Question 1

Why is it important to have or acquire experience in a particular industry in order to grow a successful business in that industry? Can you give a few examples that are exceptions to this general rule?

Accepted Answer

It is important to have or acquire exper...

Question 2

What factors do you have to consider when selecting a target industry for a venture:

Accepted Answer

A)   The technology life cycle stage of the industry overall, often reflected by new technologies, products, and services recently announced by players in the industry
B)   The channels of distribution within an industry
C)   No existing barriers to entry that might make your life extremely difficult as an entrepreneur
D)   All of the aboveE) A) and B)
F) C) and D)

Question 3

What are considered internal factors affecting entrepreneurship?

Accepted Answer

A)   Work experience
B)   Education background
C)   Family background and business experience
D)   All of the aboveE) B) and D)
F) All of the above

Question 4

What is a niche within an industry?

Accepted Answer

A)   A subdivision of an industry which includes a set of competitors that address particular customer groups
B)   A geographic region of an economy
C)   A new type of technology
D)   A new emerging customer groupE) A) and B)
F) A) and C)

Question 5

What is a venture focus?

Accepted Answer

A)   Target industry and type of business
B)   How your business will make money
C)   Idea for a potential venture
D)   How your competitors address customers' issuesE) A) and B)
F) A) and C)

Question 6

What is the difference between invention and innovation?

Accepted Answer

Invention and innovation are terms that ...

Question 7

A new corporate venture has all of the following advantages over a startup except for

Accepted Answer

A)   Distribution Channels
B)   Agility
C)   Credibility
D)   ManufacturingE) C) and D)
F) A) and B)

Question 8

Who are initial reference customers?

Accepted Answer

A)   First customers who use your product and will recommend it to others
B)   Customers who you interview during initial field research
C)   Friends and family who invest in your company
D)   People who sign up for a trial productE) B) and C)
F) A) and D)

Exam 1: Defining Your Industry Focus and the Type of Business You Want to Start

What is the difference between invention and innovation?

Correct Answer
Answered by ExamLex AI
Invention and innovation are terms that ...
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What factors do you have to consider when selecting a target industry for a venture:

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What is a niche within an industry?

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Who are initial reference customers?

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A new corporate venture has all of the following advantages over a startup except for

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What is a venture focus?

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Why is it important to have or acquire experience in a particular industry in order to grow a successful business in that industry? Can you give a few examples that are exceptions to this general rule?

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It is important to have or acquire exper...
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What are considered internal factors affecting entrepreneurship?

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Exam 1: Defining Your Industry Focus and the Type of Business You Want to Start

What is the difference between invention and innovation?

Correct AnswerAnswered by ExamLex AIInvention and innovation are terms that ...View AnswerShow Answer

What factors do you have to consider when selecting a target industry for a venture:

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What is a niche within an industry?

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Who are initial reference customers?

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A new corporate venture has all of the following advantages over a startup except for

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What is a venture focus?

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Why is it important to have or acquire experience in a particular industry in order to grow a successful business in that industry? Can you give a few examples that are exceptions to this general rule?

Correct AnswerAnswered by ExamLex AIIt is important to have or acquire exper...View AnswerShow Answer

What are considered internal factors affecting entrepreneurship?

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Correct Answer
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Invention and innovation are terms that ...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
Answered by ExamLex AI
It is important to have or acquire exper...
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