Decision Making and Problem Solving for Entrepreneurs Quiz
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Questions and Answers

What is one of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground?

  • Hire a professional manager
  • Stick to their knitting
  • Diversify the product line (correct)
  • Watch fixed costs

    • Why do many business ventures never get off the ground according to the text?

  • They face intense competition
  • They fail to attract investors
  • They have inefficient management
  • They lack the necessary resources (correct)

    • What challenge does the six-year-old condiment company face?

  • Gross margins cannot cover overhead (correct)
  • Lack of loyal customers
  • Inadequate product line
  • Inefficient import process

    • What type of products does the profitable and rapidly growing young company import and sell?

    <p>Novelty products from the Far East</p> Signup and view all the answers

    Why has the founder of the young company been nominated for entrepreneur-of-the-year awards?

    <p>Profitable and rapid growth of the company</p> Signup and view all the answers

    What problem does the founder of the company face due to its spectacular growth?

    <p>Reinvesting most profits to finance growing inventories and receivables</p> Signup and view all the answers

    What issue is causing the company's profitability to attract competitors and tempt customers?

    <p>Dealing directly with Asian suppliers</p> Signup and view all the answers

    Why do entrepreneurs get plenty of confusing counsel according to the text?

    <p>The range of options and problems they confront is vast</p> Signup and view all the answers

    What distinguishes entrepreneurs from managers of mature companies according to the text?

    <p>Facing more immediate and critical issues</p> Signup and view all the answers

    What can overwhelm most managers as per the text?

    <p>The problems entrepreneurs confront every day</p> Signup and view all the answers

    What is one of the challenges faced by the six-year-old condiment company mentioned in the text?

    <p>Inadequate sales volume to cover overhead costs</p> Signup and view all the answers

    What problem does the profitable and rapidly growing young company face as mentioned in the text?

    <p>Difficulty in achieving a paper net worth of several million dollars</p> Signup and view all the answers

    Why are many business ventures unable to get off the ground according to the text?

    <p>Reluctance of investors to support small, marginally profitable ventures</p> Signup and view all the answers

    What distinguishes entrepreneurs from managers of mature companies according to the text?

    <p>Need to sort through conflicting advice while starting a venture</p> Signup and view all the answers

    What is one of the suggestions that entrepreneurs need to consider while trying to get their ventures off the ground?

    <p>Diversifying product line</p> Signup and view all the answers

    What type of products does the six-year-old condiment company import and sell?

    <p>Condiments from various countries</p> Signup and view all the answers

    What problem does the founder of the young condiment company face?

    <p>Too much conflicting advice from different sources</p> Signup and view all the answers

    What distinguishes entrepreneurs from managers of mature companies?

    <p>Confronting a vast range of options and problems</p> Signup and view all the answers

    What issue is causing the company's profitability to attract competitors and tempt customers?

    <p>Dealing directly with Asian suppliers</p> Signup and view all the answers

    Why do entrepreneurs get plenty of confusing counsel according to the text?

    <p>Confronting a vast range of options and problems</p> Signup and view all the answers

    What type of products does the profitable and rapidly growing young company import and sell?

    <p>Condiments and novelty items</p> Signup and view all the answers

    What is one of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground?

    <p>Raise capital by selling equity</p> Signup and view all the answers

    Why has the founder of the young company been nominated for entrepreneur-of-the-year awards?

    <p>Reinvesting most profits to finance the business’s growing inventories and receivables</p> Signup and view all the answers

    What challenge does the six-year-old condiment company face?

    <p>Rising competition from Asian suppliers</p> Signup and view all the answers

    Why do many business ventures never get off the ground according to the text?

    <p>Lack of coherent strategies, competitive strengths, and adequate controls</p> Signup and view all the answers

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