Assignment 1 - Amazon Web Services
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Progress Check: Chapter 2
Directions
After reading each question carefully, choose the best answer based on information learned in this chapter. You will find the answers with explanations on the final page.
1. While managing a medical clinic, Nicholas noticed that many elderly people did not have relatives nearby to help them with tasks such as filing their insurance claims and balancing their checkbooks. With his previous experience in insurance and accounting, Nicholas felt he was well prepared to offer bookkeeping services to seniors. Nicholas was able to recognize this opportunity by
a. studying problems and identify people's needs.
b. identifying a strategic position.
c. studying trends.
d. examining new knowledge.
2. Tyrone plans to do an exhaustive search for opportunities prior to proceeding with his dream of starting and growing his own business. What habits would you recommend Tyrone develop to identify business opportunities and effectively guide his business once it is established?
a. Monitoring society, industry, and the marketplace
b. Studying the competition
c. Reading constantly
d. All of the above
e. a and b above
3. Lukina identified several opportunities by researching and evaluating the time scarcity trend affecting many people today. Which of the following business concepts does not meet the need of time-starved people?
a. Restaurant carry-out and delivery services
b. Health clubs and fitness centers
c. Lawn care services
d. House cleaning and home repair
4. Although it took some time, Tavon built a network of mentors and advisors prior to developing his business concept. He wanted all the help he could get and knew that this network could
a. provide objective business advice.
b. lend him money.
c. introduce him to people and necessary resources.
d. all of the above.
e. a and c above.
5. Robert is 23 years old and anxious to start his own business. He has saved about $10,000 and feels he has the necessary education and skills to get started. Which of the following strategies best fits Robert's personal situation?
a. Become a franchisee of a well established franchisor
b. Open a business of his choosing
c. Invent a product/service and commercialize it
d. Buy an existing business in his area of expertise
6. Stacey has worked in the printing industry for 20 years and now feels she is ready to launch her own business in her local community. She has a limited amount of money available and would like to begin within the next six months to a year. Stacy will also need to start taking money out of the business relatively quickly as she is the main contributor of the financial support of her family. Which of the following strategies best fits Stacey's personal situation?
a. Become a franchisee of a well established franchisor
b. Open a business of her choosing
c. Invent a product/service and commercialize it
d. Buy an existing business in her area of expertise
7. One of the best ways to get into business is to start with
a. a customer in hand.
b. a patent for an invention.
c. a hobby and turn it into a business.
d. a supplier.
8. Anthony is evaluating an opportunity to purchase a salad buffet restaurant franchise. The newly formed franchise organization has promised to help him find a location, set up operations, and provide marketing assistance. What should Anthony consider about this opportunity?
a. Purchasing a franchise eliminates the risk of starting a business
b. Franchises automatically bring in customers
c. New franchises are not as risky as ones that have been around for years as the
marketplace changes rapidly
d. Franchise organizations without proven operating success may not be worth the investment
9. Aran has identified several business opportunities. The first step Aran should take in assessing these opportunities is to compare them with
a. his financial goals.
b. the competition.
c. his business criteria.
d. his personal vision.
e. alternative investment opportunities.
10. Charles is a single father of two school-aged children. He has worked as a computer programmer for many years, but loves cooking and gardening. He would like to start a business to be more independent and have more time for the children. Which of the following business concepts would best meet his personal vision?
a. Retail garden shop
b. Freelance computer programming
c. Catering business
d. Computer retail store
Answers
1 a
By identifying problems and needs, the entrepreneur can potentially become inspired by an opportunity in the current market.
2 d
The successful entrepreneur uses many avenues to identify opportunities and develop an advantage over the competition including monitoring society, industry, and the marketplace, studying the competition, making use of commercial research, and reading constantly.
3 b
Time scarcity has provided many opportunities for businesses that offer services that used to be performed by the customers. No one can exercise for another person.
4 e
A network of mentors and advisors can provide objective business advice, introduce entrepreneurs to people and necessary resources, and open doors to new opportunities.
5 b
A young person such as this has the time and energy to start a business without immediate financial returns. Both franchising and commercializing an invention would likely require a financial commitment beyond $10,000.
6 d
Purchasing an existing business could provide Stacey with many advantages. One advantage is that entrepreneurs can benefit from a range of financing options. Sellers, in their eagerness to make a deal, often give highly advantageous financing terms to buyers. Existing businesses also offer sales from the start, so cash flows quickly into the business.
7 a
The customer is the reason the venture is created. One of the biggest questions entrepreneurs have when starting a business is whether there will be enough customers to make the enterprise profitable. Having a customer ready and willing to purchase a product/service removes many risks inherent in other types of start-ups.
8 d
Purchasing a franchise can be a good entry strategy for some entrepreneurs. Like all business opportunities, franchises must be carefully researched. New franchise organizations are not always able to provide proven operating procedures or marketshare.
9 d
The first step in assessing opportunities is to compare them against one's personal vision.
10 b
Establishing a business that meets your personal vision can be difficult because of the many issues to consider. The only business concept that would provide more time for Charles to spend with his children is freelance computer programming because the other businesses would probably require evening and weekend work.
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