E) Prices should match the value of products

18. Which of the following entrepreneurs was one of the
pioneers of the biotechnology industry?

A) George Gendron

B) Robert Noyce

C) Arthur Blank

D) Tim Nerners-Lee

E) Robert Swanson

19. According to your textbook, into why type of opportunity
should a business idea translate?

A) Technologically advanced

B) Attractive

C) Unique

D) Easy to implement

E) Realistic

20. The graphical depiction that highlights the diffusion of
product acceptance over time is:

A) C-Curve

B) U-Curve

C) S-Curve

D) V-Curve

E) J-Curve

21. On what category of customers should a startup business
focus most of its attention?

A) TTA

B) PTA

C) None of the above

D) An even share of STA, PTA, and TTA

E) STA

22. The highest average TEA rates are found in?

A) United States

B) European Union

C) Asia Pacific/South Asia

D) sub-Saharan Africa and Latin America/Caribbean

E) Middle East & North Africa

23. What does moving a seed of an idea to a more concrete
possibility require?

A) A business plan

B) Maturity

C) Practical thinking

D) Market research

E) Input from others

24. According to the textbook, people of Hispanic descent
will comprise 25 % of the US population by what year?

A) 2050

B) 2035

C) 2030

D) 2020

E) 2040

25. What is the only action that the “gather stimuli” stage
requires of the entrepreneur?

A) Research

B) Think

C) Ask

D) Observe

E) Do nothing

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