MGMT440 Midterm (ch 1-3)

Which of the following is not associated with an entrepreneur seeking feedback?

entrepreneurs want to belittle their competition

In the evolutionary process of economic growth, ___ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities.

entrepreneurship

Collective entrepreneurship, as a concept, refers to

entrepreneurial thinking that is diffused throughout the company.

Entrepreneurs are doers, not thinkers.

False

Entrepreneurs are not extreme risk takers.

False

Which of the following is not a common myth about entrepreneurs?

Entrepreneurs today are considered heroes.

In the study of contemporary entrepreneurship, which of the following concepts reoccurs?

Entrepreneurship is interdisciplinary.

Which of the following is not a twenty-first century trend in entrepreneurship?

There has been an enormous growth of interest in entrepreneurship around the world.

Which of the following best describes what happens when an entrepreneur becomes an external optimist?

They want others to believe in them during rough periods

Which of the following helps account for the rise of interest in corporate entrepreneurship?

an increase in corporations losing some of their best people

Employee perception of ___ is critical for the success of corporate entrepreneurship.

an innovative environment

Which of the following is not a characteristic of firms that exhibit corporate entrepreneurships?

being stagnant

Secretly working on new ideas on company time as well as on personal time is referred to as

bootlegging

In the ___ sense, ethics provides the basic rules or parameters for conducting any activity in an "acceptable manner."

broadest

Entrepreneurs are accurately described as

calculated risk takers

Which of the following is not considered one of the six frameworks in the framework of frameworks approach?

collaborative

Entrepreneurs with a drive to achieve want to

compete

Intrapreneurship is also referred to as ___ entrepreneurship.

corporate

With which of the following concepts is entrepreneurship considered synonymous?

free enterprise

Which of the following is not a micro view school of thought?

inherited business school of thought

The study of entrepreneurship is

interdisciplinary

Team building

involves including qualified people in the venture

Which of the following traits is not that of an entrepreneur?

shyness

In many ways, an I-Team is a

small business operating within a large business.

Which of the following does not apply to the strategic formulation school of thought?

unique places

Which of the following statements is false?

Entrepreneurs are born with the skills necessary to manage a business.

Large firms, as opposed to entrepreneurs, are the aggressive catalyst for change in the world of business.

False

Recognition and discussion of entrepreneurship date back to the eighteenth-century British economist Robert Ronstadt.

False

The metacognitive model of entrepreneurship fails to consider the entrepreneurial mind-set that integrates the combined effects of entrepreneurial motivation.

False

___ observed that "corporate entrepreneurship may be formal or informal activities aimed at creating new businesses in established companies through product and process innovations and market developments."

Shakar A. Zahra

Entrepreneurs allow their goal orientation to help define priorities and provide them with measures of how well they are performing.

True

Entrepreneurs are typically well-organized, not shoot from the hip gunslingers.

True

The "dark side" of entrepreneurship refers to

a destructive force within the energetic drive of entrepreneurs

The dynamic states model depicts ventures as being

dependent on their environment for survival

Which of the following is not one of the chief characteristics of an entrepreneur?

desire for control of people

The second step in planning a strategy of entrepreneurship for the enterprise is

developing and encouraging innovation

The major thrust of corporate entrepreneurship is to

encourage innovation

Which of the following is not a trait of successful entrepreneurs?

frustration

Key features in the success of any innovative program include all of the following except

high profitability

For entrepreneurs, vision describes

how the market works

If an entrepreneur believes in himself/herself and that their accomplishments and setbacks are within their own control, they possess an

internal locus of control

A decision to sell toys that pass minimum safety standards but can often result in minor accidents to children is an example of a ___ and ___ decision.

legal;unethical

Mountain gap strategies refer to unique

markets

Which of the following characteristics that propel entrepreneurs into success can be exhibited to the "extreme"?

overbearing need for control

In restructuring corporate thinking, top management should

promote entrepreneurship through experimentation.

In following the rules for innovation, a manager should do all of the following except

punish failure

All of the following are important characteristics for establishing an intrapreneurial climate except

punishment of mistakes

Which of the following is not a form of displacement in the displacement school of thought?

racial

Sucess of the corporate entrepreneurship plan depends on

resources provided by the firm

Generally, entrepreneurial stress is due to

the discrepancy between the entrepreneur's expectations and personality

A clear pattern among successful entrepreneurs is

their focus on opportunity rather than strategy

The word entrepreneur is derived from the French entreprendre, which is translated as

to undertake

Which of the following factors can organizations concentrate on in structuring an entrepreneurial climate?

top management support, time, resources, rewards, and organizational boundaries

The adverse impact of ___ can be so destructive that individuals within the enterprise will tend to avoid entrepreneurial behavior.

traditional management techniques

Which of the following is not a trait of a successful entrepreneur?

trouble fitting in

A champion is a person with a big ego who just gets in the way of corporate entrepreneurship.

False

A loss orientation toward grief recovery in dealing with failure can sometimes lessen negative emotional reactions.

False

The "dark side" of entrepreneurship refers to the stress that entrepreneur's experience.

False

The entrepreneur's internal locus of control means that the typical strong desire for control over the venture rarely becomes a corruptive force.

False

Which of the following individuals identified six factors found in large corporations that have exhibited successful innovations?

James Brian Quinn

3M's philosophy is based on the theory that the more ideas, the better the chances for a successful innovation.

True

Clever bootlegging of ideas refers to secretly working on new ideas on company time as well as personal time.

True

The financial/capital entrepreneurial school of thought focuses on the potential profit of the business idea.

False

___ factors are critical to the internal environment of an organization seeking to have its managers pursue innovative activity.

Five

Which of the following is not a question in the corporate entrepreneurial planning process?

Has the firm met government regulations for innovation?

Inexperience and incompetent management are the main reasons for failure.

True

Corporate entrepreneurs should be restricted to the resources of their own divisions of the corporation.

False

Corporate entrepreneurship and the desire for activity inside enterprises have been forces in smaller corporations, not in larger ones such as AT&T or Procter and Gamble.

False

Entrepreneurs are pessimists who see the cup half empty rather than half full.

False

Entrepreneurs need not be concerned with establishing strategy for ethical responsibility because they are guided by what established firms do.

False

Firms do not need to alter management techniques to encourage corporate entrepreneurship because it tends to occur naturally.

False

Gazelles produce half the innovations per employee that larger firms typically do.

False

Immersion in business can be cured by limiting work to an eight hour day.

False

In many ways, an I-Team is a smaller business that operates outside of the business.

False

Institutionalization is a deliberate step to incorporate the ethical objectives of society with the economic objectives of the venture.

False

The word entrepreneur is derived from the Spanish word entreprendre, meaning "to undertake."

False

Women and minority entrepreneurs face the same obstacles as other entrepreneurs.

False

Corporate entrepreneurship is contingent upon individual members continuing to undertake innovative activities.

True

During the past 10 years, new business start-ups averaged more than 400,000 per year.

True

Each and every person has the potential and free choice to pursue a career as an entrepreneur

True

Employees embrace fear and change as a way to succeed, while entrepreneurs only take calculated risks.

True

Entrepreneurs often display unrealistic optimism.

True

Entrepreneurs typically have enough confidence to believe that they can make a difference in the final outcome of their ventures

True

Entrepreneurship is more than the mere creation of a business.

True

Prepared entrepreneurs who are in the right place at the right time often appear to be lucky.

True

Some people who are unaccustomed to operating in a corporate entrepreneurship style will leave.

True

The need to achieve can be a source of stress for entrepreneurs.

True

There is no single definition of an entrepreneur.

True

Today's managers must foster excitement for innovation and remove obstacles for employees to engage in corporate entrepreneurship.

True

Entrepreneurs always know that, as individuals, they must remain less important than the venture.

False