Conventional Entrepreneurship Models Start with the Business Plan

question 70

Multiple Choice

Conventional entrepreneurship models start with the business plan.The Timmons model looks at the entrepreneurial process a bit differently.It starts with a market opportunity and ________.

• A)the ability of the founder to access financial resources quickly
• B)the capacity of the founder to see the future more coherently than their nearest competitor
• C)the ability of the founder to find the right people for specific roles quickly
• D)the capacity of the founder to distinguish between an idea and an opportunity

---

Definitions:

Department Accountability

The responsibility of departments within an organization to perform their functions correctly, efficiently, and to be answerable for their actions and outcomes.

Conversion Cost

The sum of labor costs and overhead costs used to convert raw materials into finished products.

Equivalent Unit

A measure used in cost accounting to express the amount of materials or labor in terms of the number of finished units they represent.

Process Costing

An accounting methodology used for homogeneous products, which calculates the cost of a product at various stages of production by spreading the total costs over the total units produced.