MNGT 321 MidTerm

True

Generally, the larger and more successful the franchisor, the greater the franchise fee that is charged

The corporations that promote personal growth will attract the best people

In attempting to create an entrepreneurial climate, the organization should consider that

False

In negotiating a deal to purchase an existing business, it is a bad idea to ask the seller to retain a minority interest in the firm

True

Incubation in the creative process often occurs when the individual is doing something completely unrelated to the subject

True

Pricing becomes less of a concern as customers become aware of the products unique characteristics that are superior to the competition

True

Recognition of entrepreneurs dates back to the French economist Richard Cantillon

True

Social entrepreneurs are known to for ventures that exploit opportunities to crease social value

a Factor-Driven economic development

Some countries exhibit a lot of entrepreneurial activity, but a number of the entrepreneurial ventures seem to primarily provide self-employment for the founder. Which stage of the economic development typically applies to these countries?

Overbearing Need for Control

What Characteristic that propel entrepreneurs into success can be exhibit such an extreme that it becomes a problem

Invention, extension, synthesis, duplication

What are the four steps to innovation?

False

The word entrepreneur is derived the from the french word "To assume risk"

False

Timing has little to do with the success or failure of a new venture

Price per unit and total number of units sold

To be profitable, total revenue must exceed total cost. Break-even analysis tells us we must look at both

Imitative market entry

Which of the following type of new venture would involve the least amount of product innovation?

Jean Baptiste Say

Which of the following was the first to note the role of entrepreneurs in organizing the "factors of production" and shifting them to more profitable opportunities?

Innovation-driven economic development

In the most developed countries, capital goods and automation have taken the place of manual labor- or makes it more efficient- and knowledge has become increasingly more important. Entrepreneurship in these counties typically contributes to which type of economic growth?

a. Model the various factors that characterize the entrepreneurial process b. explain why and how an individual chooses to pursue an opportunity

The Process Approach to entrepreneurship seeks to...

The individuals personal entrepreneurial mid-set and an opportunity

The decision to behave entrepreneurially is the result of the interaction of..

Resourcefulness

some characteristics that propel entrepreneurs into success can be exhibited to such an extreme that they become problems. Which of the the following is NOT one of these characteristics?

Trade credit

Which of the following would be the most commonly used for short-term financing?

False

Commitment, determination, and perseverance are the only characteristics on needs to become a successful entrepreneur

False

Creativity cannot be developed or improved

What if and why not?

Entrepreneurs sense potential in business problems by asking...

False

Equity financing is money invested in the venture with a legal obligation to repeat the principal amount with accrued interest

Shifting the production possibilities frontier by meeting more needs with the same amount of resources

Joseph Schumpeter wrote about a process of entrepreneurial innovation that he termed "Creative Destruction". Which of the following most closely describes the potential economic effect of the types of innovations Schumpeter was talking about?

Eliminate the concept of waste

Key elements in plans to create a sustainable future are likely to include which of the following?

True

One reason that corporate entrepreneurship has become popular is because it allows corporations to tap the innovative talents of the personnel

False

The entrepreneurial spirit is unique to America and Western Europe

True

The macro view of entrepreneurship includes external processes that are sometimes beyond the control of the entrepreneur

False

The macro view of entrepreneurship looks at factors that are specific to the individual entrepreneur

Encourage innovation

The major thrust of corporate entrepreneurship is to

Unmet needs, potential solutions, and entrepreneurial cognition

The opportunity for entrepreneurial innovation emerges from the intersection of..

Champion

The person who has the opportunity to lead and "run" with an idea would be coined which of the following?

To Undertake

The word Entrepreneur is derived from the French entreprende, which is translated as...

Factoring

When accounts receivable are bought from a company for capital funding it is called

When organic waste decomposes in a landfill, it produces methane gas. Many landfills now capture the gas and burn it to generate electricity

Which of the following best illustrates the power of positive externalities?

Private Placement

Which of the following is NOT a type of debt financing?

High growth potential associated with recognizing an unmet customer demand

Which of the following is NOT an advantage of acquiring an ongoing venture rather than starting a new business

Punishment of mistakes

Which of the following is NOT an important characteristic for establishing an intrapreneurial climate?

Expected rate of return on their investment

Which of the following is something that is similar between Angel investors and Venture Capitalists

In combination, they can influence the motivation of the entrepreneur to pursue opportunity

Which of the following statements is true of personality traits, cognition and affect..

a. The right brain helps people understand analogies and imagine things b. The left brain helps people analyze and verbalize

Which of the following statements is true?

When organic waste decomposes in a landfill, it produces methane gas. Many landfills now capture the gas and burn it to generate energy (Not Sure If Correct)

Which of the following terms refers to the systematic evolution of a product or service into newer and larger markets?

Incremental Innovation

Which of the following terms refers to the systematic evolution of a product or service into newer or larger markets?

Tue

Feasibility analyses include technical, market, financial, organizational, and competitive analyses

False

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

Business Model

Key resources and key activities (or processes) are two components of a ventures

Unclear business definition

Product/market problems include which of the following?