FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Conducting a Feasibility Analysis and Designing a Business Model

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

Driving around and observing competition is called "windshield" research.

A) True
B) False

Correct Answer

verified

Show Answer

Question 2

True/False

Review LaterAdd Note

Review Later

A feasibility analysis is the process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business.

A) True
B) False

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

When bargaining power of buyers is ________, the industry is ________ attractive.

Mini-Case 4-1: The Need For A Plan Andrew Sycamore has spent more than ten years in the human resources department of a large management consulting company. During his tenure, he was often put in charge of training new recruits, where he arranged for various company managers to address the recruits and teach them skills important in the workplace. What Andy had noticed was the one skill that was often the hardest to teach involved problem identification and problem solving. Even the best recruits from well-known universities found it hard to assess a situation to determine what the problem was and how to develop solutions for it. In his heart, Andy was an entrepreneur and he was dying to quit his corporate job and be his own boss. He was convinced there was a business opportunity in developing an interactive, online problem identification and problem solving tool. Andy's idea, which he titled "Nested Learning," involved software that included a screen where a scenario was presented to the user and the user was asked to first identify the problem and then develop solutions for it. What was unique about "Nested Learning" was that the initial scenario was specifically written so as not to be sufficient enough to generate a problem. In other words, the user (or the trainee)had to ask the software questions that would be responded with additional facts about the situation. Andy argued that problem solvers don't get all the facts handed to them at the very beginning and that they had to "tease" more out of the situation to identify the problem. Andy's idea was to develop a prototype of the software with a small number of generic scenarios. He then hoped to meet with training managers of different companies and "sell" them the idea of using "Nested Learning" as a better training tool. Once a client agreed to use it, Andy would then work with the client to develop client-specific scenarios. -How important is a prototype for Andy Sycamore to succeed with his "Nested Learning?"

The primary purpose of the five forces matrix is to ________.

Changing demographics create opportunities for entrepreneurs.

Generally, an industry is more attractive when the opportunity to sell a differentiated product or service is absent.

Which of the following is not a question to ask to evaluate an industry?

Industry databases are a good source of ________ research.

The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a(n) ________.

Collecting demographic data from The Statistical Abstract of the United States is an example of ________ research.

The force from the five forces model that considers economies of scale, initial capital requirements, cost advantages relevant to company size, and lack of brand loyalty is the ________.

The Internet is an example of a(n) ________ force.

Many new businesses require that an entrepreneur have a certain set of knowledge, experiences, and skills to have any chance of success. This is called entrepreneurial ________.

"Windshield" research is an example of ________ research.

What are the parameters used in an idea sketch pad?

The typical start-up in the United States needs a launch capital of ________.

The financial feasibility analysis takes these aspects into consideration: ________.

Primary research is information that has already been compiled and is available for use, often at very reasonable costs or sometimes at no cost to the entrepreneur.

The strongest of the five forces in most industries is ________.