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.