MGT 4220 SB 1-4

Which statement regarding how to handle a crisis are correct? (Check all that apply.)

-Have one person as the firm's spokesperson -Deal with the crisis quickly -Get to the scene as soon as possible

An imitative strategy is _____.

An overall strategic approach in which the entrepreneur does more or less what others are already doing.

Passion, perseverance, promotion-prevention focus, and planning style are:

Aspects of behavior that successful entrepreneurs have in common.

Which is the correct order for the entrepreneurial process.

Feel, check, plan, do

Which of the following is true of opportunity recognition?

It involves creative thinking that results in the discovery of novel and useful ideas.

A radical innovation strategy is:

Rejecting existing ideas, and presenting a way to do things differently.

The task environment:

The set of forces and conditions that originate with suppliers, distributors, customers, and competitors and affect an organization's ability to obtain inputs and dispose of its outputs because they influence managers daily.

Creative destruction refers to:

The way that newly created goods, services, or firms can hurt existing goods, services, or firms.

A ______ is a group or subgroup of potential purchasers that can be approached in a coherent manner.

customer segment

Which of the following occupations does NOT have a high number of entrepreneurs?

Doctors

Comprehensive planners:

Entrepreneurs who develop long-range plans for all aspects of the business

______ economies are nations where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.

Factor Driven

Small businesses are not attractive to local and state governments because they avoid hiring people with inconsistent employment histories and those who only look for part-time work.

False

Small businesses offer surprising opportunities to large businesses and entrepreneurial high-growth ventures.

True

______ entrepreneurship is the form of entrepreneurship in which a person or group owns a for-profit business.

independent

Which of the following is a practice that can create an innovative frame of mind? (Check all that apply.)

-Ask customers what problems they cannot solve on their own. -Invite new people to a problem-solving meeting. -Regularly scan the environment and discuss trends and events that could affect the business.

Which of the following are key ideas when starting a business?

-Believe in yourself and your abilities. -A plan without action is futile. -Successful entrepreneurs learn from other entrepreneurs.

The ______ is a way to identify and organize key information on a business and how it achieves its goals.

Business model

______ is the extent to which an idea is viable and realistic and the extent to which the entrepreneur is aware of internal and external forces that could affect the business.

Feasibility

Independent entrepreneurship is the form of entrepreneurship:

In which a person or group own a for-profit business.

Entrepreneurial alertness:

Involves having a special set of observational and thinking skills that helps businesspersons

In the context of screening ideas, which of the following is true of the IDEO screen?

It is a technique for performing a rapid initial analysis of ideas to determine their potential.

Which of the following is true of the term "gain" in the context of the business model canvas approach?

It is one of the two driving forces to create new services or products.

Which of the following is one of the key elements of entrepreneurial culture? (Check all that apply.)

Passion for customer. Passion for innovation. Passion for fairness.

A(n) ______ is the type of activity a person does regularly for pay.

occupation

Incremental strategy:

taking an idea and offering a way to do something slightly better than it is done presently

Which of the following statements about the business model canvas are true? (Check all that apply.)

-It consists of 11 factors such as value proposition, key partners, and revenue streams. -It is an analytic tool used in developing a start-up that would appeal to customers, compete well, and earn a profit. -It is a great way to identify and organize key information about a business and how it will achieve its goals.

Which of the following are true of a "real options" approach? (Check all that apply.)

-It involves establishing benchmarks to achieve and timetables for those achievements. -It reflects a choice firms face to do or not do something.

Which of the following statements about a promotion focus are correct? (Check all that apply.)

-It is one of the two internal or regulatory focuses. -It can yield better results in richer, dynamic, uncertain environments or industries. -It has a bias toward maximizing gains, thus pursuing opportunities likely to lead to gains.

Which of the following are true of a "real options" approach? (Check all that apply.)

-It reflects a choice firms face to do or not do something. -It involves establishing benchmarks to achieve and timetables for those achievements.

Which of the following statements about a prevention focus are correct? (Check all that apply.)

-It works well in an established or a poor industry -Its intent is on minimizing losses, with a bias toward inaction or protective action -It is one of two internal or regulatory focuses

Which of the following are recommended techniques for practicing innovation? (Check all that apply.)

-Reading trade journals outsides one's industry. -Redesign the work environment. -Try a mini-internship.

Which of the following are myths regarding starting a business? (Check all that apply.)

-There isn't enough financing. -Students don't have the skills to start a business.

Which of the following are pitfalls that business can experience when attempting to become more innovative? (Check all that apply.)

-Identifying the wrong problem. -Stopping with the first good idea. -Judging ideas too quickly.

Which of the following statements regarding small business' effects on job creation are correct? (Check all that apply.)

-They are responsible for creating 65.9 of the new jobs since 2000. -They are key employers for offering jobs to people with atypical work histories or needs. -Start-ups in the first two years of operations are responsible for virtually all the net new jobs in the U.S.

Which of the following statements about second career entrepreneurs are correct? (Check all that apply.)

-They start businesses due to being laid off after corporate mergers and downsizing. -They sometimes retire early and decide they want to work rather than retire. -About 33% decide they want to become self-employed.

The international term for small businesses is:

small and medium enterprise (SME).

Which of the following are examples of a network connection? (Check all that apply.)

-Business associations -Religious and civic organizations -Family and friends

Which of the following statements about entrepreneurial passion are correct? (Check all that apply.)

-It has multiple benefits, such as increasing one's commitment to a business. -It is displayed by being persistently focused on the business. -An entrepreneurs' passion can inspire key stakeholders.

Which of the following are true of the effectuation model of entrepreneurship? (Check all that apply.)

-This approach involves entrepreneurs starting out with the skills, knowledge, and networks they possess. -This approach requires entrepreneurs to talk to people they know to determine if these people can commit to the entrepreneurial ideas.

Which of the following are examples of a network connection? (Check all that apply.)

-Co-workers and customers. -Electronic networks like Linkedin.com. -Small business support organizations.

Which of the following are approaches to managing a firm's external relations? (Check all that apply.)

-Developing a social network. -Building legitimacy.

Which of the following is a key idea when starting a business?

Doing good for others help the entrepreneur feel better about the business and life and helps the business.

The kind of business the owner(s) would like to have, from the perspective of how fast and to what level they would like the firm to grow is known as:

overall growth strategy

Which of the following are pitfalls that entrepreneurs may fall victim to when attempting to become more innovative?

-Obeying rules that don't exist -Stopping with the first good idea -Failing to act

Which of the following are true of entrepreneurial alertness? (Check all that apply.)

-It includes the motivation to search for opportunities. -It includes the ability to notice things that have been overlooked.

Which of the following statements about the business life cycle are correct? (Check all that apply.)

-The key issues, actions, and lessons for each stage are different. -There is a lot of predictability in the business growth process. -Knowing the life cycle stages can help better understand a small business.

Which of the following statements about factor-driven economies are correct? (Check all that apply.)

-Examples of these economies are Pakistan, Jamaica, and Venezuela -These nations have little manufacturing and rely on farming, mining, and forestry -Wages tend to be lower in these nations

Which of the following statements about the customer segments section of the business model are correct? (Check all that apply.)

-Each customer segment usually has its own problem and value proposition. -Customer segments build from the IDEO screen work-up. -There is often more than one type of custom segment.

Which of the following statements about the entrepreneurial process are correct? (Check all that apply.)

-Some of the opportunities may already exist, just not in his or her community. -The order of the process is feel, check, plan, and do. -An entrepreneur's alertness is at work when he or she feels there are possibilities.

Which of the following statements about feasibility are correct? (Check all that apply.)

-The two main ways of examining feasibility are the business model canvas process and the classic feasibility study. -It is the next-step process after the IDEO screen. -It is the extent to which an idea is viable and realistic.

Which of the following statements regarding starting a small business are correct? (Check all that apply.)

-Fifty-six percent of those aged 15 to 25 want to start a business. -Only 14.7% of 15 to 25 years old were taking steps. -There are a number of myths about starting a business that stop people.

Which of the following statements about the feasibility study are correct? (Check all that apply.)

-One should examine the strengths and weakness of each opportunity within each of the five areas. -It evaluates the potential of a business opportunity by investigating five primary areas. -The areas consist of: the business idea, product/service, industry and market, financial projections, and plan for future action.

Which of the following statements about the BRIE model are correct? (Check all that apply.)

-Its four elements are boundary, resources, intentions, and exchange. -Its purpose is to help entrepreneurs start their business. -It outlines the activities that need to take place to get the venture going.

Which of the following statements about the new opportunities that are generated by small businesses are correct?

-Small business owners help communities stand on their own through offering a variety of businesses -They provide opportunities for people who face problems fitting into existing firms and immigrants who face limitations -They offer communities to enjoy goods and services they may not otherwise, since they adapt to local needs -Small business owners are presented with opportunities to improve their life, wealth, and move upwards in the US economy and society

Which of the following statements about legitimacy are correct? (Check all that apply.)

-Gaining it is a top challenge that new businesses face. -Entrepreneurs who are seen as different often have difficulty establishing legitimacy. -Building trust among customers and other key groups is important to gaining legitimacy.

Which of the following statements about sustainable entrepreneurship are correct? (Check all that apply.)

-It exploits opportunities to make a profit in a manner that minimizes the depletion of natural resources. -Nearly half of small businesses recycle paper and cans. -It maximizes the use of recycled material, improves the environment, or both.

Which of the following statements about the business' channels for the business canvas are correct? (Check all that apply.)

-It should describe how the product or service will be delivered to the customer. -Selling through an intermediary can be less expensive, but how will the business be heard and seen by its customers. -Selling directly to the customer allows the business to control the process, but it is often more expensive and harder to get started.