Tutorial 3

1. According to the textbook, entrepreneurs are ___ rish takers.

 - moderate

2. Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individuals has the most desirable mix personal characteristics to become a successful entrepreneur?

 - Candidate A: creative, decisive, moderate risk taker

3. According to the textbook, there are three types of startup firms:

 - lifestyle firms, salary substitute firms and entrepreneurial firms

4. According to the textbook, there are three types of startup firms: entrepreneurial firms, lifestyle firm and:

 - salary substitute firms

5. Missouri Steak and Seafood is a restaurant that has been owned by Cameron Peterson for the past nine years. The restaurant offers a menu that is typical for steak and seafood restaurants and affords Cameron a level of income that is similar that what he would earn in a conventional job. According to the textbook, Missouri Steak and Seafood is an example of a:

- salary substitute firm

6. Tahoe Trips & Trails, a company mentioned in Chapter 1 leads multiday outdoor adventure trips for private groups and corporate clients to Lake Tahoe, Yosemite, Death Valley and similar locations. The company was started by Hanna Sullivan, an individual that gave up a prestigious job with a private investment company because Tahoe Trips & Trails better accommodates her personal lifestyle. Tahoe Trips & Trails is an example of a ___ firm.

 - lifestyle

7. Entrepreneurial firms:

 - bring new products and services to market by creating and seizing opportunities

8. According to the textbook, entrepreneurship has historically had (a):

 - major impact on both the economy and society

9. ___ is the process of creating something new, which is central to the entrepreneurial process.

- innovation

10. Which of the following is the correct sequence for the four steps in the entrepreneurial process?

 - deciding to become an entrepreneur, developing successful business ideas, moving from idea to an entrepreneurial firm, managing the growing entrepreneurial firm

11. Which of the following is not one of the four steps of the entrepreneurial process?

 - determining how to seize the spotlight

12. A ___ is a written document that describes all the aspects of a business venture in a concise manner.

 - business plan

13. A firm's __ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers and creates value to sustain itself on the basis of the value it creates.

 - business model