hapter Quiz Entrepreneurship, 2012, Barringer & Ireland 4

th
ed. Chapter 03 Feasibility Analysis 1.
The most effective businesses emerge from a process that includes each of the
following EXCEPT: a.
recognizing a business idea. b.
testing the feasibility of the idea. c.
writing a business plan. d.
securing angel investment. 2.
Which of the following is an example of primary research? a.
census data b.
industry studies c.
administering surveys d.
analyst forecasts 3.
_____ is an assessment of the overall appeal of the product or service being
proposed. a.
Concept testing b.
Product/service feasibility analysis c.
Test marketing d.
Usability testing 4.
All of the following are normally included in the concept test EXCEPT: a.
detailed financial statements. b.
a description of the product or service. c.
the intended target market. d.

the benefits of the product or service. 5.

All of the following are suitable questions to ascertain Product/Service
Desirability EXCEPT: a.
Does it make sense? b.
Is the product or service financially feasible? c.
Is this a good time to introduce the product or service in the market? d.
Are there any fatal flaws in the product or service's basic design or concept? 6.
All of the following are characteristics of attractive industries EXCEPT: a.
the industry is young. b.
the industry is fragmented. c.
the industry is crowded. d.
the industry has high operating margins. 7.
_____ is conducted to determine whether a proposed business has sufficient
management expertise, organizational competence, and resources to
successfully launch its business. a.
A marketing plan b.
Financial feasibility analysis
2
c.
Industry/market feasibility analysis d.
Organizational feasibility analysis 8.
The ability to obtain intellectual property protection on key aspects of the
business is most likely an issue related to _____. a.
financial performance of similar firms b.

industry attractiveness c.
resource sufficiency d.
second-mover advantage 9.
Which of the following is the final step of a comprehensive feasibility analysis?
a.
financial feasibility analysis b.
marketing research c.
filing articles of incorporation d.
industry/market feasibility analysis 10.
The projected financial return to assess whether the venture is financially
feasible considers each of the following EXCEPT: a.
availability of equity capital. b.
amount of capital invested. c.
existing alternatives for the money being invested. d.
risks assumed in launching the business. 11.
The process of determining if a business idea is viable is the development of a
business plan. a.
True b.
False 12.
Many entrepreneurs make the mistake of identifying a business idea and then
jumping directly to writing a business plan to describe and gain support for the
idea. a.
True b.
False 13.

A concept test is the first physical depiction of a new product. a.

True b.
False 14.
Some entrepreneurs conduct their initial product/ service feasibility analysis by
simply talking about their product or service idea with others before deciding to
move forward. a.
True b.
False 15.
Three important ways to accumulate evidence that there will be healthy demand
for a product or service are with library, Internet and gumshoe research. a.
True
3
b.
False 16.
An industry is a group of firms producing a similar product or service. a.
True b.
False 17.
A target market is a place within a larger market segment that represents a
broader group of customers with different needs. a.
True b.
False 18.
Two of the most important factors related to management prowess are passion
for the business idea and understanding the markets in which the firm will
participate. a.
True b.

False 19.
The adequacy of the labor pool poses a resource sufficiency issue. a.
True b.
False 20.
For feasibility analysis, it is not typically required that an entrepreneur do a
rigorous financial assessment. a.
True b.
False 21.
What are the major components of a comprehensive feasibility analysis? 22.
Discuss the four step process effective businesses emerge from

1
Chapter Quiz Entrepreneurship, 2012, Barringer & Ireland 4
th
ed. Chapter 02 Recognizing Opportunities and Generating Ideas 1.
_____ is a favorable set of circumstances that creates a need for a new product,
service, or business. a.
A niche b.
A venture c.

A trend d.
An opportunity 2.
Each of the following are ways to identify an opportunity EXCEPT: a.
observing trends. b.
solving a problem. c.
trying out alternative uses of existing products. d.
finding gaps in the marketplace. 3.
Which environmental force pertains most to a trend such as the continual
increase in the use of cell phones? a.
economic forces b.
social forces c.
technological advances d.
political and regulatory changes 4.
Entrepreneurs can recognize problems and find ways to solve them through
each of the following EXCEPT: a.
recognizing problems in emerging trends. b.
identifying a currently available product or service and then building a business
around a better version. c.
framing a problem differently than it's been thought of before, and then
proposing an appropriate solution. d.
experiencing a problem in one's own life, and then realizing the solution
represents a business opportunity. 5.
All of the following are characteristics shared by those who excel at recognizing
opportunities EXCEPT: a.
brainstorming. b.

prior experience. c.
entrepreneurial alertness. d.
social contacts and ties with others. 6.
_____ is the process of generating a novel or useful idea. a.
Serendipity b.
Intuition c.
Opportunism d.
Creativity

2
7.What is the first stage of the creativity process?
a.Incubationb.Preparationc . I n s i g h t d.Evaluat
i o n 8.Which technique for generating ideas depends on freewheeling, the
carefree expressionof ideas free of rules or restraints?a . f o c u s
groupsb.Benchmarkingc.Brainstormingd.Project
i o n 9.Focus groups usually work best as a ________.a . f o l l o w u p t o
b r a i n s t o r m i n g b.way to increase creativityc.substitute for
b r a i n s t o r mi n g d . w ay t o s u r v e y l a r ge n u mb e r s o f p e o p l e 10.An
underutilized source of information for generating business ideas is
________.a . t h e c o n s u l t i n g f i r m b . t h e l i b r a r y c . t h e
f o c u s g r o u p d . B r a i n s t o r m i n g 11.An idea is a favorable set of
circumstances that creates a need for a new product,service, or
business.a . T r u e b . F a l s e 12.Window of opportunity relates to
the time period in which a firm can realistically enter anew
market.a . T r u e b . F a l s e 13.As an entrepreneur, it is important
to be aware of changes in trends.a . T r u e b . F a l s e 14.Major
retailers that serve large groups of customers with similar needs by
competingmainly on price would be an example of finding gaps in the
marketplace.a . T r u e b . F a l s e 15.Often, entrepreneurs are able
to pursue an opportunity even before it is recognized asan
opportunity.a . T r u e

3
b . F a l s e 16.Entrepreneurial alertness is largely a learned
skill.a . T r u e b . F a l s e 17.It is more likely that an entrepreneur
will get a business idea through a weak-tierelationship (infrequent interaction
between casual acquaintances), than through astrong-tie relationship (frequent
interaction between friends and coworkers).a . T r u e b . F a l s e 18.Studies show that less than a
quarter of start-up ideas emerge from a person's priorwork
experience.a . T r u e b . F a l s e 19.Brainstorming sessions are
structured discussions that stay focused on one idea until anopportunity is
identified.a . T r u e b . F a l s e 20.Much of the effectiveness of a

focus group session depends on the careful recruiting of over 20

participants.a . T r u e b . F a l s e 21.What are the essential
qualities of an opportunity?(1) attractive(2) durable(3) timely(4) anchored in a
product, service, or business that creates or adds value for its buyer
or22.Researchers have identified several characteristics that tend to make some
peoplebetter at recognizing opportunities than others. Discuss them.end user
Prior experience
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