30 Questions
What is the primary focus of upside gain and downside loss expectations when creating a new venture?
Analyzing the profits and losses the business can make
What is the main purpose of a risk vs. reward analysis?
To evaluate the potential returns on investment
What is the purpose of Column 2 in the Checklist for Estimating Start-Up Expenses?
To estimate the cash needed to start the business
What is the basis for estimating the cash needed to start a business, according to the Checklist for Estimating Start-Up Expenses?
The estimated sales per year
What is the primary purpose of estimating start-up expenses?
To determine the cash needed to start the business
What is the relationship between risk and reward in a business venture?
The higher the risk, the higher the potential reward
What is the main characteristic of a franchising arrangement?
The owner of a trademark, trade name, or copyright licenses others to use it.
What is the primary role of a franchisor?
To provide the company name and identifying symbols.
What is a franchisee?
A purchaser of a franchise.
What is not a typical responsibility of a franchisor?
Operating the day-to-day business of the franchise.
What is a benefit of franchising for the franchisee?
Access to professional management training.
What is not typically provided by the franchisor to the franchisee?
Financial support for the franchise's operation.
What is one of the components of new-venture motivation?
The need for independence
What is a characteristic of successful start-ups?
Acting with more intensity
What is the first phase of new-venture start-ups?
Prestart-Up Phase
What is NOT a component of new-venture motivation?
Fear of failure
What is a reason for starting a venture?
Following role models
What is NOT a characteristic of successful start-ups?
Acting with less intensity
Which of the following emerging business opportunities is related to the food industry?
Healthy food
According to the table, what is a type of Emerging Internet Opportunity?
Virtual Economies
In the Emerging Opportunities table, which category includes 'Solar' and 'Fuel cells'?
Alternative Energy
What is a major benefit of acquiring an ongoing venture?
Reducing the time and effort required to establish a business
Which emerging business opportunity is related to the entertainment industry?
Home Automation
What is a type of Niche Consumable mentioned in the table?
Wine
What is a factor that may influence the sale of a venture?
Fair market value of the business
What is an advantage of buying an existing business?
The existence of suppliers, bankers, and accountants
In the Emerging Opportunities table, which category includes 'Pet owners' and 'Dating groups'?
Niche Social Networks
What is a key advantage of acquiring an ongoing venture over starting a new one?
Reduced fear about future operation
What is a factor that may affect the sale price of a venture?
The owner's desire to sell quickly
What is an important consideration when evaluating a venture for acquisition?
The venture's assets and profits
Test your understanding of the key motivators that drive individuals to start their own ventures. This quiz covers the various reasons why people become entrepreneurs, including the need for approval, independence, and personal development.
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