Chapter 5 Content Quiz

According to the text, which of these is the motivation behind many entrepreneurial ideas?

solving small everyday problems

In order to determine if it is the right time to start a new business, aspiring entrepreneurs must consider the existence of which of the following criteria?

significant market demand, significant market size, and significant resources

Uber, Lyft, DoorDash are examples of which type of economy?

shared economy

According to the text, Schumpeter described the cyclical destruction and creation of new businesses as ________.

natural in a capitalist system

Which of the following combinations creates the greatest entrepreneurial opportunity?

low supply, high demand

Which of the following is a reason to avoid considering tax incentives as a permanent pillar of a value proposition or business model?

short duration

Which of the following describes the process by which entrepreneurs evaluate product ideas, strategies, and marketing trends?

opportunity screening

Which of the following is an example of due diligence performed by an entrepreneur?

understanding the process of starting and funding a venture

In order for an idea to become a recognized opportunity, there must be significant market demand, significant structure and size, and _______.

significant margins and resources

If the costs of a venture are too high and the profit is too low, the entrepreneur may need to consider whether the venture is ________.

feasible