ENT 241 Midterm
Which of the following is true about corporate entrepreneurship
A company must be willing to invest money without a guarantee of a return in the short term
An entrepreneur hired others to handle front-end activities, while the entrepreneur handled all back-end activities. This is an example of
A hybrid approach
Which of the following describes focus groups?
A moderator leads the group in an open, in-depth discussion
The moral support network and the professional support network are different
A professional support network includes finding a mentor.
UN Sustainable Development Goal #5: Gender Equality
Achieve equality between the genders and empower all women and girls
A young manager recognizes inflexibility in both staffing and production, slowing growth and loss of competitive advantage. This manager should encourage upper management to begin developing _________ within the company
An entrepreneurial orientation
creative synthesis is an important aspect of the _______ method of creative problem solving
parameter analysis
Includes initiative and risk-taking, as well as competitive aggressiveness and boldness.
proactivness
In this method, instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category
problem inventory analysis
In which stage of the product planning and development process would it be appropriate to give product samples to a panel of potential customers
product development stage
The ________ is defines as stages each product goes through from introduction to decline
product life cycle
designed to to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.
reflection tasks
The first step in establishing corporate entrepreneurship in an organization is
securing the commitment of top-management
Which among the following aspects most affects an entrepreneur's perception of feasibility?
self-eficacy
Includes a redefinition of the business concept, reorganization, and the introduction of system-wide changes to increase innovation
self-renewal
All these are characteristics of an entrepreneurial environment except
short-term horizons
Which of the following was not discussed in the text as a breakthrough innovation
spanx
the casual process of thinking
starts with a desired outcome and focuses on the possible means to generate that outcome
Key component of the professional support network, ________ are particularly good with insights on trends and consumers
suppliers
in the idea stage of the product planning and development process
systemic market evaluation is used
The stage in the product planning and development process in which actual sales result are available in the
test marketing stage
Having an entrepreneurial orientation toward the control of resources means
that one focuses on accessing other resources
Entrepreneurs cite an educational need in
the areas of finance, strategic planning, marketing, and management
Entrepreneurial culture and growth orientation consists of all the following except
the desire to grow at a slow and controlled pace
Density (in regards to social network) refers to
the extensiveness of ties between two individuals
In addition to generating new ideas, __________ is an excellent method for initially screening ideas and concepts
the focus group
Reverse brainstorming is much like brainstorming except that
the process typically involves identification of everything wrong with an idea
UN Sustainable Development Goal #3: Good Health and Wellbeing
to promote people to lead healthy lives and also the general well being of the population
Groups that help keep a new venture competitive, in a professional network
trade associations
Attribute listing is an idea-finding technique that requires the entrepreneur to list the attributes of an item or problem and then look at each from a variety of viewpoints.
true
Augmented reality, body monitoring, and point of view are all trend categories in the wearable tech industry.
true
UN Sustainable Development Goal #6: clean Water and sanitation
Ensure that clean water and sanitation is available to everyone
Bricolage
Entrepreneurs make do by applying combinations with the resources on hand to new problems and opportunities.
Brainstorming is an unstructured process used for generating possible ideas about a problem within a limited time frame through the spontaneous contributions of participants.
true
Brainwriting is a written form of brainstorming.
true
Bricolage is entrepreneurs making do by applying combinations of resources at hand to new problems and opportunities.
true
Entrepreneurial Actions can be defined as times when entrepreneurs make do with resources at hand. applying those resources to new problems or opportunities.
False
Corporate entrepreneurship is the most strongly reflected in entrepreneurial activities as well as in top management orientations in organizations.
true
Creative synthesis is closely connected to the technique of parameter analysis.
true
Creativity tends to decrease with age, education, lack of use, and bureaucracy.
true
Developing a new idea through a chain of word associations is known as the checklist method.
true
sustainable entrepreneurship provides only environmental gains for others.
False
Which of the following answer options is not an example of a front end activity
IT infrastructure
Entrepreneurial thinking partly is about reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps.
true
In corporate entrepreneurship, trial and error are encouraged.
true
In creating a culture for corporate entrepreneurship leadership is important.
true
In the checklist method, a new idea is developed through a list of related issues or suggestions.
true
In the concept stage, the refined ideas is tested to determine consumer acceptance
true
In the product development stage, consumer reaction to the physical product/service is determined
true
Members of the distribution channel are usually good sources of ideas for new products.
true
Most entrepreneurs indicate that their most significant venture was not their first one.
true
New products may be classified from the viewpoint of either the consumer or the firm
true
Only the test marketing phase of product planning provides actual sales results to judge the products customer appeal
true
Comprehension Questions
Questions designed to increase an entrepreneur's understanding of the nature of the environment are known as
Structural similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.
true
Which of the following is a practical implication of using the dual process of learning from failure
Recovery from loss offers an opportunity to increase ones knowledge of entrepreneurship
UN Sustainable Development Goal #1: No Poverty
The goal is to end poverty in all forms throughout the world.
UN Sustainable Development Goal #2: Zero Hunger
The ultimate goal is to provide food security, improve nutrition, end hunger, and even help promote sustainable agriculture.
UN Sustainable Development Goal #4: Quality Education
This involves promoting quality education for all, that is equitable and inclusive. they are also committed to promoting lifelong learning opportunities.
UN Sustainable Development Goal #7: Affordable and Clean Energy
To ensure everyone has access to affordable, reliable, sustainable, and modern energy
Entrepreneurial Thinking is partly a mental process of recognizing a signal and then deciding if the signal represents an opportunity for someone.
True
The big-dream approach requires the entrepreneur to dream about the problem and its solution, thinking big.
true
The collective notebook method involves members recording their ideas at least once a day for about a week.
true
The focus groups an excellent method for initially screening ideas and concepts.
true
The product life-cycle includes introduction, growth, maturity, and decline
true
Three benefits to having a dedicated app: streamlined customer experience, new methods of engaging different audience, and general visibility
true
When a firm classifies a new product the two key factors are market and technology newness.
true
With e-commerce, if an entrepreneur is fully considering outsourcing, they expect to have one or more firms handle all front-end activities and simply provide management for the operation.
true
an entrepreneur with loss orientation would talk about the business failure with a close friend or relative.
true
an organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.
true
asking "how is this problem similar to problems I've already solved?" is an example of a connection task.
true
comprehension questions are designed to stimulate entrepreneurs to think about their own understanding of the nature of the environment.
true
developing a spirit of entrepreneurship within the existing organization, called corporate entrepreneurship, can lower resistance to flexibility, growth, and diversification.
true
dissatisfaction with various aspects of one's job often motivates the launching of a new venture.
true
entrepreneurially managed firm structure is usually flat with informal networks.
true
entrepreneurs focus on how to minimize resources needed whereas traditional firms focus on accumulating resources.
true
entrepreneurs' intentions are based on feasibility rather than someone else's impression of whether it is feasible.
true
for an organization with a traditional environment, it is best to facilitate an external process to establish an entrepreneurial environment.
true
for entrepreneurial actions that preserve nature to be considered sustainable entrepreneurship, they must develop gains for the entrepreneur, others, and/or society.
true
in a social network, there are two major properties, density and centrality.
true
in an encouraging climate for corporate entrepreneurship, rewards should be based on the attainment of established performance goals.
true
internal corporate venturing consists of creating something new of value either by redefining the company's current products or services, developing new markets, or forming more formally autonomous or semiautonomous forms.
true
nanotechnology would be classified as a breakthrough innovation
true
previous start-up experience is a good predictor of starting subsequent businesses.
true
research and development can be a formal endeavor connected with current employment or an informal one in a basement or garage.
true
role models can include family members as well as industry professionals.
true
self-renewal includes the redefinition of the business concept, reorganization, and the introduction of system wide changes to increase innovation.
true
the corporate entrepreneur encourages teamwork and uses a multi-disciplined approach, which violates organizational practices and structures taught in most business schools.
true
the effectuation process starts with what one has and selects among possible outcomes.
true
the entrepreneur's ability to recognize a business opportunity is a result of his or her knowledge and experience.
true
the payments industry includes services for lending money to products that allow anyone to accept credit cards, as well as billing and accounting services.
true
the product Spanx is an example of an ordinary innovation.
true
the trend "internet of things" refers in part to smart devices
true
traditionally managed firms typically punish failure.
true
trends often provide one of the greatest opportunities for starting a new venture.
true
when developing an entrepreneurial culture, an organization needs to develop ways to become closer to its customers.
true
when developing criteria for evaluation during the product planning and development process, the criteria should be all-inclusive and quantitative enough to screen the product carefully.
true
Brainstorming groups should
try to generate as many ideas as possible
Augmented reality is an example of the __________ trend
wearable
the opportunity recognition process includes
work experience, entrepreneurial alertness, and networks
The product planning and development process is divided into five major stages.
True
entrepreneurial opportunities are those situations in which new goods, services, raw materials, and organizing methods can be sold for the financial or non-financial gain of the entrepreneur or other stakeholders.
True
perceived desirability refers to the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes.
True
An entrepreneur considering is what they are doing makes sense is an example of:
a reflection task
Creativity declines with
age, education, lack of use, and bureaucracy
The largest source for new ideas
an entrepreneurs research and development
A sufficient time for top-management to be committed to corporate entrepreneurship
at least three years
This problem solving method requires the entrepreneur to list the properties of an tiem or a problem and then look at each from a variety of viewpoints
attribute listing
when establishing corporate entrepreneurship in an organization rewards should
be tied to the performance of the entrepreneurial unit created from the idea
This problem solving method involves developing new ideas by thinking without contraints
big-dream approach
Most well-known and widely used technique for creative problem solving is
brainstorming
In the ___________ method a new idea is developed through a list of related issues or suggestions
checklist
In what stage would it be the most beneficial to use conversational topics
concept stage
having the least disrupting influence on established consumption patterns
continuous innovations
Parameter analysis consists of two main aspects which are
creative synthesis and parameter identification
________ is not desirable when brainstorming is in the process
criticism
Which of the following is defined as having some disruptive influence on established consumption patterns
dynamically continuous innovations
structural, superficial similarities exist when
easy to observe elements of the technology resemble the basic elements of the market
Which of the following is not a leadership characteristic of a corporate entrepreneur according to the text?
encourages colleagues to follow hierarchy
WIth regard to the differences between the entrepreneurial and administrative focuses which of the following is correct?
entrepreneurs rent or sporadically use resources, and managers like to own resources.
A dual-process model of coping with negative emotions is an approach to negative emotions based on both avoidance and proactiveness toward secondary sources of stress arising from a major loss.
false
A reflection task would involve thinking about what strategies should be used to solve a problem.
false
Brainwriting is another term for brainstorming, they are exactly the same except there is no leader in brainwriting.
false
Corporate ventures are totally independent units, hence the equity portion of the compensation is particularly difficult to handle.
false
Developing a new idea through a chain of word associations is known as the checklist method.
false
Discontinuous innovations have the least disrupting influence on established consumption patterns.
false
Entrepreneurs are unable to carefully asses each and innovative idea and opputtunity.
false
Forced relationships in a method of forcing confrontations in focus groups.
false
In a reverse brainstorming session, the focus is on all the things that are right about the idea.
false
In the test market stage of product planning, the refined idea is tested to determine customer acceptance.
false
It is important for an entrepreneur to understand all the aspects of the environment. Part of this ability is reflected in the individual's level of creativity, which generally increases with age and education in most individuals.
false
Most managers in a corporation are capable of being successful corporate entrepreneurs with correct training.
false
Most of the ideas generated by a brainstorming group progress into further development.
false
One evaluation method successfully used in the concept stage is the systematic market evaluation checklist
false
Promising new product/service ideas should be identified and impractical ones eliminated in the concept stage
false
Reverse brainstorming is the same as brainstorming, except criticism is not allowed in reverse brainstorming.
false
The big-dream approach is a branch of brainstorming where the group is asked to dream bid with no restraints.
false
The entrepreneur should always design and build his own webpage to maintain strategic control
false
The entrepreneurial challenge often lies in making creative mental leaps based on superficial similarities.
false
The largest source of new ideas is the US patent office
false
The only e-commerce channel is a website
false
Three major types of innovation, in decreasing order of uniqueness: ordinary innovation, technological innovation, and break-through innovation.
false
an entrepreneur is rarely able to start a new business in form of formal education.
false
entrepreneurially run firms are driven by controlled resources whereas traditionally firms are driven by the perception of opportunity.
false
entrepreneurs should establish a method for monitoring and evaluating competitive products/services on the market, but should not worry about potential customers, instead focusing current customers.
false
focus groups consist of 15 to 25 participants in a loosely structured freewheeling atmosphere.
false
in encouraging a culture of corporate entrepreneurship, using older, proven technology is recommended in order to increase stability in the organization.
false
one study found that new ventures started within a corporation performed better than those started independently by entrepreneurs.
false
organizations that require a rapid return on investment and a high sales volume usually encourage and support new ideas.
false
results from product inventory analysis need minimal evaluation as they most likely reflect a new business opportunity.
false
role models are individuals who give psychological support to the entrepreneur, especially during the start-up phase.
false
strategic orientation refers to the transformation of an organization through the rejuvenation of key ideas on which it is built.
false
strategic tasks stimulate the entrepreneur to compare the current situation with previous similar situations.
false
the casual process of thinking starts with what one has and selects among possible outcome
false
the drawback of problem inventory analysis is that it is not effective in relating known products to suggested problems.
false
the files of the US patent office are kept confidential and entrepreneurs cannot study their contents.
false
traditionally managed firms' commitment to opportunity is revolutionary with a long duration.
false
using the big-dream approach, a new idea is developed through a list of related issues or suggestions.
false
Individuals have stronger intentions to act when taking actions is perceived to be _______ and desirable
feasible
How many stages are in the product planning and development process
five
Which of the follwoing creative methods involves having participants write down their ideas several times a day
following the collective notebook
in the _________ method, a word is written down, then another, creating a chain od ideas
free association
patents filed with the patent office
frequently suggest other new products
Entrepreneurial activities that create something of value either by redefining the company current product or services, developing new markets, or forming more formally autonomous or semi autonomous units or firms best defines
new business venturing
What type of innovation is illustrated by the ideas of the airplane and penicillin
Breakthrough innovation
At what stage would you use the systemic market evaluation checklist?
idea stage
New product development falls under which of the four major components of corporate entrepreneurship
innovativeness
Which of the following statements is not true of the loss orientation approach to negative emotions
loss orientation is based on both avoidance and proactiveness