ENTR 1-5

In the collective notebook method, participants consider the problem and its possible solutions, recording ideas at least once, but preferably three times, a day.

TRUE

Key success factors are the requirements that any firm must meet to successfully compete in a particular industry.

TRUE

Members of the distribution channel are usually good sources of ideas for new products.

TRUE

The United States is a relative newcomer to the international business arena.

TRUE

The key to successful entrepreneurship is to develop an idea that has a market with a need for the product or service idea conceived.

TRUE

Nonverbal or hidden language of the culture can be thought of in terms of several components - time, intangible value, and business relationships.

FALSE

Newness of a new entry is sometimes a disadvantage.

TRUE

Which of following creative problem solving method starts with a problem statement that is neither too broad nor too narrow?

Brainstorming

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as:

Comprehension questions

Which among the following influences whether customers are able to use the good or service properly and whether they are able to understand the firm's advertising or other promotional messages?

Education

A disadvantage of using licensing as an entry strategy for a foreign market is the high amount of risk involved.

FALSE

An organization that wants to become more entrepreneurial must learn to obtain as many resources as possible in order to be more productive.

FALSE

Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding.

FALSE

In brainstorming, quality of ideas is desired - the fewer the individuals coming up with good ideas, the greater the likelihood of the emergence of useful ideas.

FALSE

Innovations such as penicillin, the steam engine, the computer, the airplane, the automobile, the Internet, and nanotechnology are all classified as technological innovations.

FALSE

Technological knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into a market and its customers.

FALSE

Traditionally managed firms commitment to opportunity is revolutionary with long duration.

FALSE

While effectuating, entrepreneurs think through a problem in a way that starts with a desired outcome and focuses on the means to generate that outcome.

FALSE

_____ leads to increased initiative and persistence and thus improved performance.

High self-efficacy

______________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into the industry and customers.

Market

In which stage is consumer reaction to the physical product/service determined?

Product Development Stage

In determining the best channel of distribution system for a country, the global entrepreneur needs to consider several factors. Which of the following is not a factor for consideration?

Quality of human resources available

__________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.

Reflection tasks

A new entry can be either offering a new product to a new market or creating a new organization.

TRUE

An entrepreneur with loss-orientation would talk about the business-failure with a close friend or relative.

TRUE

An example of a window of opportunity closing is when another entrepreneur has entered the industry and erected substantial barriers to entry and to imitation.

TRUE

Bricolage is entreprenuers making do by applying combinations of the resources at hand to new problems and opportunities.

TRUE

Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

TRUE

Generally, independent, venture-capital-based start-ups by entrepreneurs tend to outperform corporate start-ups significantly.

TRUE

In an encouraging climate for corporate entrepreneurship, rewards should be based on the attainment of established performance goals.

TRUE

Only the test marketing phase of product planning provides actual sales results to judge the product's customer appeal.

TRUE

Profits and tax benefits are common motivations for going global.

TRUE

The McMullen-Shepherd Model explains how knowledge and motivation influence two stages of entrepreneurial action.

TRUE

A turn-key project is best defined as:

a method of doing business whereby a foreign entrepreneur supplies the manufacturing technology or infrastructure for a business and then turns it over to local owners

Creativity declines with

age, education and lack of use.

On the education background, entrepreneurs:

cite an educational need in the areas of finance, strategic planning, marketing, and management.

The set of decisions, actions, and reactions that first generate, and then exploit over time, a new entry is:

entrepreneurial strategy.

Barriers to entry include all of the following except:

environmental instability

In regards to thinking structurally, superficial similarities:

exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.

An opportunity assessment plan:

focuses on the opportunity, not the venture.

The General Agreement on Tariffs and Trade ___________________________.

has little authority to enforce trade practices due to voluntary membership

An entrepreneur who pursues a new entry opportunity only to find out that he or she had overestimated his or her ability to create customer demand is:

in error of commission.

Entrepreneurial endeavors consist of all of the following key elements except:

increasing productivity

Motivation to launch a new venture can arise from all of the following except:

lack of prior experience.

The first step in establishing corporate entrepreneurship in an organization is:

securing commitment from top management

In the causal process of thinking:

starts with a desired outcome and focuses on a means to generate that outcome.

Determining first-mover advantage depends on all of the following except:

the ability of the company to maintain a legal monopoly in the market.

The largest source of new product ideas is:

the entrepreneur's research and development.

Reverse brainstorming is much like brainstorming except that:

the process usually involves identification of everything wrong with an idea.

All these are characteristics of an entrepreneurial environment except:

there are short term horizons.